The Short Take:
- City-wide table game wins at the nine Atlantic City casinos increased 16% in October with $56.3 million in table wins
- Of the legacy casinos, only Borgata and Tropicana saw year-over-year table games wins increase
- The new casinos, Hard Rock and Ocean Resort, won a combined $12.8 million from table games
- All three casinos owned by Caesars Entertainment saw dramatic decreases in table games wins
It turns out pretty well! Total table games wins at the nine Atlantic City casinos came in at over $56.3 million for the month of October. This is a 16.0% year-over-year (YoY) increase compared to October 2017.
In terms of total table games wins, Borgata was the big winner, as usual. During the month Borgata won $15.9 million from its tables. This is a YoY increase of 12.6%. Borgata’s win at the tables was nearly twice that of its next closest competitor – the newly opened Hard Rock. That’s right, just several months after opening, the Hard Rock is rising to the top of the Atlantic City casino pecking order.
Here’s a look at the October 2018 table games wins compared to the October 2017 wins:
While Borgata had the highest wins from table games, the Tropicana was the casino with the largest year-over-year growth. The Trop’s $5.1 million in wins placed it fifth in terms of total table wins, but it represents a 57.4% increase from October 2017. You should take this huge growth rate with a grain of salt though. The Trop’s very low table games win in October 2017 was a rare anomaly, probably due to bad luck with a whale or two.
While table games wins in the Atlantic City market increased year-over-year by 16.0%, Tropicana and Borgata were the only two casinos that had positive YoY growth. As we mentioned, Hard Rock skyrocketed to the number two winner with $8.1 million in table games wins, and the other new casino in town, Ocean Resort, pulled in $4.7 million from its tables in October. All of the other casinos in town suffered as a result.
All three properties owned by Caesars Entertainment (CZR) saw significant decreases in their table games wins. The least bad CZR property in terms of YoY declines was Bally’s which saw an annual decline of 24%. Harrah’s win dropped an amazing 32.2% while Caesar’s fell 33.2%. These are not good numbers at all, but they are also in line with what we saw on the annual slot wins for these CZR casinos.
CZR properties were not the only casinos in town that suffered. Resort’s table games wins fell 4.2% year-over-year. Even worse, Golden Nugget saw a huge annual decline of 30.2%.
Here’s a look at the October 2018 year-over-year changes in table games wins for the legacy Atlantic City casinos:
While it is encouraging that the overall Atlantic City gambling market is expanding in terms of casino wins, resorts and jobs, the steep declines at some of the legacy casinos we’ve seen after the openings of Hard Rock and Ocean Resort are alarming. Are gamblers just checking out the new kids in town and then will go back to their old casino of choice, or are the two new casinos, especially Hard Rock, stealing these customers for good? Time will tell and we here at Ante Research will bring you updates every month!