Two Indiana Casinos Near Chicago Changing Hands

Just a short drive from Chicago, along the shorelines of Lake Michigan, two casinos have found new owners.

Spectacle Entertainment will purchase the two casinos at Gary, Indiana’s Buffington Harbor, named Majestic Star Casino and Majestic Star Casino II, from Majestic Holdings.

The Majestic Star Casinos in Gary, IN

Spectacle Entertainment is headed by Rod Ratcliff who is formally the CEO of Centaur Gaming which was associated with Caesars Entertainment (CZR).

Along with the two casinos at Buffington Harbor, the transaction includes a 300 room hotel as well as a parking garage. One of the casinos was originally owned by now President Trump’s Trump Hotel & Casino Resorts, Inc which declared bankruptcy in 2004.

The Majestic Star casinos are the second and third smallest casinos in Indiana in terms of casino wins. Combined, they ring in about $150 million in casino wins a year.


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While the casinos’ close proximity to Chicago should be a positive, the new owners are looking forward to potentially moving the two casinos to other areas of Gary and Indiana. The casinos’ current home, Buffington Harbor, is slated to be turned into a transit hub which would require the casinos to move. Spectacle has said it is looking at moving one casino within Gary and the other casino to another part of Indiana.

Spectacle hopes to close the deal for the two Majestic Star casinos during the first quarter of 2019, pending Indiana Gaming Commission approval.

Harrah’s and Borgata are the Two Best Atlantic City Casinos for Slot Players

Every month the casinos in Atlantic City are required to submit various revenue statistics to the state of New Jersey. One of those stats is the percentage of slot play that the casino wins. We dug into the slot win data provided by the casinos to determine which AC casinos, on average, have the best slots for gamblers.

The data we used for this study is simply the 100.0% – the slot win percentage for the casinos. For example, if a casino recorded a 9.0% slot win for the month then the slot win for the gamblers was 100.0% – 9.0%, or 91.0%.

We looked at the slot wins for the last twelve months of available data, or November 2017 through October 2018. While the spread between the highest payout rate and the lowest may not at first seem huge, when you consider the tens of millions of dollars that are bet in the slot machines each month the payout to gamblers really adds up.


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Here’s a look at the slot machine payout rates for each Atlantic City casino over the past year:

To help clarify which AC casino has the best slots for gamblers we then ranked each casino based on the slot payout for each of the last twelve months. The casino with a rank of one had the highest slot payout to customers during the month. As you will see below, the outcome is amazing. Either Harrah’s and Borgata had the best (lowest) payout rate rank EVERY month over the last year. Harrah’s had the best payout for 7 months and Borgata for 6 months (Harrah’s and Borgata were tied in June 2018).

Note that Hard Rock and Ocean Resort only have rankings since they opened their doors in June.

Taking things one step further, we then averaged the ranks over the last twelve months for each AC casino. Harrah’s and Borgata obviously had the best (lowest) average twelve month ranks.

Besides Harrah’s and Borgata having the best payout rate ranks in Atlantic City, a few other interesting things jump out after looking at this data. The two other Caesars Entertainment casinos in town, besides Harrah’s, came in third and fourth. Caesars and Bally’s, while never claiming the number one or two spot on slot payout rate ranks, were significantly better than most other casinos in town.

Another interesting observation is that the two newcomers in town were dead last in terms of slot payouts to gamblers. Hard Rock’s average slot payout rank since it opened in May was 7.2, placing it just ahead of Ocean Resort which had the worst slot payout rank in Atlantic City.

So, does this mean that if you play slots at Borgata or Harrah’s that you will win? Of course not! The payout varies from machine to machine, and even from denomination to denomination. Unfortunately, we do not have more granular data to analyze, but this study does point to the casinos that are offering the best overall slot payouts in town.

Harrah’s Atlantic City is Remodeling the Harbor Hotel Tower and Rebranding it the Coastal Tower

Caesars Entertainment (CZR) continues to reinvest in its Harrah’s Resort in Atlantic City. After a remodel of the Pool, completion of its new convention center, drawing Gordon Ramsey Steak to replace its aging steakhouse and revamping its coffee shop, Harrah’s is in the midst of a total remodel of its Harbor Tower.

The Harbor Tower was one of the first hotel towers at Harrah’s and was in bad need of a remodel. All hotel rooms in the tower will be remodeled. Harrah’s brought in MPM Studios to help with the design.

After the remodel is complete, the hotel tower will be rebranded the Coastal Tower. The newly redesigned tower will boast 507 hotel rooms with approximately 450 square feet of living space each and a focus on technology. Rooms will be equipped with both WiFi as well as hard-wired internet, something that business travelers crave, as well as 55-inch TVs.

