2008 Nationwide Commercial On line casino as well as Racino Game titles Earnings Investigation

A Period of Adjustment

Oops! That big hissing sound is the gaming balloon that experienced been growing in excess of the a long time, little by little getting rid of air. But, it has not been a tide that reduced all ships even so, as some emerging and increasing gaming jurisdictions showed strong growth in 2008.

Overall, the industrial and racetrack on line casino sectors (excluding Indian gaming), experienced a 3.5 p.c decline in gaming revenues for 2008, creating a total of $36.two billion, down some $800 million from 2007. It was the Racino sector that has tempered this fall, as they confirmed a achieve of virtually $one billion in 2008, thus bringing the Industrial sector market place drop to $one.eight billion, or six.seven p.c. Nevada was the largest loser in 2008, dropping practically $one.3 billion, a lot more than fifty percent of which stemmed from the Las Vegas Strip section.

Hunkering Down

For the most component, on line casino operators were caught reasonably flat-footed by the extent of the 2008 earnings downturn, as it was not till the 3rd and fourth quarters when it truly nosedived. Riding the crest of year more than year market place expansion throughout the nation and the availability of enough credit score and fairness money, new construction and enlargement proliferated in recent many years. Nowadays, faced with the realities of declining, or at ideal stagnant need, many of these initiatives are now deemed above-leveraged and/or in excess of-sized. As a end result several gaming organizations are trying to renegotiate their financial debt – produced far more difficult by reduced valuations – although also paring down operational charges. The latter has turn into a quite problematic conundrum when dealing with the competition, particularly in individuals jurisdictions that are now vying for marketplace shares with new emerging casino tasks in neighboring areas. A matter we go over more totally in the State by Point out evaluation area of this publication.

As a outcome of these situations the gaming business landscape is now strewn with impending fatalities. Between the far more notable troubled corporations are Station Casinos, Empire Resorts, Harrah’s Enjoyment, Greektown Holdings, Legends Gaming, Tropicana Enjoyment, Herbst Gaming and the listing grows every single week.

“How long will mega 888 persist, and are we at the base nevertheless?” are concerns no 1 seems to be answering yet. What is very clear even so is that most gaming jurisdictions will have to learn how to deal with a more compact pie.

This investigation contains only gaming revenues of accredited casinos and pari-mutuel shops that offer on line casino online games, and not Indian gaming functions, card rooms, or little non-on line casino type slot areas. The complete write-up, which includes earnings tables is available on our internet webpage.

Input/Output Product

A crucial factor that seems to have arisen from the ashes of this existing craze is that several on line casino tasks were just way too massive to support themselves. The input, in terms of investment pounds, was not proportional to the output, in terms of internet earnings following financial debt support, in comparison to formerly reached benefits. More and/or larger is not always far better. Observing the rise in non-gaming earnings at the Las Vegas Strip resorts, gave impetus to the improvement of more complete features in many other jurisdictions. The flaw in this approach however is that the expenses related with widening market place penetration and occasioned-use, are considerably larger than those incurred to attract the base industry.

As daytripper markets become a lot more competitive, on line casino venues will have to count more and a lot more on their in-residence resort patrons, and dimension their qualities (and anticipations) appropriately. While Steve Wynn commenced a main development in generating up-marketplace mega-locations, there basically was not adequate need on the Strip to warrant the many other equivalent tasks that adopted that aimed at the same niche.

The trick is to strike a content medium in task configurations which of system demand much less of a ‘seat-of-pants’ strategy, and a single that is more examined. A shameless plug for development consultants like ourselves.

Other Gaming Routines

Although there are no revealed detailed information of American Indian gaming revenues, anecdotal evidence seems to recommend that this segment has been as difficult strike as the Business sector. The two Connecticut Indian gaming installations report slot revenue of $1.6 billion in 2008, symbolizing a drop of about 7 %, or almost $114 million, more than doubling the 3.5 p.c fall from the 12 months prior to. This industry is seemingly nonetheless reeling from the ripple-impact of a on line casino enlargement in Rhode Island, and the opening of slot functions in New York and Pennsylvania.

