Friday, August 27, 2010

Dear Gnomes

So I was going to joke that Big Ed must read the blog here to get the table games revenue online so fast after I asked for it.  Maybe just the gnomes at the Gaming Control Board are readers? I would have meant it only as a joke, but if you read the state's press release on table game revenues you really get the feel that they rushed to put that out yesterday morning.

How big a deal was table games for the Rivers Casino?  For July the casino's gross revenues broke down thusly:

River Casino
   Table games = $3,052,531
   Slots = $22,478,593.48

So table games are 11% of total gross revenue for the casino.  Happy Days. Yes, table games were operating for just 24 days of the month, but there was also likely a opening day boost that will not be repeated.  If those balance each other out then I bet it's a semi-representative starting point. Not to say that it is a number to forecast the future from and I bet there was some added boost because it was all new.  Anyone want to bet August numbers are lower. They certainly are for slots.

From the new table games' revenue, the "local share assessment", which is the tax distributed locally was $61K.  If a monthly rate you get $720K annually.  Normally split between municipal and county government, the special deal for us diverted much of this to local libraries.  I am not sure a fraction of $720K is what the Carnegie Library was banking on was it?  There is a story in that alone I suspect.


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Friday, August 27, 2010 11:58:00 PM  
Anonymous BrianTH said...

This article from January . . .

. . . cites David Patent, acting GM, as predicting monthly revenues at Rivers from table games at $3-4 million, and then works out the split.

So as of now, it doesn't seem impossible Rivers will be in that range. But we'll see how things progress.

Saturday, August 28, 2010 7:43:00 AM  

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