This is a much needed upgrade. The old Harbor Tower was definitely showing its age.

With new competition in the Atlantic City market, the legacy casinos definitely need to make changes to keep up with the hip Hard Rock and the modern Ocean Resort. Based on revenue statistics released earlier this month, these two newcomers in AC, especially Hard Rock, are eating in to the legacy casinos’ market share.

The remodel of the Harbor Tower follows the 2017 revamp of Harrah’s Bayview tower. In that project, Harrah’s redecorated 444 hotel rooms.


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Caesars Entertainment has been spending heavily on renovating its hotel rooms, especially in Las Vegas. Here’s an overview of the hotel room remodel projects that Caesars completed since 2015:

In addition to these completed hotel remodel projects and the ongoing remodel of the Harbor Tower at Harrah’s Atlantic City, CZR is planning several additional hotel room renovations:

  • Paris Las Vegas – remodel of 1,596 rooms starting in 2018
  • Harrah’s Las Vegas – remodel of 918 rooms in the Mardi Gras Tower, beginning in 2019
  • Flamingo Las Vegas – remodel of an addition 1.075 hotel rooms, with no determined start date yet
  • Caesars Palace Las Vegas – remodel of 453 hotel rooms in the Forum Tower, with no determined start date yet

With all of this capital expenditure on hotel rooms, CZR is making a serious investment to remain a leader in the gaming market. This is needed since the competition, both in destination areas such as Las Vegas as well as local markets, is only getting stronger.

How Much Did Each Gaming Table in Atlantic City Win During October?

The Short Take:

  • Borgata had the highest monthly win per gaming table in October, coming in at over $86,000 per table
  • After only being in business for a few months, Hard Rock had the second highest win per gaming table in October, winning over $53,000 per table
  • Many casinos saw steep decreases in their win per gaming table in October including Harrah’s, Caesars, Bally’s and Golden Nugget

As we discussed in an earlier article, the Atlantic City casinos’ wins from table games increased 16% in October on a year-over-year basis.  Overall, the nine casinos won $56.3 million at their gaming tables during the month.

Another way to look at the table games wins is to look at how much each casino won per gaming table during the month.  To do this we take two numbers that are reported to the state of New Jersey by each casino: the total table games wins for the month and the number of tables in each casino.

Here’s a look at that data:

When we divide the total table games wins by the number of gaming tables at each casino, we see that Borgata (MGM) has, by far, the highest win per gaming table during October.  In fact, its $86,700 of wins per table was over $30,000 more than its next closest competitor.  That competitor happens to be one of the new casinos in town – the Hard Rock.  After just a few months in operation, Hard Rock generated over $53,000 in wins per gaming table during October.

The chart below shows the win per table in October 2018 on the left side versus the win per table a year earlier, October 2017, on the right side:

 

As you can see, many casinos saw their win per gaming table tumble from 2017 to 2018.  This is most likely due to the two new casino openings. Three notable casinos to take a look at are Harrah’s, Bally’s and Caesars.  All three of these casinos are owned by Caesars Entertainment (CZR) and all three saw dramatic declines in their monthly wins per table.  Golden Nugget also saw significant year-over-year decreases.

On the bright side, several casinos did see year-over-year increases in wins per gaming table. Borgata had both the highest win on an absolute basis, but it also increased that win by more than $11,000 per table from October 2017 to October 2018.

Tropicana (ERI) saw significant increases in its wins per table, rising $17,000 per table YoY.  It should be noted that the October 2017 table game wins for the Trop are probably skewed by a run of bad luck since they are significantly lower than usual.  One other casino that saw YoY increase in wins per table was Resorts which is at the lower end of the spectrum and saw its wins per table increase by almost $3,000 per table.

We are really starting to see the effects that the two new casinos are having on some of the legacy casinos.  Some, like Borgata and Tropicana, are holding their own while others like Harrah’s and Caesars are suffering.  All of the casinos will need to be creative to win back and keep their customers from the shiny new casinos on the Boardwalk.

Caesars Entertainment Has an Atlantic City Problem

The Short Take:

  • Caesars Entertainment’s three Atlantic City casinos have seen their casino wins decline month after month
  • In October 2018, the year-over-year decline in total casino revenues totaled more than $14.5 million
  • All three casinos – Harrah’s, Caesars and Bally’s – saw year-over-year declines in total casino wins, slot wins and table games wins in October

Caesars Entertainment (CZR) has a problem.  Specifically, an Atlantic City problem.  Casino wins at all three of its AC casinos have been in a serious downtrend, and the arrival of Hard Rock and Ocean Resort is compounding the damage.