The Arizona Department of Gaming stories that contributions dependent on a gaming profits formula from the state’s 23 Indian gaming casinos, have been declining each quarter in 2008 in contrast to the preceding year reducing .8 % in the 1st quarter, seven.five percent in the 2nd quarter, nine.5 percent in the third quarter, and 16.1 p.c in the fourth quarter.

Some SEC reporting Indian gaming homes report similar decreases. Seneca Gaming, which operates 3 Course III casinos in upstate New York, reports that even though calendar year 2008 showed an practically two % growth rate in gaming revenues, there was an 8.seven % drop in the third quarter and an virtually ten p.c decline in the fourth quarter of 2008, when compared with 2007. Gaming profits tendencies at nearby Niagara Falls, Ontario ended up down one.five% in 2008 in comparison with 2007.

It is been a combined-bag for point out lotteries across the country. The North American Affiliation of Point out & Provincial Lotteries reviews that U.S. lotteries produced a complete of $sixty.six billion in sales in fiscal 2008, up about three per cent from the earlier calendar year nevertheless some jurisdictions described decreases, most notably California, which showed an 8 p.c fall. Inasmuch as some of these states are on various fiscal year ends, it would seem to be that the data does not replicate the affect of third and/or fourth quarter benefits.

In accordance to data offered by Equibase, horse racing pari-mutuel revenues proceed their downward spiral, slipping seven p.c to $13.seven billion in 2008, as opposed to $14.seven billion in 2007.

Planned & Proposed New Expansions

As earlier famous, it has been new gaming jurisdictions that have spawned considerably of the progress in once-a-year casino/racino revenues over the many years, and their effect is apt to keep on into the near future.

Miami Dade voters approved a ballot situation that makes it possible for every single of a few pari-mutuels to have a on line casino facility of up to two,000 slot machines. The Flagler Canine Keep track of and Miami Jai-Alai are reportedly arranging opening in late 2009 or early 2010, although the Calder set up in Miami Gardens has however to introduced its strategies. There are quite a few other proposals being considered that would additional grow on line casino advancement through the condition.


The point out lastly received all around to reissuing its tenth license, late in December, 2008 awarding it to Midwest Gaming & Amusement, LLC for a one,200+ recreation casino situated in Des Plaines just east of O’Hare. The new facility is not most likely to open up until finally 2010. There has also been some dialogue about permitting an improve in per location gaming positions and slots at racetracks, although neither initiative seems to have any traction at this time.

The state’s expanded lottery plan that allows for the advancement of 4 on line casino gaming zones and slots at present horse and puppy tracks appears mired, as only a single facility is presently under development, 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 state line that its parking great deal is in Kansas. The Boot Hill On line casino Vacation resort in Dodge City is planing a December 2009 opening with 575 slots and ten desk video games, together with a second period because of to open up in 2011 with 875 slots and twenty desk game titles. The point out has extended the software process for the other a few zones until April, 2009.

There is nevertheless a great deal of ‘jockeying’ heading on, but the prospect of as numerous as eight slot parlors and racinos appears to be back on the front-burner, but probably not solved for the duration of the existing legislative session.

Las Vegas
There are about 14,000 rooms scheduled to come on line in 2009, with the most latest getting the 390 room M Vacation resort in Henderson. There are expansions underway at equally Caesars Palace and Hard Rock and new hotels include two elements of the Metropolis Heart undertaking, and the Fountainebleau.

Pinnacle Entertainment’s new on line casino growth projects in Baton Rouge and Lake Charles, although delayed, are reported to nevertheless be on-track for opening this 12 months and/or early 2010.

There is a invoice beneath consideration that could much more than double Penn National’s slot equipment to 3,000, as nicely as a proposal that would get rid of the restriction that slots be found within 5 miles of the keep track of. Scarborough Downs, which has been unsuccessful in convincing regional citizens to enable slots, could be thinking about relocating to a far more hospitable town.

