RSS
Another 'struggling' casino
Another interesting development in the Pennsylvania slots business.
And this time it does not involve Harrah’s Chester Casino & Racetrack.
By the way, you can click here to see the response of Harrah’s boss Vince Donlevie to one of my recent blogs about the dip in revenue at Harrah’s.
What is interesting is where this story – which is about another casino where revenue is down – comes from.
The brand-spanking-new, glittering Sands Casino Resort in Bethlehem opened a little more than a month ago to packed houses. Even Emeril Lagasse was on hand to open his new restaurant.
But a strange thing happened in the days and weeks after the opening hullaballoo.
Revenue has been dropping.
The state Gaming Control Board says the Sands took in $4.18 million last week. Not bad, right? Except for the fact that it marks the fifth straight week where revenue went down.
That figure is for gross terminal revenue, the money left in the slots machines after the winners get their share. Last week the Sands took in a little more than $55 million and paid out almost $51 million.
Back in its first full week of operation on May 25-31, the Sands took in
$5.94 million in gross terminal revenue.
The Sands, expected to be a blockbuster addition to the state’s new slots biz, was expected to be a big player, drawing players from North Jersey and New York who otherwise might head to Atlantic City or even some of the other Pa. casinos.
But it now ranks as only fifth busiest casino in the state, trailing both Philly Park and Harrah’s Chester, and even three other facilities.
Don’t expect the folks at Harrah’s to shed any tears. They have troubles of their own.
According to the state, revenue there has been down nine straight months. Play was off 6.2 percent in May.
But to keep this in perspective, Harrah’s is still raking in a ton of money, money that funds a lot of projects in the county as well as providing tax relief in the state.
For instance, for the week of June 22-28, gambler wagered a cool $74 million at Harrah’s. They paid out $67 million. It also provided nearly
$2 million in state taxes.
That’s in one week.
We should all be struggling like that in this economy.
And this time it does not involve Harrah’s Chester Casino & Racetrack.
By the way, you can click here to see the response of Harrah’s boss Vince Donlevie to one of my recent blogs about the dip in revenue at Harrah’s.
What is interesting is where this story – which is about another casino where revenue is down – comes from.
The brand-spanking-new, glittering Sands Casino Resort in Bethlehem opened a little more than a month ago to packed houses. Even Emeril Lagasse was on hand to open his new restaurant.
But a strange thing happened in the days and weeks after the opening hullaballoo.
Revenue has been dropping.
The state Gaming Control Board says the Sands took in $4.18 million last week. Not bad, right? Except for the fact that it marks the fifth straight week where revenue went down.
That figure is for gross terminal revenue, the money left in the slots machines after the winners get their share. Last week the Sands took in a little more than $55 million and paid out almost $51 million.
Back in its first full week of operation on May 25-31, the Sands took in
$5.94 million in gross terminal revenue.
The Sands, expected to be a blockbuster addition to the state’s new slots biz, was expected to be a big player, drawing players from North Jersey and New York who otherwise might head to Atlantic City or even some of the other Pa. casinos.
But it now ranks as only fifth busiest casino in the state, trailing both Philly Park and Harrah’s Chester, and even three other facilities.
Don’t expect the folks at Harrah’s to shed any tears. They have troubles of their own.
According to the state, revenue there has been down nine straight months. Play was off 6.2 percent in May.
But to keep this in perspective, Harrah’s is still raking in a ton of money, money that funds a lot of projects in the county as well as providing tax relief in the state.
For instance, for the week of June 22-28, gambler wagered a cool $74 million at Harrah’s. They paid out $67 million. It also provided nearly
$2 million in state taxes.
That’s in one week.
We should all be struggling like that in this economy.
posted by Heron's Nest at
7:03 AM
0 Comments:
Post a Comment
<< Home