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    2008 Nationwide Commercial On line casino as well as Racino Video games Revenue Analysis

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    A Time period of Adjustment

    Oops! That large hissing seem is the gaming balloon that had been developing more than the a long time, slowly getting rid of air. But, it has not been a tide that decreased all ships nevertheless, as some emerging and increasing gaming jurisdictions confirmed robust progress in 2008.

    All round, the industrial and racetrack on line casino sectors (excluding Indian gaming), seasoned a 3.five per cent decline in gaming revenues for 2008, making a total of $36.2 billion, down some $800 million from 2007. It was the Racino sector that has tempered this fall, as they showed a achieve of nearly $1 billion in 2008, thereby bringing the Industrial sector industry decline to $one.8 billion, or 6.7 percent. Nevada was the biggest loser in 2008, dropping nearly $1.three billion, much more than 50 % of which stemmed from the Las Vegas Strip phase.

    Hunkering Down

    For the most part, casino operators had been caught relatively flat-footed by the extent of the 2008 revenue downturn, as it was not till the 3rd and fourth quarters when it really nosedived. Using the crest of year above calendar year market place expansion across the country and the availability of ample credit and equity funds, new development and enlargement proliferated in latest several years. Right now, faced with the realities of declining, or at greatest stagnant demand, many of these assignments are now regarded in excess of-leveraged and/or above-sized. As a result many gaming organizations are trying to renegotiate their debt – produced more challenging by lower valuations – although also paring down operational fees. The latter has turn into a very problematic conundrum when working with the competitiveness, specifically in people jurisdictions that are now vying for market place shares with new rising on line casino initiatives in neighboring places. A subject matter we discuss much more completely in the State by Condition investigation area of this publication.

    As a consequence of these conditions the gaming sector landscape is now strewn with impending fatalities. Between the a lot more notable troubled corporations are Station Casinos, Empire Resorts, Harrah’s Entertainment, Greektown Holdings, Legends Gaming, Tropicana Leisure, Herbst Gaming and the checklist grows every single week.

    “How extended will these financial problems persist, and are we at the base however?” are inquiries no 1 appears to be answering yet. What is very clear nevertheless is that most gaming jurisdictions will have to find out how to offer with a more compact pie.

    Observe:
    This evaluation contains only gaming revenues of licensed casinos and pari-mutuel stores that provide casino video games, and not Indian gaming operations, card rooms, or little non-casino type slot places. The total post, which includes profits tables is available on our net page.

    Enter/Output Design

    A crucial aspect that would seem to have arisen from the ashes of this existing craze is that several on line casino tasks had been just too big to help on their own. The input, in terms of investment pounds, was not proportional to the output, in conditions of web revenue right after personal debt support, when compared to previously achieved benefits. A lot more and/or larger is not usually better. Viewing the rise in non-gaming income at the Las Vegas Strip resorts, gave impetus to the improvement of far more extensive amenities in numerous other jurisdictions. The flaw in this strategy even so is that the expenses connected with widening marketplace penetration and occasioned-use, are drastically increased than these incurred to draw in the foundation market place.

    As daytripper markets turn out to be more aggressive, on line casino venues will have to depend far more and much more on their in-house lodge patrons, and size their homes (and anticipations) accordingly. Even though Steve Wynn commenced a main craze in producing up-market place mega-locations, there merely was not enough need on the Strip to warrant the several other equivalent initiatives that followed that aimed at the identical area of interest.

    The trick is to strike a pleased medium in venture configurations which of system require significantly less of a ‘seat-of-pants’ technique, and 1 that is much more examined. A shameless plug for advancement consultants like ourselves.

    Other Gaming Routines

    Although there are no released comprehensive knowledge of American Indian gaming revenues, anecdotal proof seems to suggest that this section has been as hard strike as the Business sector. The two Connecticut Indian gaming installations report slot income of $one.6 billion in 2008, symbolizing a drop of about 7 p.c, or nearly $114 million, much more than doubling the three.five percent drop from the yr before. This market place is evidently nonetheless reeling from the ripple-effect of a casino enlargement in Rhode Island, and the opening of slot operations in New York and Pennsylvania.

