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    2008 Nationwide Professional Casino & Racino Video games Profits Investigation

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    A Period of Adjustment

    Oops! That big hissing sound is the gaming balloon that experienced been expanding over the several years, slowly and gradually getting rid of air. But, it has not been a tide that decreased all ships nonetheless, as some rising and increasing gaming jurisdictions showed sturdy growth in 2008.

    All round, the professional and racetrack on line casino sectors (excluding Indian gaming), experienced a 3.5 p.c drop in gaming revenues for 2008, creating a whole of $36.two billion, down some $800 million from 2007. It was the Racino sector that has tempered this fall, as they confirmed a obtain of virtually $1 billion in 2008, thereby bringing the Commercial sector market place decline to $1.8 billion, or 6.seven %. Nevada was the greatest loser in 2008, dropping practically $1.3 billion, a lot more than 50 % of which stemmed from the Las Vegas Strip phase.

    Hunkering Down

    For the most portion, on line casino operators were caught relatively flat-footed by the extent of the 2008 profits downturn, as it was not till the 3rd and fourth quarters when it really nosedived. Using the crest of calendar year in excess of year marketplace expansion across the nation and the availability of ample credit rating and equity money, new building and expansion proliferated in recent several years. Today, faced with the realities of declining, or at best stagnant demand from customers, many of these projects are now deemed over-leveraged and/or over-sized. As a end result numerous gaming companies are trying to renegotiate their personal debt – produced much more tough by reduce valuations – even though also paring down operational expenses. The latter has grow to be a extremely problematic conundrum when dealing with the competition, specifically in individuals jurisdictions that are now vying for market place shares with new emerging on line casino tasks in neighboring regions. A matter we go over much more completely in the Condition by State investigation part of this publication.

    As a end result of these circumstances the gaming industry landscape is now strewn with impending fatalities. Amid the a lot more noteworthy troubled firms are Station Casinos, Empire Resorts, Harrah’s Amusement, Greektown Holdings, Legends Gaming, Tropicana Entertainment, Herbst Gaming and the listing grows every single week.

    “How prolonged will these economic situations persist, and are we at the base yet?” are concerns no one seems to be answering but. What is clear nevertheless is that most gaming jurisdictions will have to find out how to deal with a more compact pie.

    Observe:
    This analysis includes only gaming revenues of certified casinos and pari-mutuel outlets that supply casino games, and not Indian gaming functions, card rooms, or small non-on line casino kind slot locations. The complete report, such as earnings tables is accessible on our web webpage.

    Enter/Output Design

    A key facet that seems to have arisen from the ashes of this current craze is that many casino assignments have been just also huge to support on their own. The input, in terms of expenditure dollars, was not proportional to the output, in phrases of internet profit after credit card debt provider, in comparison to beforehand attained final results. A lot more and/or larger is not usually greater. Observing the increase in non-gaming earnings at the Las Vegas Strip resorts, gave impetus to the improvement of more comprehensive facilities in numerous other jurisdictions. The flaw in this method even so is that the expenses linked with widening market place penetration and occasioned-use, are significantly greater than people incurred to draw in the base market.

    As daytripper markets become a lot more aggressive, casino venues will have to count more and much more on their in-residence lodge patrons, and size their qualities (and anticipations) appropriately. Even though Steve Wynn started out a major development in producing up-market mega-locations, there basically was not sufficient demand from customers on the Strip to warrant the a lot of other equivalent initiatives that followed that aimed at the identical specialized niche.

    The trick is to strike a satisfied medium in task configurations which of training course need significantly less of a ‘seat-of-pants’ technique, and a single that is much more researched. A shameless plug for improvement consultants like ourselves.