In each of the past five months, or about as long as the two new Boardwalk casinos have been in operation, the three Caesars Entertainment properties in Atlantic City have had year-over-year declines in their total casino wins, with the exception of Caesars in August which showed a 0.83% YoY growth.  This is very troubling since the competition is just going to get fiercer as Hard Rock grabs market share and the other casinos in town pull out all of the stops to keep their customers.

The October casino data is a great example of what is happening to the CZR casinos in Atlantic City.  All three casinos had negative YoY growth for total casino wins, slot wins and table game wins.

Total Casino Wins

The “best” CZR casino in AC in terms of year-over-year total casino wins in October was Bally’s which saw its total wins decline 14.66%.  The $14.4 million in total wins in October was $2.4 million less than October 2017.

Caesars and Harrah’s had even more drastic decreases in total casino wins.  Caesars’ $20.2 million in wins in October was 21.45% less than a year earlier when the wins totaled $25.7 million.  Harrah’s total wins slid even more, falling 21.65% to $23.8 million from $30.4 million a year earlier.  This was a year-over-year decline of $6.6 million.

Here’s a look at the total casino wins for each of the three Caesars casinos in Atlantic City for October 2018 and October 2017:

 

Slot Wins

The three casinos did not fare any better with wins from their slot machines.  Harrah’s was the worst performing of the three in terms of the annual decline in slot wins.  Harrah’s $18.3 million in wins in October was $4 million less than a year earlier.  This was a YoY decline of 17.76%

Caesars saw a similar decline in slot wins.  Its 15.02% YoY decrease put its October slot wins at $14.1 million.  This is $2.5 million less than the $16.6 million Caesars won at its machines in October 2017.

Bally’s had a somewhat smaller YoY decline in slot wins.  Its total slot machine wins of $9.5 million was 9.1% less than a year earlier.

Here’s an overview of the three CZR casinos’ slot wins for October 2018 versus October 2017:

 

Table Games Wins

If the decline in slot wins at the CZR Atlantic City casinos were bad, the table games wins were horrendous!  Leading the pack was Caesars which saw its table games wins in October plummet 33.19% versus the same month last year.  That is a decline of $3 million, falling from $9.1 million last October to $6.1 million in October 2018.

Harrah’s table games wins declined just slightly less, falling 32.18% YoY.  This October’s $5.3 million in table games wins was $2.5 million less than last year’s $7.8 million.  Bally’s, meanwhile, saw its table games wins come in at $4.6 million, representing a 23.98% drop from a year earlier.

Here are the October 2018 table games wins versus the 2017 wins for the three CZR casinos:

 

In total, the three Caesars Entertainment casinos in Atlantic City saw an October year-over-year decrease of total casino wins totaling more than $14.5 million.  Will management be able to turn this ship around or will all of the new competition in Atlantic City cause the hemorrhaging to continue?  We’ll be keeping an eye on this for you, so check back with Ante Research soon!

Borgata is the Leader in Wins Per Slot Machine in Atlantic City, but Hard Rock is Making Waves

The Short Take:

  • Borgata had the highest monthly win per slot machine in Atlantic City, with $11,965 won from every machine on average in October
  • All legacy casinos saw a YoY decline in their slot win per machine in October
  • After just a few month of operations, Hard Rock is gaining serious slot market share in Atlantic City. In October it controlled over 10% of the slot wins in the city, with over $7,300 won per machine

In earlier articles we touched on the fact that the Atlantic City gaming market saw an 8% overall increase in casino wins in October 2018 versus October 2017 .  Further, the casinos’ wins just from slot machines jumped 5.3% YoY in October to over $142.5 million.

As you walk into a casino the first thing you see is row after row of slot machines.  So we wondered, if AC casinos made over $142 million in slot wins in October, how much did they win per machine?  We’ve put together those numbers for you and the results on a casino by casino basis may be surprising.

First, an explanation on how we came up with the per slot machine win per casino.  Atlantic City casinos are required to submit a monthly report to the state of New Jersey.  Two figures they must report are the total slot wins for the month and the number of slot machines in the casino.  To calculate the win per slot machine we just divide the total slot wins by the number of slot machines.  Here is the raw data used in the calculation for October 2018:

The table below shows the win per slot machine for October 2018 on the left.  For comparison, we provide the same information from a year ago, October 2017.

 

The clear winner is Borgata, with almost $12,000 in monthly wins per slot machine.  On the downside, Borgata’s October 2018 win per machine decreased by over $1,200 per machine compared to October 2017.  In fact, every casino that was open in October 2017 saw a year-over-year decrease in the monthly wins per slot machine.