    The Arizona Office of Gaming reports that contributions dependent on a gaming revenue formula from the state’s 23 Indian gaming casinos, have been declining each and every quarter in 2008 when compared to the preceding year decreasing .eight p.c in the first quarter, seven.five % in the second quarter, nine.5 p.c in the third quarter, and 16.1 per cent in the fourth quarter.

    Some SEC reporting Indian gaming houses report equivalent decreases. Seneca Gaming, which operates three Course III casinos in upstate New York, studies that while calendar year 2008 showed an practically 2 percent growth price in gaming revenues, there was an eight.seven per cent drop in the third quarter and an virtually 10 percent decrease in the fourth quarter of 2008, compared with 2007. Gaming earnings tendencies at nearby Niagara Falls, Ontario were down one.five% in 2008 compared with 2007.

    It really is been a mixed-bag for condition lotteries across the country. The North American Association of Point out & Provincial Lotteries reports that U.S. lotteries generated a complete of $60.six billion in revenue in fiscal 2008, up about three per cent from the preceding 12 months but some jurisdictions described decreases, most notably California, which showed an 8 % drop. Inasmuch as some of these states are on different fiscal year finishes, it would seem that the information does not replicate the impact of 3rd and/or fourth quarter results.

    According to knowledge provided by Equibase, horse racing pari-mutuel revenues proceed their downward spiral, slipping seven percent to $thirteen.7 billion in 2008, as opposed to $14.7 billion in 2007.

    Prepared & Proposed New Expansions

    As formerly mentioned, it has been new gaming jurisdictions that have spawned significantly of the progress in once-a-year on line casino/racino revenues more than the a long time, and their effect is apt to keep on into the near potential.

    Florida
    Miami Dade voters accepted a ballot situation that enables each of a few pari-mutuels to have a on line casino facility of up to two,000 slot machines. The Flagler Canine Observe and Miami Jai-Alai are reportedly planning opening in late 2009 or early 2010, although the Calder installation in Miami Gardens has yet to introduced its plans. There are several other proposals becoming regarded as that would even more broaden on line casino growth throughout the point out.

    Illinois
    The point out finally obtained close to to reissuing its tenth license, late in December, 2008 awarding it to Midwest Gaming & Leisure, LLC for a 1,200+ match casino found in Des Plaines just east of O’Hare. The new facility is not most likely to open until finally 2010. There has also been some discussion about making it possible for an boost in for each area gaming positions and slots at racetracks, though neither initiative appears to have any traction at this time.

    Kansas
    The state’s expanded lottery program that allows for the development of 4 casino gaming zones and slots at current horse and dog tracks appears mired, as only 1 facility is presently underneath development, whilst a few other proposals were rescinded. The only bidder on the Cherokee County deal, claimed it could not compete with the new Quapaw tribal casino in Oklahoma, which is situated so near to the point out line that its parking whole lot is in Kansas. The Boot Hill Casino Vacation resort in Dodge Metropolis is planing a December 2009 opening with 575 slots and 10 desk game titles, together with a next section thanks to open in 2011 with 875 slots and twenty desk online games. The point out has prolonged the application process for the other a few zones till April, 2009.

    Kentucky
    There is nonetheless a whole lot of ‘jockeying’ heading on, but the prospect of as numerous as eight slot parlors and racinos appears to be back again on the front-burner, but most likely not fixed in the course of the existing legislative session.

    Las Vegas
    There are about fourteen,000 rooms scheduled to appear on line in 2009, with the most latest becoming the 390 area M Resort in Henderson. There are expansions underway at the two Caesars Palace and Tough Rock and new lodges include two factors of the Metropolis Center undertaking, and the Fountainebleau.

    Louisiana
    Pinnacle Entertainment’s new casino development initiatives in Baton Rouge and Lake Charles, while delayed, are noted to even now be on-observe for opening this calendar year and/or early 2010.

