A. C. "Must Reading"

[FLASH1296]

While Las Vegas reported a 9.3% drop in gross gambling revenue for Sept. '09 compared to '08.

But hat aint nothin' compar'd to A.C.

Read this press release.

It is very nearly "Hard to Believe".

(Dead link: http://www.njccc.gov/casinos/financia/mthrev/Press%20Release%20docs/2009/200909_revenue.pdf)

 

[kewljason]

While Las Vegas reported a 9.3% drop in gross gambling revenue for Sept. '09 compared to '08.

But hat aint nothin' compar'd to A.C.

Read this press release.

It is very nearly "Hard to Believe".

(Dead link: http://www.njccc.gov/casinos/financia/mthrev/Press%20Release%20docs/2009/200909_revenue.pdf)

With the economy in the crapper and the increase competion from additional gambling destinations across the country, I don't find it hard to believe that Vegas is down 9.3% and Ac 5.8% from a year ago. What I do find somewhat surprising is that AC was only down 5.8% from last september. Most of the previous months the decline from the previous year has been double digits. The AC decline for the past year is 14.2%, so only being down 5.8% in september probably represents the smallest decline in the past 12 months.

AC seems absolutely dead to me, but I spend most of my time there during the week. Maybe the weekends, which I try to avoid are doing somewhat ok.

I think the thing that makes these numbers somewhat deceiving is that they are comparing sept 09 to sept 08, which was already down from sept 07, which was down from sept 06. Compare sept 09 to sept 06, and you have a 30% loss.

 

[FLASH1296]

The "hard to believe" part is just how huge the drops in revenue have been at some of the individual A.C. casinos.

There are two (2) tables presented in the .pdf document

The first compares Sept '09 to Sept '08

The second one compares the first three fiscal (3) quarters - '09 to '08

There are also figures revealing the best months EVER, etc.


Naturally, I too avoid weekends at all casinos, not just A.C.

 

[kewljason]

The "hard to believe" part is just how huge the drops in revenue have been at some of the individual A.C. casinos.

There are two (2) tables presented in the .pdf document

The first compares Sept '09 to Sept '08

The second one compares the first three fiscal (3) quarters - '09 to '08

There are also figures revealing the best months EVER, etc.

Naturally, I too avoid weekends at all casinos, not just A.C.

No surprise that the hilton is down 17%. Rumored to be closing. Resorts which is also rumored to be closing was actually up slightly. And then there is Harrah's, the Evil empire, responsible for bringing h17, and 6-5 to AC. They have extremely tighten up their comps and yet are up from last year. go figure. What is it that draws those folks? maybe the light show on the side of the buildings.

 

[Automatic Monkey]

No surprise that the hilton is down 17%. Rumored to be closing. Resorts which is also rumored to be closing was actually up slightly. And then there is Harrah's, the Evil empire, responsible for bringing h17, and 6-5 to AC. They have extremely tighten up their comps and yet are up from last year. go figure. What is it that draws those folks? maybe the light show on the side of the buildings.

That's a shame- there's no correlation between a casino offering good games and comps and the popularity of the casino with the civilians. The target audience down there are the people who come with the intent of losing a few $20's in nickel slots, and that's it. Note that in casino marketing they don't really try to sell "winning" anymore.

 

[shadroch]

The first 6-5 BJ tables in AC were at Trump, if I recall correctly, then Ballys( which was not then part of Harrahs Empire)

 

[FLASH1296]

to quote ...

KewlJason,

You said: "No surprise that the hilton is down 17%."

Looking at the 1st three fiscal quarters of 2009:

Table Games at the HILTON dropped 29.7%
Table Games at Trump Plaza nose-dived 31%

From the report:

"The For the first nine months of the year, casinos won $3.0 billion, down 14.2 percent from the same period in 2008. Revenue from slot machines is down 14.2 percent and revenue from table games is down 14.1 percent for the seven months."

 

[iwantblackjack]

By looking at MTGA CIK=0001005276 SEC filings, we can also see what Mohegan Sun is doing too, and predict Foxwoods, too. [anyone know why Foxwoods does't report to the SEC? does foxwoods have bondholders?] In the 3-month period ending June30,2009, MS table game drop down 20.6% but table game revenue was up 5.7% from the same quarter in 2008. For table games revenue per unit per day is $2,702 (323 table game units) compared to $2,578 last year. Slot handle is -6.6% for quarter 2009 vs 2008; and gross slot revenues -8.0%. Poker revenue at Mohegan Sun is at $3,121,000 for the 2nd quarter 2009.
I found Caesars' craps in September 2009 to be WOW; 22.3M drop, they only take in 3.1%. Has Tropicana closed their baccarat tables? Only 168,036 dropped, and they lost 35,267? Trump Marina's Spanish21 $410535 dropped, loss 40,788.

 

[kewljason]

I think it comes down to revenues at almost all casinos are falling off. The economy is only a part of it. Even with a decent economy, the problem for casinos is dilution. With more and more venue opening their peice of the pie gets smaller and smaller. Add to that the bad economy and people having less money to gamble and now they have a smaller peice of a smaller pie.

 

[Deleted member 3798]

Mohegan's Form 10Q

By looking at MTGA CIK=0001005276 SEC filings, we can also see what Mohegan Sun is doing too, and predict Foxwoods, too. [anyone know why Foxwoods does't report to the SEC? does foxwoods have bondholders?] In the 3-month period ending June30,2009, MS table game drop down 20.6% but table game revenue was up 5.7% from the same quarter in 2008. For table games revenue per unit per day is $2,702 (323 table game units) compared to $2,578 last year. Slot handle is -6.6% for quarter 2009 vs 2008; and gross slot revenues -8.0%. Poker revenue at Mohegan Sun is at $3,121,000 for the 2nd quarter 2009.
I found Caesars' craps in September 2009 to be WOW; 22.3M drop, they only take in 3.1%. Has Tropicana closed their baccarat tables? Only 168,036 dropped, and they lost 35,267? Trump Marina's Spanish21 $410535 dropped, loss 40,788.

Thanks for your headups on the Form 10Q, especially the info on page 54 of the form (See below). By the way, Unlike Trump, Foxwoods doesn't need bondholders! A $40 billion Chineseman (Goh Tong Lim) had provided the funding for the creation of Foxwoods Casino. No bankers trusted the Mashantucket Pequot Indians at that time but the Chinsesman --- Go figure:grin:!