The most likely reason for this slot win decline for the legacy Atlantic City casinos?  The recent openings of Hard Rock and Ocean Resort. Hard Rock won over $15 million from its slot machines, or over $7,300 per machine.  After just a few months of opening the doors, Hard Rock controls over 10% of the Atlantic City slot market!

The other newcomer on the Boardwalk, Ocean Resort, is not as large of a threat for the legacy casinos, but it is still another competitor to deal with.  In October, Ocean Resort won $8.2 million from its slots, or 5.8% of the AC market.  By the way, Ocean Resort had the lowest slot win per machine for the month, coming in at just over $4,200 per machine.

When standing in the middle of a casino you can feel like you’re surrounded by slot machines with hundreds or thousands surrounding you.  It’s truly amazing the amount of profit each and every machine makes for the casino!

Atlantic City Casinos Win 16% More YoY at Table Games in October but Many Legacy Casinos Take a Hit

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

In October, Atlantic City casinos saw their total casino win increase by 8.0% and their total win at slot machines increase by 5.3%.  So how did the casinos do at their table games?

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!

Internet Gambling in New Jersey Up 30%; Golden Nugget Leads the Way

The Short Take:

  • Total internet wins for the seven Atlantic City casinos that offer internet gambling in New Jersey totaled $26.75 million during October, a 30.1% year-over-year increase
  • The leader in internet gambling in New Jersey is the Golden Nugget.  Its $9.7 million in wins during the month was a 57.6% annual growth rate
  • Two relative newcomers to internet gambling in New Jersey are Hard Rock, which had $1.0 million in wins, and Ocean Resort with $600 thousand in wins

In October, the seven Atlantic City casinos that offer internet gambling within the state of New Jersey won over $26.75 million.  This was up 30.1% over the total wins in October 2017.

Leading the way was the Golden Nugget.  During the month, the Nugget won $9.7 million from its internet gambling websites (see the end of this article for a list of the websites that the AC casinos operate). This was a huge 57.6% year-over-year increase over the same month last year.

 

Borgata had the second highest internet gaming win in New Jersey, but it was well less than half of the Golden Nugget’s.  During October Borgata won $4.4 million.  Borgata’s win grew a less substantial, but still very respectable, 4.4%.

The three remaining casinos that have been in operation for at least a year won in the upper $3 million range.  Caesars’ $3.9 million in internet wins was a very healthy 18.0% YoY gain.  Tropicana’s 7.0% annual gain translates into $3.7 million in internet wins in October.  Finally, Resorts secured $3.5 million in wins through its gaming websites, a YoY growth rate just positive, at 0.3%.

 

Hard Rock and Ocean Resort were not open in October 2017, so we do not have year-over-year growth numbers, but we do have October’s wins for each.  These casinos’ websites brought in the two lowest wins during the month, but they were still decent showings for newcomers.  Hard Rock won $1.0 million and Ocean Resort won $600 thousand during the month.  Without a doubt, these figures will increase in the coming months as their gambling websites gain traction.

Internet gambling in New Jersey is growing stronger!  The Atlantic City casinos that offer online gambling to people in New Jersey are reaping the benefits.

Here is a list of the websites that each of the seven AC casinos operated as of the end of October 2018:

Borgata

www.BorgataCasino.com

www.BorgataPoker.com

www.NJ.PartyPoker.com

www.PalaCasino.com

www.playMGMcasino.com

www.playMGMpoker.com

 

Caesars

www.CaesarsCasino.com

www.HarrahsCasino.com

www.WSOP.com

www.888.com

 

Golden Nugget

www.goldennuggetcasino.com

www.betfaircasino.com

www.playsugarhouse.com

 

Hard Rock

www.HardRockCasino.com

 

Ocean Resort

www.OceanOnlineCasino.com

 

Resorts

www.ResortsCasino.com

www.MoheganSunCasino.com

www.PokerStarsNJ.com

 

Tropicana

www.TropicanaCasino.com

www.VirginCasino.com

Atlantic City Casinos See 5.3% Increase in Slot Wins in October, But Most Casinos Down

The Short Take:

  • Atlantic City’s city-wide slot wins increased by 5.3% in October
  • Every legacy casino saw year-over-year decreases in slot wins in October due in large part to the arrival of Hard Rock and Ocean Resort on the scene
  • Borgata, as usual, had the highest slot wins with $33.8 million.  Ocean Resort had the lowest with $8.2 million in slot wins
  • On a year-over-year growth basis, Harrah’s performed the worst, with its slot wins sliding 17.8% YoY

While the city-wide total casino slot wins increased by 5.3% in October 2018 versus October 2017, the majority of casinos are not seeing this as good news.

