Land-based casino – Page 7

November 16, 2023

DraftKings smashes more Massachusetts sports betting records in October

DraftKings set new monthly records for sports betting handle and revenue in Massachusetts during October, while the Bay State’s overall market also grew month-on-month.

Players in Massachusetts spent a total of $571.8m (£461.5m/€527.6m) betting on sports in October, up 11.6% from $512.2m in September. It is also the second-highest monthly total since the state launched legal betting in March, just short of the $579.3m bet in April.

Online sports betting spend in October reached $555.7m, with retail wagers at $16.0m.

Massachusetts just misses out on revenue record

Turning to taxable sports betting revenue, this also increased month-on-month following the rise in handle.

Total market revenue amounted to $59.2m, up 18.9% from $49.8m in September. This was also just 3.0% shy of the $61.0m record set in May.

Online betting generated $58.2m in total revenue, with retail’s contribution in October at $979,329.

DraftKings revenue exceeds $300m in October

Breaking down the market by oper..

November 15, 2023

Detroit casinos hit by strikes as revenue slips to $82.8m in October

Revenue from the three commercial casinos in Detroit declined to $82.8m (£66.5m/€76.2m) in October as venues in Michigan felt the impact of ongoing strikes.

Some Detroit casino workers have been on strike since 17 October. This has led to the partial closures of casinos with certain facilities not being available for almost a month.

This inevitably hit monthly performance during October, with revenue down 19.5% from $102.8m last year. The October figure was also 18.5% lower than the $101.6m posted in September this year.

Breaking this down, Detroit tables games revenue amounted to $81.7m, down 18.9% year-on-year. The total was also 18.3% behind September’s total.

The other $1.1m was attributed to sports betting qualified adjusted gross receipts (QAGR), a drop of 46.3% from 2022. Sports betting QAGR was also 28.6% lower than September.

In terms of sports betting handle, Detroit consumers spent $18.1m wagering at casinos in October. This was a sharp drop from $34.2m in the same mon..

November 1, 2023

Seminole Tribe plans Florida sports betting relaunch in December

The Seminole Tribe of Florida has set out plans to launch sports betting, roulette and craps at all six of its casinos across the state in December.

This would signal the end of a turbulent journey for the Seminoles. The tribe agreed a new gaming compact with Florida in April 2021, with this signed off by state governor Ron DeSantis.

A series of legal challenges have prevented the Seminole Tribe from pushing forward with its expanded gambling plans earlier. However, the tribe says recent developments clear the way for it to launch.

Craps, roulette and sports betting will launch on 7 December at Seminole Hard Rock Hotel & Casino Hollywood, Seminole Classic Casino in Hollywood and Seminole Casino Coconut Creek. The Seminole Hard Rock Hotel & Casino Tampa will follow a day later.

The final two properties – Seminole Casino Immokalee and Seminole Brighton Casino – will go live on 11 December. The tribe will host a series of events to mark the occasion, with further details being announc..

October 30, 2023

Detroit casino revenue slips to $101.6m in September

The three commercial casinos in Detroit, Michigan posted $101.6m in revenue in September, down on the same month last year and lower than August’s total.

Monthly aggregate revenue in Detroit was 1.7% lower than $103.4m September of 2022. It was also 3.2% behind $104.9m in August of this year.

Of this total, some $100.0m came from table games and slots, a 0.8% decline from last year and down 4.4% from August.

Retail qualified adjusted gross receipts (QAGR) in September amounted to $1.6m. This was 39.4% less than the previous year but 396.6% ahead of just $322,186 in August this year. Betting handle for the month amounted to $18.1m.

MGM leads in Detroit with 44% market share

Looking at individual casino performance, MGM remains the market leader in Detroit by some distance. MGM had a market share of 44% in September, with $44.7m in table games and slots revenue and $43,528 in sports betting QAGR.

MotorCity placed second with a market share of 31%. The casino posted $31.0m in table ..

