Mr. Ed makes out
If it was because of all the hockey fans spending time at the casino, maybe the casino should send a check over to the arena? Oh, wait. Nevermind. Anyway, here is the summary:
Week of December 28, 2009 - January 3, 2010
Week of December 27, 2010 - January 2, 2011
So I feel bad for them a bit... $17 million more in bets and they come out $700K or so better off... That and I suspect they had a few additional expenses. Maybe folks ate a lot more as well and they made some extra on that?
If you are wondering what some of the acronyms are for in where the taxes to:
LSA = Local Share Assessment, which is normally split between county and city for the taxes on slots.
PRHDF = Pennsylvania Race Horse Development Fund, so some happy happy horses.
EDTF = Pennsylvania Gaming Economic Development and Tourism Fund, which is just a long name to explain away the state's own contribution to a few specific things, namely the Pennsylvania Convention Center in Philadelphia, and out here for one of the following:
(4) for debt service and for development and economic
development projects for an international airport located in
a county of the second class;
(5) for distribution to a community infrastructure
development fund of a county of the second class to fund
construction, development, improvement and maintenance of
(6) for the retirement of the indebtedness of an urban
redevelopment authority created pursuant to the act of May
24, 1945 (P.L.991, No.385), known as the Urban Redevelopment
Law, in a city of the second class which is financed in part
with the utilization of funds transferred to the regional
asset district pursuant to Article XXXI-B of the act of July
28, 1953 (P.L.723, No.230), known as the Second Class County
(7) for retirement of indebtedness and for financing of
a hotel or convention center in a city of the second class established pursuant to the authority of the act of July 29,
1953 (P.L.1034, No.270), known as the Public Auditorium
(8) for retirement of indebtedness of a county of the
second class development fund created pursuant to the
authority of Article XXXI-B of the Second Class County Code
and the Urban Redevelopment Law;
(9) for retirement of indebtedness of a convention
center in a city of the second class established pursuant to
the authority of the Public Auditorium Authorities Law;
(10) for payment of the operating deficit for the
operation of a convention center in a city of the second
class established pursuant to the Public Auditorium
Authorities Law.(emphasis added)
Bottom line... in all of this, it is the horses that made out best from the new casinos in the state. No matter what, the horses are way out in front of the Detroit pension systems. Better than my property tax bill as well.
Speaking of the casino, or 'sure bets' as it were... I'll have to let the bankruptcy lawywers explain it to me, but there are developments in the Majestic Star bankruptcy via the Gary Post-Tribune, and Bloomberg. Casinos never go bankrupt do they? The very end of the article from Gary is of note.