The introduction of Hard Rock and Ocean Resort caused the slot wins at all of the other legacy casinos to drop dramatically.  In fact, every single legacy casino saw their slot wins decrease.  This decrease in slot wins for the legacy casinos is very similar to their drop total casino wins that we discussed in an earlier article.

 

Among the legacy casinos, Golden Nugget fared the best, but the Marina casino still saw its October slot wins decrease by 1.5% compared to October 2017.  Tropicana, Resorts and Bally’s had moderate YoY declines in their slot wins, ranging from the mid to high single digits.  The real losers were Caesars (down 15.0%), the seminal AC leader Borgata (down 15.5%) and Harrah’s (down 17.8%).

While Borgata’s slot wins were down 15.5% year-over-year, it is still the leader in Atlantic City.  Its October slot wins of $33.8 million were almost $14 million more than the second place Tropicana which won $19.9 million from its slots.

The chart below shows the October 2018 slot wins for each Atlantic City casino on the left compared to the October 2017 wins on the right.

 

The new guys in town had mixed results.  Hard Rock was ranked fourth in total slot wins in October.  Its $15.1 million placed it between Harrah’s $18.3 million and Caesars’ $14.1 million.  Ocean Resort, on the other hand, came in last in slot wins.  Its $8.2 million was more than a million less than Bally’s $9.5 million in slot wins.

As we can see, the expansion of gambling in Atlantic City, especially the opening of the Hard Rock, is taking its toll on the legacy casinos.  Even though the broad market is increasing, with city-wide slot wins up over 5% YoY, that increase is being absorbed, and then some, by the Boardwalk’s two new casinos.

Atlantic City Total Casino Wins Grows 8%; Legacy Casinos’ Wins Drop

The Short Take:

  • October total casino wins city-wide increased 8.0% year-over-year in Atlantic City, coming in at over $200.6 million
  • The two newcomers in town, Hard Rock and Ocean Resort, had combined casino wins of $36.3 million in October
  • All of the legacy casinos saw their casino wins YoY growth rates in negative territory with the exception of Tropicana
  • Ocean Resort had the lowest casino win in Atlantic City while Harrah’s had the largest decline on a year-over-year basis

October 2018 saw an 8.0% increase in total casino wins at Atlantic City casinos, versus the wins in October 2017.  But for the legacy casinos, the openings of Hard Rock and Ocean Resort spelled trouble.

Casino wins for all Atlantic City casinos surpassed $200.6 million for October 2018.  Compared to October 2017’s $185.8 million, AC saw its casino wins increase by 8.0%.  The newcomers on the scene, Hard Rock and Ocean Resort, had a combined $36.3 million in wins for the month.  These wins definitely came at the expense of the legacy casinos in town.

In fact, all but one legacy casino had significant year-over-year decreases in casino wins. The only casino to show positive YoY wins was Tropicana.  The Trop’s monthly wins increased by just 2.1% compared to October 2017.  Resorts, Borgata and the Golden Nugget had YoY casino wins drop in the high single digits.

The three worst performing Atlantic City casinos based on year-over-year declines in casino wins were the three properties owned by Caesars Entertainment (CZR).  Bally’s saw a decrease of 14.7% while Caesars’ casino wins dropped 21.4% YoY.  Harrah’s was the worst performer in town.  Its casino wins fell 21.7% in October 2018 compared to October 2017.

Here’s a look at the year-over-year growth rates at all of the legacy casinos.  Hard Rock and Ocean Resort are not in this chart because they were not in business in October 2017.

 

The chart below shows the clear downward spiral of casino wins for each legacy Atlantic City casino since Hard Rock and Ocean Resort entered the scene.  The left side of the chart shows the total casino wins for each casino in October 2018 while the right side shows the same for October 2017, one year earlier.

 

Borgata is still, by far, the clear leader in the city.  Its $50.7 million in casino wins in October was more than double the next closest casino, the Tropicana, which had $25.2 million in wins.  While Harrah’s casino win fell 21.7% YoY, it is still ranked third in Atlantic City with $23.8 million.  Harrah’s just barely beat out Hard Rock’s $23.2 million in casino wins.

While Hard Rock is making a splash in the Atlantic City casino scene, Ocean Resort is not performing nearly as well.  Ocean Resort was dead last in total casino wins in October in Atlantic City.  It’s $13.1 million in wins was $700 thousand less than the much smaller Resorts and $1.3 million less than Bally’s.

While it is great that casino wins city-wide increased by 8% in October, the legacy casinos definitely have their work cut out for them to make sure that Hard Rock and Ocean Resort don’t continue to eat into their casino business.