The wait is over for legal sports betting in Pennsylvania as the Hollywood Casino at Penn National Race Course has begun taking sports wagers.
Hollywood’s sports book is located just steps off of the casino floor close to the Skybox Sports Bar. The casino’s sports book offers betting on all major sports including football, basketball, hockey, soccer and baseball. It also takes wagers on other sports such as boxing, rugby, cycling and even MMA events.
While Hollywood Casino is the only casino in Pennsylvania to operate a sports book for the moment, other casinos will be following in its footsteps very soon. SugarHouse Casino in Philadelphia and Rivers Casino in Pittsburgh are slated to open their sports books on December 1 while Harrah’s Philadelphia and Parx Casino hope to open by the end of December.
Sports fans are not the only ones to applaud the arrival of sports betting in Pennsylvania. The state itself is expected to rack in the cash. Each casino that wants to offer sports betting has to pay a $10 million fee to the state. In addition, the state gets 34% of each casino’s sports betting profits.
The local governments are not missing out on the action either. The local governments that host the casinos will receive 1% of profits plus the local county will also receive 1%.
Sports betting in Pennsylvania will compete with legal sports books already operating in seven states. Most directly, PA sports books will go head-to-head with the newly opened sports books in Atlantic City. Most of the major AC casinos, including Harrah’s, Ocean Resort and Golden Nugget, have had their sports books up and running for several months.
As 2018 comes to a close, Pennsylvania sports and gambling fans have one more reason to celebrate and gamble locally – sports betting has arrived in the state!
With Las Vegas Sands’ (LVS) 7/24/17 earnings approaching I wanted to take a few minutes to review some of the casino company’s key stats. These key stats, among others, typically drive the stock price right after earnings are reported. Here we will look at several of the company’s key revenue segments: total casino revenue an total room revenue on a property level.
Total Casino Revenue
The chart below shows the total casino revenue of each property (or group of properties in the case of its Las Vegas operations) over the last eight reported quarters, with the 3/31/17 quarter being the most recent reported quarter.
Venetian Macao: In the 3/31/17 quarter, the Venetian Macao had total casino revenue of $646M. This represents a 1.4% drop from the year ago quarter.
Sands Cotai Central: This property brought in $390M in total casino revenue. This was a disappointing 15% year-over-year drop from the same quarter in 2016.
Parisian Macao: This new property recorded $279M in casino revenue in the 3/31/17 quarter.
Four Season Hotel Macao and Plaza Casino: The $107M in casino revenue was a drop of 3.6% versus the same quarter a year ago.
Sands Macao: Finally, an increase in casino revenue! Sands Macao casino revenue came in at $176M in the 3/31/17 quarter, a 3.5% increase from the 3/31/16 quarter.
Marina Bay Sands: The $550M casino revenue was a solid 21.4% increase in casino revenue from the year-ago quarter. This represents the largest year-over-year increase for any of LVS’s operating units.
Las Vegas Operations: The Las Vegas casinos posted a solid 18.3% year-over-year increase in casino revenues, posting $123M in the first quarter of 2017.
Sands Bethlehem: The company’s lone PA casino brought in $133M in casino revenue, a 2.3% increase from a year ago.
Total Room Revenue
Like it does for casino revenue, LVS breaks down total room revenue by property. The chart below shows the last eight reported quarters of total room revenue.
Venetian Macao: The $44M in total room revenue in the 3/31/17 quarter was a 4.3% decline from the same quarter in 2016.
Sands Cotai Central: This hotel brought in $66M in room revenue, a year-over-year drop of 1.5%.
Parisian Macao: In the 3/31/17 quarter, the Parisian Macao, the company’s newest hotel, saw total room revenue of $29M
Four Season Hotel Macao and Plaza Casino: This hotel brought in $8M in the 3/31/17 quarter which is about flat from a year ago.
Sands Macao: Sands Macao brought I about $5M in the last reported quarter, which is flat versus a year ago.
Marina Bay Sands: Marina Bay’s room revenue had $94M of room revenue in the 3/31/17 quarter, a solid 5.6% increase from the 3/31/16 quarter.
Las Vegas Operations: The Las Vegas hotels posted the largest year-over-year increase in room revenue of any of the company’s revenue segments. It’s $157M of room revenue was a 6.1% increase from a year earlier.
Sands Bethlehem: The Sands Bethlehem room revenue of $3M was about flat from a year ago.
When LVS reports their 6/30/17 quarter on July 24, 2017, investors and traders will be looking at key stats such as casino and room revenue. The details of the China operations will definitely be in focus. As we see in the charts above the Macau properties have had a tough time the last several years, but it seems like a rebound is in the works. Stay tuned for the second quarter earnings next week!