    Other Gaming Pursuits

    Although there are no revealed detailed information of American Indian gaming revenues, anecdotal proof appears to advise that this section has been as challenging hit as the Industrial sector. The two Connecticut Indian gaming installations report slot profits of $one.six billion in 2008, symbolizing a fall of about 7 per cent, or practically $114 million, more than doubling the three.five % drop from the year before. This industry is apparently nonetheless reeling from the ripple-result of a casino growth in Rhode Island, and the opening of slot functions in New York and Pennsylvania.

    The Arizona Division of Gaming reports that contributions based on a gaming earnings formulation from the state’s 23 Indian gaming casinos, have been declining every quarter in 2008 in comparison to the previous year decreasing .eight p.c in the very first quarter, 7.5 per cent in the next quarter, nine.5 p.c in the 3rd quarter, and sixteen.one p.c in the fourth quarter.

    Some SEC reporting Indian gaming properties report similar decreases. Seneca Gaming, which operates three Class III casinos in upstate New York, stories that even though calendar yr 2008 showed an virtually two p.c development price in gaming revenues, there was an 8.seven p.c decline in the 3rd quarter and an practically ten % decline in the fourth quarter of 2008, in contrast with 2007. Gaming profits developments at nearby Niagara Falls, Ontario were down one.5% in 2008 compared with 2007.

    It is been a mixed-bag for point out lotteries throughout the place. The North American Affiliation of State & Provincial Lotteries reviews that U.S. lotteries produced a whole of $sixty.six billion in income in fiscal 2008, up about three per cent from the preceding year but some jurisdictions described decreases, most notably California, which showed an eight percent drop. Inasmuch as some of these states are on different fiscal 12 months ends, it would seem to be that the knowledge does not reflect the impact of third and/or fourth quarter results.

    According to knowledge provided by Equibase, horse racing pari-mutuel revenues continue their downward spiral, slipping 7 p.c to $13.7 billion in 2008, versus $14.seven billion in 2007.

    Prepared & Proposed New Expansions

    As earlier mentioned, it has been new gaming jurisdictions that have spawned significantly of the development in yearly on line casino/racino revenues more than the many years, and their affect is apt to continue into the in close proximity to potential.

    Florida
    Miami Dade voters authorized a ballot problem that allows each of a few pari-mutuels to have a casino facility of up to 2,000 slot devices. The Flagler Dog Track and Miami Jai-Alai are reportedly planning opening in late 2009 or early 2010, although the Calder set up in Miami Gardens has however to announced its strategies. There are many other proposals becoming regarded that would more broaden on line casino development during the state.

    Illinois
    The condition last but not least got close to to reissuing its tenth license, late in December, 2008 awarding it to Midwest Gaming & Amusement, LLC for a 1,200+ match casino situated in Des Plaines just east of O’Hare. The new facility is not very likely to open up right up until 2010. There has also been some dialogue about permitting an enhance in for every spot gaming positions and slots at racetracks, though neither initiative seems to have any traction at this time.

    Kansas
    The state’s expanded lottery program that permits for the development of 4 casino gaming zones and slots at current horse and pet tracks appears mired, as only a single facility is presently underneath design, while three other proposals had been rescinded. The only bidder on the Cherokee County deal, claimed it could not compete with the new Quapaw tribal on line casino in Oklahoma, which is positioned so near to the condition line that its parking whole lot is in Kansas. The Boot Hill On line casino Resort in Dodge City is planing a December 2009 opening with 575 slots and ten table games, alongside with a second period because of to open in 2011 with 875 slots and twenty desk video games. The condition has extended the application method for the other three zones right up until April, 2009.

    Kentucky
    There is still a whole lot of ‘jockeying’ heading on, but the prospect of as many as 8 slot parlors and racinos seems to be back on the front-burner, but very likely not resolved for the duration of the existing legislative session.

    Las Vegas
    There are about 14,000 rooms scheduled to occur on line in 2009, with the most latest becoming the 390 room M Resort in Henderson. There are expansions underway at both Caesars Palace and Difficult Rock and new hotels consist of two parts of the Town Middle undertaking, and the Fountainebleau.

