Friday, September 24, 2010

Slots not what your commonwealth can do for you

Still waiting for that big property tax rebate to come from all these new tax revenues generated by the casinos?  Well........

Some time series you kind of expect to have occassional ticks up even if the trend is down.  Not the story of late down on the North Shore.  Latest data from the casino shows that use of the slots machines had another big drop in the week ended Sept 19. See below.

New Philly casino impacting us?  Realize that someday there will be a Lawrence County or nearby casino much closer. Then the Ohio casinos will all open with a big splash.  You have to wonder where this is all heading.  They could save a lot of money if they could refinance their debt.  But even if they had that option, I am not sure what interest rates the market will give you when you are already in a state of selective default, according to the ratings agencies.

Table games might be making up some or all of the decreased slots play... nonetheless slots revenues are well below that June rating drop and cash infusion they needed down there.  Is more cash on the way?

BTW...   What is up with the property assessment appeal down there at the casino?


Blogger fester said...

Chris, it is all about the unanticipated arrival of football season --- who would of known that 50,000 to 70,000 fans on Saturday or Sunday would deter people from going to the Northside. That was not in the business model anywhere!

Saturday, September 25, 2010 8:23:00 AM  
Blogger C. Briem said...

Plan probably had those folks sneaking out at halftime to get a few quick plays in on the machines.

Might not be as big a problem we talk about... at least for us. Rising parking rates downtown and the new T stop. I suppose you could shut the whole operation down, charge $10/day for parking. 3,000 spots right? = $30K/day. Might still be able to make those arena bond payments. ;-(

Saturday, September 25, 2010 8:40:00 AM  

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