AC has already lost over 13 million of the once 14 million plus line run bus customers, who primarily visited mid-week. And the reprogramming of the casino financial results, makes it very difficult to understand what is actually happening.

I just looked at the 9 month 2017 report for Borgata, and compared it to the same period in the 2018 report, and the differences are astonishing. The casino win came down from $607 million to $361 million, but free play accounted for only $68 million of the $245 million difference. Room sales went up from $92 million to $131 million, but room comps in 2017 were $57 million, not the revenue difference of $39 million. The DGE explains the change in accounting, but it's Greek to me.

But the reality is, AC needs commercial air service from the South and Southwest, where cities as large as Philadelphia (Atlanta, Dallas, Houston) have no gaming … yet!!

AC will continue to do well in the summer, and on holidays and weekends, but that leaves 190 days and nights (52% of the year), with little or no customer demand.

Las Vegas has solved that problem with conventions and trade shows, whose attendees pay full rate, and still get a bargain compared to Manhattan, Orlando or Chicago hotels. But they expect air travel to get to their destination.

AC is fortunate that the two new properties, and the remaining seven, have much less debt, and at lower interest rates, that their predecessors. But to maintain nine operating casinos, we badly need new markets to help us mid-week, in the off season.