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

    Maine
    There is a invoice under thought that could more than double Penn National’s slot machines to 3,000, as properly as a proposal that would remove the restriction that slots be situated within 5 miles of the monitor. Scarborough Downs, which has been unsuccessful in convincing nearby people to let slots, may possibly be contemplating shifting to a more hospitable town.

    Maryland
    A referendum was authorized in November, 2008 that permits for the improvement of five casinos with a whole of fifteen,000 slots, and now the bidding war is afoot although it is not as powerful as the condition had predicted.

    Mississippi
    Grand Soleil On line casino Resort in Natchez had been slated to open up in 2008, but has operate into different financing problems and although the resort part is open, the riverboat is documented to open in the Spring of ’09. Harrah’s Margaritaville On line casino in Biloxi, even though scaled again considerably, is nonetheless on observe to open this 12 months.

    New England
    Massachusetts, a sleeping-big in phrases of marketplace prospective, is nevertheless maneuvering to open up casinos/racinos, and/or a Course III Indian gaming facility, but are not able to seem to muster the political help. A modern research concluded by Dartmouth University estimates that Massachusetts resident invested a lot more than $920 million last 12 months at Connecticut casinos and slot equipment parlors in Rhode Island and Maine. The New Hampshire legislature lately declined an selection to build casinos, however the subject matter is very likely to be revisited, particularly if Massachusetts decides to go forward. There are also attempts in Maine to rethink its possibilities.

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

    New York
    Just when it seemed as if Aqueduct’s four,500 VLT facility would finally be designed, the profitable bidder indicated an lack of ability to make the needed $370 million payment, citing the current lending weather, and throwing the project again into the lap of the governor. Even though the marketplace need in the spot could be considered fairly powerful, the prospect of added competitors from close by Belmont could have an affect on Aqueduct’s underlining economic feasibility, particularly taking into consideration that somewhat less than thirty% of the web earn is retained by the operator.

    Programs to relocate Monticello Raceway into a resort intricate are becoming reconsidered possibly owing to equally the probable opening of at minimum one or probably two racino functions in the NY metro spot, and the resurfacing of initiatives to development a Course III Indian gaming facility in the Catskills.

    Ohio
    Nevertheless one more gaming proposal is being set forth in Ohio, following last year’s edition was turned down by the voters. This program calls for one on line casino every in the state’s biggest cities: Cleveland, Columbus, Cincinnati and Toledo. There would be a minimum expenditure required of $250 million, as effectively as an initial licensing price of $50 million, and a 33 percent tax on gaming revenue.

    Pennsylvania
    The Sands in Bethlehem is owing to open up in the Spring of ’09, and the new Rivers undertaking in Pittsburgh is anticipated to be operational in August, ’09 whilst Philadelphia’s two slot facilities still wallow in a political mire, but are anticipated to begin building this 12 months.

    South Dakota
    The Lodge at Deadwood is slated to open in the Slide of 2009, and include 300 video games, a hundred and forty rooms and a broad assortment of facilities.

    Texas
    Legislators are proposing a voter referendum that would amend the state structure to allow casino gambling in selected regions, as well as permit gambling on American Indian lands in Texas and at current racetracks.

    West Virginia
    The Greenbriar, the state’s venerable vacation resort facility has submitted for individual bankruptcy, but has a new suitor in Marriott Hotels, who have reportedly tendered an supply. Point out government has proffered the notion of allowing the resort to provide casino online games, but this effort is in as well early a stage to have any traction a single way or another.

    Indian Gaming
    A current Supreme Courtroom ruling that restricts the having of lands into believe in on behalf of federally acknowledged American Indian tribes has more stymied some new Course III gaming assignments throughout the country. Moreover, there ended up eleven Indian on line casino initiatives turned down by the DOI last yr due to the fact of its new rule that casinos must be around ample to a reservation that tribal members can work at them. It has been suggested that the new Obama administration may possibly be more sympathetic to the development of Indian gaming assignments, but this concern has however to be resolved.

