Although the hold on penny slots in Illinois casinos is grotesquely higher than that for quarter slots/video poker, the imaginary value of penny machines makes them by far the most popular genre in the state. Punters dropped $41 million into penny slots, compared to $14 million into far looser quarter machines. Most “george” of the casinos surveyed was Penn National Gaming‘s Hollywood Joliet, which returned 95% on quarter slots/VP versus only 87% on penny machines. The penny hold was incrementally the highest at Rivers Casino (13%+), while the quarter machines aboard Grand Victoria were the least generous.
* “The terms requested by the Pueblo of Pojoaque are characteristic of its reckless and unreasonable approach to negotiations. These terms raise serious questions about Continued >>
That’s the import of remarks by Assistant Secretary for Indian Affairs Kevin Washburn, testifying before a Senate committee. Not only have revenues plateaued in the $26 billion-$28 billion range, they’ve essentially been the same since 2007. Meanwhile, private-sector gambling is outstripping tribal revenue growth, hitting $38 million last year.
“No great economic resource lasts forever,” summarized Washburn, head of the Bureau of Indian Affairs and a member of the Chickasaw Tribe of Oklahoma — which has more than a few gaming irons in the fire. He admitted to a certain bias: “Commercial gaming goes to enrich Continued >>
Every morning, Atlantic City Mayor Don Guardian (R) rides his bicycle along the Boardwalk. This morning, Guardian must have felt he was carrying a heavier burden than usual. Although Hizzoner has maintained that Atlantic City will come out on the other side of a series of casino closings stronger than before, that didn’t play with Moody’s Investor Service. Blowing off arguments that the Atlantic City market needs to downsize in order to survive, Moody’s lowered the Boardwalk’s credit rating to junk level, Baa2 or “speculative.”
Wrote Moody’s analysts Vito Galluccio and Julie Beglin, “These [weakened fundamentals] result from ongoing casino revenue declines, expected near-term casino closures, and the impact of sizable casino tax appeals, all of which has stemmed from increased competition from casinos in neighboring states.” The prospective unemployment that will result from the Showboat, Trump Plaza and Revel closings is truly staggering: According to Bloomberg, 6,248 Atlantic citizens will be going on the dole. Continued >>