Is there something wrong with my math? The news
says the state took in $1.6 million in new tax revenues from table games in July. The $1.6 mil comes from the state's 14% take on table game revenues. So that means the new gross revenues at the casinos came to $11.4 mil. Also according to the news, 2 of the casinos were open from July 8, so were operating for 3 weeks in July. 3 others started on July 13, so roughly 2 weeks of operation in July and 3 started July 18, so just under 2 weeks of operation. Works out to roughly 18 "casino-weeks" of operation generating those revenues. I get an average of $635 thousand
per casino per week. Lot to me, but not that much compared to what the casinos are bringing in for slots. What was the big deal? I am wondering about the number. Is the tax on the gross revenues to the casinos or net? Table games are by all accounts much more labor intensive than slots. Do they have to net out a big wage bill from that level of revenue before figuring what they added in profit. Fester will suss this out better than I have time for, but it all seems odd.
Also.. here is latest on trends from slots revenues at the two local casinos with the start of table games annotated for what it's worth. Since the tax rate on table games is so much less than on slots, if slots continue to look like they are flat to decreasing since.. it could potentially be that overall tax revenue will be down since slots took over.