    Maine
    There is a monthly bill underneath thing to consider that could more than double Penn National’s slot machines to 3,000, as properly as a proposal that would take away the restriction that slots be positioned in 5 miles of the track. Scarborough Downs, which has been unsuccessful in convincing regional inhabitants to permit slots, could be taking into consideration shifting to a much more hospitable city.

    Maryland
    A referendum was accepted in November, 2008 that makes it possible for for the development of 5 casinos with a complete of fifteen,000 slots, and now the bidding war is afoot though it is not as intensive as the point out experienced predicted.

    Mississippi
    Grand Soleil On line casino Vacation resort in Natchez experienced been slated to open in 2008, but has operate into a variety of funding troubles and whilst the lodge part is open, the riverboat is described to open in the Spring of ’09. Harrah’s Margaritaville Casino in Biloxi, whilst scaled back relatively, is still on keep track of to open up this year.

    New England
    Massachusetts, a sleeping-large in terms of marketplace possible, is nonetheless maneuvering to open up casinos/racinos, and/or a Class III Indian gaming facility, but can’t appear to muster the political help. A modern review completed by Dartmouth College estimates that Massachusetts resident spent more than $920 million very last 12 months at Connecticut casinos and slot equipment parlors in Rhode Island and Maine. The New Hampshire legislature not too long ago declined an alternative to develop casinos, nevertheless the matter is likely to be revisited, particularly if Massachusetts decides to go ahead. There are also attempts in Maine to rethink its choices.

    New Jersey
    Atlantic City’s casinos have imposed their political will on staving off the addition of slot devices at racetracks by lately agreeing to proceed augmenting purses with an added tax. The governor nevertheless, has appointed a new panel to examine the state’s sagging racing plan which ironically, can only be preserved by making it possible for the tracks to have slot equipment specially at the Meadowlands. (See The Nor’easter Squeeze area)

    New York
    Just when it looked as if Aqueduct’s 4,500 VLT facility would finally be produced, the successful bidder indicated an lack of ability to make the required $370 million payment, citing the recent lending local climate, and throwing the task again into the lap of the governor. Even though agplus in the spot could be deemed really robust, the prospect of further competition from nearby Belmont could have an impact on Aqueduct’s underlining economic feasibility, especially considering that slightly considerably less than 30% of the internet win is retained by the operator.

    Ideas to relocate Monticello Raceway into a vacation resort sophisticated are getting reconsidered possibly owing to both the possible opening of at the very least a single or perhaps two racino operations in the NY metro spot, and the resurfacing of initiatives to development a Class III Indian gaming facility in the Catskills.

    Ohio
    Yet another gaming proposal is being put forth in Ohio, right after final year’s variation was turned down by the voters. This plan phone calls for one particular on line casino every in the state’s premier metropolitan areas: Cleveland, Columbus, Cincinnati and Toledo. There would be a minimal investment decision required of $250 million, as properly as an first licensing charge of $50 million, and a 33 per cent tax on gaming income.

    Pennsylvania
    The Sands in Bethlehem is because of to open in the Spring of ’09, and the new Rivers undertaking in Pittsburgh is expected to be operational in August, ’09 whilst Philadelphia’s two slot facilities nonetheless wallow in a political mire, but are anticipated to start off development this yr.

    South Dakota
    The Lodge at Deadwood is slated to open up in the Drop of 2009, and include three hundred online games, 140 rooms and a wide assortment of features.

    Texas
    Legislators are proposing a voter referendum that would amend the state constitution to allow on line casino gambling in designated locations, as nicely as enable gambling on American Indian lands in Texas and at existing racetracks.

    West Virginia
    The Greenbriar, the state’s venerable resort facility has filed for individual bankruptcy, but has a new suitor in Marriott Resorts, who have reportedly tendered an offer you. State government has proffered the notion of making it possible for the resort to supply on line casino online games, but this energy is in too early a stage to have any traction a single way or yet another.

    Indian Gaming
    A latest Supreme Courtroom ruling that restricts the having of lands into have faith in on behalf of federally recognized American Indian tribes has even more stymied some new Class III gaming projects across the country. Moreover, there have been eleven Indian on line casino assignments turned down by the DOI very last year since of its new rule that casinos have to be in close proximity to enough to a reservation that tribal members can perform at them. It has been proposed that the new Obama administration may well be far more sympathetic to the improvement of Indian gaming assignments, but this situation has however to be dealt with.