October 19, 2023

Record igaming revenue drives Pennsylvania market growth in September

Gambling revenue in Pennsylvania increased 6.2% year-on-year in September to $476.3m, partly due to record igaming revenue during the month.

Total revenue in September was ahead of $448.5m in the same month last year. The figure was also 4.2% ahead of the $457.2m generated in Pennsylvania in August this year.

Retail slots remain some way out in front in terms of revenue share generating $199.9m, up 0.7% on last year. A further $75.2m came from physical table games, although this was 7.8% lower than September 2022.

The igaming segment reported the most significant growth in September. Revenue jumped 41.5% to $159.5m, an all-time high for the state, surpassing the previous record of $148.2m set in March.

Online slots revenue hiked 47.3% to $114.7m and internet table games revenue increased 31.7% to $42.4m. However, revenue from online poker slipped 10.4% to $2.4m.

Hollywood Casino at Penn National remains the clear market leader with $64.9m in igaming revenue in September. Valley Fo..

October 17, 2023

G2E 2023: Like Covid never happened

The dog days of the pandemic feel long in the past and the gaming industry was in a bullish mood at G2E 2023, Buck Wargo writes. Despite potential economic headwinds, international expansion and high hopes for igaming mean many left Las Vegas with the sense the industry is in good health.

It was like the pandemic never happened.

The Global Gaming Expo returned to Las Vegas last week, upbeat and optimistic about igaming’s future.

The industry faces headwinds in the coming months from the US economy and a potential Culinary Union strike in Las Vegas, but attendees at the show remained positive.

G2E attracted more than 25,000 people over its four days, just shy of 2019’s record 27,000 turnout. Attendance continued to bounce back after 2020’s cancelled event and a 2021 edition that drew only 13,000 delegates.

A greater return of international visitors and exhibitors – more than 125 countries were represented – helped boost attendance numbers. There were 368 exhibitors, up from 350 a y..

October 17, 2023

New Jersey gambling revenue up 7.5% in September despite land-based dip

Gambling revenue in New Jersey increased by 7.5% year-on-year, to $521.5m in September, despite a fall in land-based casino revenue.

Total revenue was comfortably higher than $485.0m in September 2022. However, the figure was slightly lower than the $531.6m generated in New Jersey in August this year.

Land-based casino gambling remains the main source of revenue in New Jersey despite the yearly decline. Revenue for this segment hit $246.5m, down 2.1% from $251.7m last year.

Some $182.7m of all land-based gambling revenue came from slot machine games, a drop of 2.0%. Table games generated 63.8%, down 2.2% from September last year.

Igaming revenue tops $164m in September

Turning to igaming, this area of the market experienced the most growth in September. For the month, revenue amounted to $163.8m, an increase of 21.1% from last year’s $135.2m.

Online slots drew $161.4m in revenue, up 21.4% from the previous year. The other $2.4m was generated from peer-to-peer poker games in New J..

October 2, 2023

Nevada gambling revenue level year-on-year at $1.21bn in August

Gambling revenue in Nevada remained level year-on-year in August at $1.21bn, although the US state reported a month-on-month decline.

Revenue was in line with the $1.21bn posted in August 2022. However, this was 14.3% lower than $1.40bn in July in Nevada this year.

Slots drew $829.2m of all revenue in August, down 2.1% on last year. Multi-denomination slot games generated $479.3m in revenue and penny slots $256.9m.

Elsewhere table, counter and card games revenue increased 5.2% to $380.1m. Baccarat led the way with revenue of $116.2m, some 21.0% ahead of $96.7m in August 2022.

Blackjack was the next highest source of revenue across table, counter and card games at $99.1m, down marginally from $100.0m in the previous year. Roulette revenue jumped 20.5% to $39.9m but craps revenue slipped 7.4% to $36.2m.

Nevada sports betting revenue up 12.4%

Turning to sports betting, revenue from sports pool wagering jumped 12.4% to $18.1m. All sports betting is reported as part of table, counter ..

