Ocean surges in Atlantic City; Wall Street yawns at MGM sale

Atlantic City gambling revenue was off 3% last month and we’ll be generous, chalking it up to one less weekend day than last year. The Boardwalk grossed $224.5 million, led by Borgata with $57.5 million (a 5% slippage). Table win was down 1.5% on 3.5% less wagering, while slot win decline 6.5% on 12% less coin-in. The Caesars Entertainment trio fell 9.5% led by a 17% plummet at the tables (10% less betting) and a 6% slide at the slots, where coin-in dropped 9%. Eldorado Resorts, however, ought to look at putting its own house—the Tropicana Atlantic City—in order, as gaming revenue plunged 15% to $25.5 million, receding into fourth place. Hard Rock Atlantic City was second with $29.5 million (+14%), followed by Harrah’s Resort($26.5 million, -2%).

Ocean Casino Resort posted an unbelievably strong performance, just shy of $21 million, surging 38.5% (!). All other casinos were revenue-negative. Bally’s fell 12.55 to $14.5 million, Caesars Atlantic City tumbled 16% to $19 million and Resorts Atlantic City made $14.5 million and change, leaving Bally’s in last place, despite a 7% slippage. The Golden Nugget grossed $16 million, an 11.5% falloff.