    Meanwhile, there are other Class III assignments in the numerous levels of advancement. The Seneca on line casino undertaking in Buffalo, NY, even though working a small short-term facility, has delayed an currently underneath development permanent facility till the market rebounds. They have also expressed an curiosity in building a casino in the Catskills. The state gaming compact with Seminoles in Florida is getting challenged, and could influence their plans for greater tasks. There are new Indian gaming assignments established to open in Michigan and Oklahoma this 12 months, and other individuals are in the organizing stage. Texas may possibly enable the reopening of Indian gaming amenities and allow other venue and there are programs afoot by the Navajos in Arizona to build further casinos. California is poised to open two to 3 new Course III casinos in 2009/ten.

    The Nor’easter Squeeze

    Total gaming earnings in Atlantic Town has declined 7.six %, from $4.9 billion in 2007 to $four.five billion in 2008 with decreases continuing into 2009, as the town is obtaining itself in an intense comp-war with the Pennsylvania venues. At one time the only casinos in the Northeast were located in Atlantic City, the place it appeared as if it might actually even eclipse the Las Vegas Strip’s annual gaming revenues.

    Gradually however its marketplace share was currently being encroached upon, initial by the development of a large Class III gaming procedure in Connecticut, and then one more slots operations in Rhode Island, and then online video lottery terminals at New York racetracks, racinos in West Virginia and Delaware, and most just lately Pennsylvania.

    Now, with the prepared opening of slot operations in Maryland, the impending opening of a new on line casino in Bethlehem, PA, and ultimately two operations in Philadelphia, the noose is tightening all around Atlantic City’s long term prospective customers. It’s reliance on day-trippers lulled it into a fake perception of safety, and it now finds itself having to redefine its mission assertion to “spot resort.”

    The only difficulty with this technique nevertheless is that it is ill-equipped to pull it off. For all intents and reasons, Atlantic Town is under-roomed and/or over-gamed. There is merely not enough working day-tripper industry to go close to, and their efficient investing region is tightening, as the peripheral populations northward now/will have a lot more completely ready access to a widened offer in New York (Yonkers, and before long at Aqueduct and perhaps Belmont), westward in Pennsylvania and southward in Delaware, West Virginia and Maryland.

    Other than the ocean accessibility, the city’s only real aggressive positive aspects are its hotel capacity and the availability of desk game titles, though the latter is very likely to eventuate in Pennsylvania, and probably Delaware. In buy to adequately compete as a spot vacation resort the town wants to create further visitor rooms and not always gaming capacity. By comparison, the Las Vegas Strip qualities – correct gaming places, in that they do not have much of a day-excursion market place, besides for the ‘locals’ – have an regular of .87 gaming positions per guest place even though Atlantic City’s regular is two.74 positions for each guest place.

    It is not a coincidence that Atlantic City’s two premier hotels, the Borgata and Harrah’s Marina, the two of which added new rooms in 2008, have been the least impacted by the newest downturn. The Borgata experienced a gaming income drop of 1.six percent, whilst Harrah’s Marina reported a four.nine percent boost when compared to 2007. Additionally, the toughest hit venues, specifically the AC Hilton, Resorts and the Trump Marina, also have the smallest amount of rooms. In the meantime some of the venues are teetering on viability, like the the Trump properties and Resorts with the hoped for sale of the Tropicana has been additional delayed, and getting rid of valuation.

    With a regular increase in gaming revenues via 2006, the town appeared key for more improvement, which precipitated planning for 4 new vacation resort projects, each and every of which have now been indefinitely delayed. Revel Entertainment Group’s $two.5 billion project stays an iron skeleton, Pinnacle Amusement has declared it may possibly seek out to promote its razed Sands site, MGM Mirage has shelved its casino strategies, and Penn National appears to have stopped its pursuit of the Bader Area airport internet site.

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