    Meanwhile, there are other Class III tasks in the various stages of improvement. The Seneca on line casino task in Buffalo, NY, while operating a small momentary facility, has delayed an presently below development everlasting facility till the marketplace rebounds. They have also expressed an desire in building a on line casino in the Catskills. The point out gaming compact with Seminoles in Florida is getting challenged, and could effect their programs for bigger tasks. There are new Indian gaming initiatives set to open in Michigan and Oklahoma this 12 months, and other folks are in the arranging phase. Texas could let the reopening of Indian gaming services and allow other venue and there are ideas afoot by the Navajos in Arizona to assemble added casinos. California is poised to open two to a few new Course III casinos in 2009/10.

    The Nor’easter Squeeze

    Whole gaming revenue in Atlantic Metropolis has declined 7.6 p.c, from $4.nine billion in 2007 to $four.5 billion in 2008 with decreases continuing into 2009, as the town is obtaining itself in an powerful comp-war with the Pennsylvania venues. At a single time the only casinos in the Northeast ended up found in Atlantic City, where it appeared as if it may really even eclipse the Las Vegas Strip’s annual gaming revenues.

    Gradually nevertheless its industry share was being encroached upon, 1st by the improvement of a big Class III gaming operation in Connecticut, and then one more slots functions in Rhode Island, and then movie lottery terminals at New York racetracks, racinos in West Virginia and Delaware, and most recently Pennsylvania.

    Now, with the prepared opening of slot functions in Maryland, the impending opening of a new casino in Bethlehem, PA, and eventually two functions in Philadelphia, the noose is tightening all around Atlantic City’s long term potential clients. It is reliance on working day-trippers lulled it into a bogus perception of safety, and it now finds itself possessing to redefine its mission statement to “vacation spot resort.”

    The only dilemma with this method nevertheless is that it is sick-outfitted to pull it off. For all intents and functions, Atlantic Town is beneath-roomed and/or more than-gamed. There is just not ample day-tripper marketplace to go all around, and their effective investing location is tightening, as the peripheral populations northward now/will have far more all set obtain to a widened offer in New York (Yonkers, and quickly at Aqueduct and perhaps Belmont), westward in Pennsylvania and southward in Delaware, West Virginia and Maryland.

    Other than the ocean entry, the city’s only actual aggressive benefits are its hotel capability and the availability of desk video games, even though the latter is likely to eventuate in Pennsylvania, and perhaps Delaware. In purchase to adequately contend as a destination vacation resort the city requirements to build further visitor rooms and not always gaming ability. By comparison, the Las Vegas Strip qualities – true gaming locations, in that they do not have considerably of a day-journey market place, apart from for the ‘locals’ – have an regular of .87 gaming positions for every guest space even though Atlantic City’s common is two.74 positions for each visitor area.

    It is not a coincidence that Atlantic City’s two greatest lodges, the Borgata and Harrah’s Marina, the two of which added new rooms in 2008, ended up the least impacted by the most recent downturn. 카지노사이트 seasoned a gaming profits drop of 1.6 %, although Harrah’s Marina reported a four.nine percent enhance in contrast to 2007. Additionally, the toughest strike venues, namely the AC Hilton, Resorts and the Trump Marina, also have the smallest number 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 further delayed, and losing valuation.

    With a continual increase in gaming revenues through 2006, the city appeared prime for further growth, which precipitated organizing for four new resort initiatives, every of which have now been indefinitely delayed. Revel Entertainment Group’s $2.5 billion undertaking remains an iron skeleton, Pinnacle Leisure has declared it may well seek out to market its razed Sands internet site, MGM Mirage has shelved its casino ideas, and Penn National appears to have stopped its pursuit of the Bader Discipline airport site.

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