September 18, 2023

DraftKings claims NJ sports betting top spot in August

DraftKings and partner Resorts World led the New Jersey sports wagering market in August, knocking Meadowlands off top spot for the first time since January 2019.

The partnership heralded $56.9m (£45.9m/€53.3m) in August. This was ahead of Meadowlands and partners FanDuel, PointsBet and SuperBook on $25.7m. PointsBet will soon rebrand as Fanatics after the latter completed the acquisition of the PointsBet US business in eight states, including New Jersey.

Total sports betting revenue for the month amounted to $96.0m, representing a 47.1% rise on last year. This was also the sector with the highest percentage of growth in the state in August.

In addition, sports wagering handle in New Jersey hiked 32.7% year-on-year from $546.8m to $725.8m. Of this total, $697.1m was bet online and $28.8m at retail sportsbooks across New Jersey.

Sports betting drives overall market growth in New Jersey

Total gambling revenue in New Jersey hiked 12.9% year-on-year to $531.6m in August. The monthly t..

August 18, 2023

Pennsylvania gambling revenue up 8.9% to $467m in July

Gambling revenue in Pennsylvania increased 8.9% year-on-year to $467.0m in July, driven by growth across the igaming and sports betting segments.

Monthly revenue in Pennsylvania was ahead of $429.1m in July 2022 and 6.0% higher than $440.5m in June this year.

Retail slots remained the primary source of revenue by some margin, generating a total of $214.7m during the month. This was 0.4% higher than in the previous month. In contrast, retail table games revenue slipped 3.8% to $83.4m.

Turning to igaming and revenue in this market increased by 34.8% year-on-year to $132.9m. This included $94.9m in online slots revenue, up 31.9%, and $35.4m in internet table games revenue, a rise of 48.0%.

Hollywood Casino at Penn National continued to lead this segment with $54.4m in igaming revenue. Valley Forge Casino Resort placed a distant second on $29.2m, then Rivers Casino Philadelphia with $26.8m.

Pennsylvania July sports betting revenue hits $32.1m

Elsewhere, there was also an increase in ..

August 17, 2023

New Jersey gambling revenue surpasses $500m in July

Gambling revenue in New Jersey exceeded $500.0m in July following year-on-year growth in almost all areas of the market.

Revenue for the month amounted to $506.2m. This was 5.3% up on last year and also 10.7% higher than New Jersey’s total in June of this year.

Land-based casino gambling drew $290.0m in revenue during the month, down 3.0% on July 2023. This was due to a 13.2% drop in table games revenue to $72.2m. In contrast, revenue from physical slot machines, the largest source of revenue in the state, edged up 0.9% to $217.8m.

Turning to online gambling and overall revenue in this segment was 13.5% higher year-on-year at $155.2m. Online slots revenue jumped 13.4% to $152.5m while peer-to-peer poker revenue was 18.5% higher at $2.7m.

Breaking down this market, Borgata moved into top spot with $43.0m. This was higher than Resorts Digital on $40.6m and Golden Nugget, which led the market in June, with $39.8m.

New Jersey sports betting revenue up over 35%

Looking at sports wager..

August 17, 2023

Impairments push Rank Group to FY loss despite land-based recovery

Rank Group posted a 5.9% increase in revenue to £681.9m (€798.0m/$868.1m) in its 2022-23 financial year, although increased impairment costs led to a statutory net loss.

The operator reported year-on-year growth across all operating segments in the 12 months to 30 June. This included the Rank-owned Grosvenor, Mecca and Enracha land-based businesses, which endured a challenging few years during the pandemic.

There was also notable growth within Rank’s digital business, with revenue rising 10.4% to reach £202.9m.

However, higher impairment charges, together with increased operating costs, meant the business posted a net loss.

O’Reilly believes economic pressures are easing

Chief executive John O’Reilly acknowledged the higher costs during his evaluation of the FY performance. However, he said with certain costs now stabilising and inflation easing, this will allow for revenue and profit growth moving forward.

After Covid and economic headwinds, rank is positioned to drive profit ..

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Tag: Land-based casino