Blackjack Pro Wins Record $6 Million At Tropicana CasinoMay 12, 2011 9:33 am
A mysterious high-stakes gambler has single-handedly caused the Tropicana Casino’s April revenue to drop by 20% after winning a record $5.8 million at the blackjack tables.
In general, a casino expects to collect between 10% and 15% of the chips players buy in for at a blackjack table thus making it an extremely lucrative money source for a casino.
It is also extraordinary for a casino to lose money on the game in any given month, thus making April a particularly unlucky month for the Tropicana. As former Tropicana CEO Mark Giannantonio explains:
“A casino can have a losing day, but it’s maybe once or twice a year. Anything that is longstanding where the (winning) percentage goes down for a month, or two months straight, and I’m looking at other things.”
However, there are no indications the Tropicana suspects foul play and instead is putting their losing month down to variance from their high stakes table games. Ironically, it is these same high-roller tables which had previously provided the casino with six winning months from the last seven. As Gaming Industry analyst Michael Pollock explains:
“When you attempt to target the high end player market, volatility will be part of it. It’s not unprecedented that one player could have such an impact.”
In fact, casinos often find themselves with a decision on whether to accept lower bets and a steady income stream or gamble on taking bigger wagers and laying themselves open to short-term volatility. In April, it appears the Tropicana lost the gamble.
Summing up the whole unfortunate affair for the casino, former Tropicana CEO Mark Giannantonio, who incidentally said he didn’t think his dismissal was related to the mystery gambler, concluded:
“We ran very unlucky. We had the single-largest winner in our history. If it hadn’t been for bad luck at the tables, we would have had a good month.”