Winter comes early
That darn reality.
Well, here is the trend, with the latest update of slots revenues at the two regional casinos. I'll summarize. For both casinos the revenues are not only not up since table games began, but have shrunk pretty continuously to the point that they are now as low as they were at during some of the worst of winter. At the Rivers Casino slots revenues are now at their lowest since the first week of February. I believe that was literally snowmageddon week. But who is noticing? I bet the ratings agencies on their debt, and the Detroit Municipal Pension System, if nobody else.
So the Labor Day weekend was not of much help and summer is now virtually over. Will fall produce some rebound? How about winter?
So maybe the casinos have made up some of their gross revenues from table games, but what has it all meant for tax revenues? Remember the rate of tax on table games is a fraction of tax on slots. So even if there was a 1-1 tradeoff from slots to table games, it might be ok for the casinos, but a big loss for tax revenue. Anyone want to compare the casinos projected revenue generated for the county with what is budgeted.