Let the (table) games begin
Time will tell what the initial and steady state business is for table games locally. Remember the tax on table games is less than on slots so what will be interesting to watch as well is whether table games bring in more slots business, or displace some of it. The former would be good for tax revenues, the latter, bad.
I should start an over/under on when we get our first noticable card counting media mention. Just kidding. Are they going to use those card shuffling machines?
I missed this, but did anyone notice that they changed the law recently to allow Pennsylvania casinos to make loans via "almost instant" credit based on no more than a personal check? I am a little curious what the 'almost' part is all about.
I was tracking average daily revenues per machine, but the machine counts have been fluctuating. The Rivers Casino a couple weeks ago was operating 2,600 slots machines, well below the 3,000 they were licensed for. So the average per machine is not really giving a meaningful benchmark.
So a better metric is just tracking total wagers per week. Below is what that looks like for the two local casinos. The question will be what the trend is going forward with table games up and running.
Splitting the market so evenly does not bode well for when a new casino opens in either Lawrence county, or Ohio. The thing is that if the two casinos split revenue evenly, Rivers is the loser in a sense. Not only did Rivers cost something like $800 million in mostly leveraged investment, but the Meadows' investment was reportedly under $500 million. So their capital costs are probably widely different. That and Meadows is not encumbered by some of the same fixed costs Rivers is obligated for including payments for the SEA arena bonds, a guaranteed minimum $10mil annually to the City and I am pretty sure higher property tax bills. What was that movie? Harvard Beats Yale 29-29. Sort of like that.