A referendum was accepted in November, 2008 that permits for the improvement of 5 casinos with a complete of fifteen,000 slots, and now the bidding war is afoot despite the fact that it is not as intensive as the state had anticipated.

Grand Soleil Casino Resort in Natchez experienced been slated to open in 2008, but has operate into a variety of funding issues and while the hotel portion is open up, the riverboat is noted to open in the Spring of ’09. Harrah’s Margaritaville On line casino in Biloxi, while scaled again fairly, is nevertheless on track to open up this year.

New England
Massachusetts, a sleeping-giant in terms of market place prospective, is even now maneuvering to open casinos/racinos, and/or a Course III Indian gaming facility, but can’t seem to be to muster the political help. A current examine concluded by Dartmouth University estimates that Massachusetts resident expended a lot more than $920 million very last calendar year at Connecticut casinos and slot device parlors in Rhode Island and Maine. The New Hampshire legislature recently declined an choice to build casinos, however the subject is very likely to be revisited, specifically if Massachusetts decides to go forward. There are also tries in Maine to rethink its choices.

New Jersey
Atlantic City’s casinos have imposed their political will on staving off the addition of slot machines at racetracks by lately agreeing to proceed augmenting purses with an extra tax. The governor nevertheless, has appointed a new panel to study the state’s sagging racing program which ironically, can only be preserved by enabling the tracks to have slot devices especially at the Meadowlands. (See The Nor’easter Squeeze segment)

New York
Just when it seemed as if Aqueduct’s 4,500 VLT facility would last but not least be created, the winning bidder indicated an incapacity to make the essential $370 million payment, citing the recent lending local climate, and throwing the project back again into the lap of the governor. Despite the fact that the marketplace demand from customers in the location could be deemed quite robust, the prospect of extra competitiveness from nearby Belmont could have an influence on Aqueduct’s underlining financial feasibility, specifically considering that slightly considerably less than thirty% of the net get is retained by the operator.

Ideas to relocate Monticello Raceway into a resort intricate are becoming reconsidered maybe owing to both the probable opening of at the very least a single or probably two racino functions in the NY metro region, and the resurfacing of initiatives to improvement a Class III Indian gaming facility in the Catskills.

Nevertheless another gaming proposal is getting set forth in Ohio, right after previous year’s edition was turned down by the voters. This prepare phone calls for one casino every single in the state’s largest cities: Cleveland, Columbus, Cincinnati and Toledo. There would be a minimum expense required of $250 million, as properly as an original licensing price of $50 million, and a 33 % tax on gaming profits.

The Sands in Bethlehem is owing to open in the Spring of ’09, and the new Rivers undertaking in Pittsburgh is expected to be operational in August, ’09 even though Philadelphia’s two slot facilities nonetheless wallow in a political mire, but are expected to begin construction this yr.

South Dakota
The Lodge at Deadwood is slated to open in the Slide of 2009, and contain 300 online games, one hundred forty rooms and a wide variety of facilities.

Legislators are proposing a voter referendum that would amend the point out structure to enable on line casino gambling in designated places, as nicely as let 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 Lodges, who have reportedly tendered an offer. Condition govt has proffered the notion of permitting the resort to offer casino game titles, but this hard work is in as well early a phase to have any traction one way or another.

Indian Gaming
A recent Supreme Courtroom ruling that restricts the using of lands into have confidence in on behalf of federally identified American Indian tribes has further stymied some new Course III gaming assignments across the region. Moreover, there had been eleven Indian on line casino initiatives turned down by the DOI last year simply because of its new rule that casinos have to be close to sufficient to a reservation that tribal customers can function at them. It has been suggested that the new Obama administration might be a lot more sympathetic to the development of Indian gaming tasks, but this issue has however to be dealt with.

Meanwhile, there are other Course III tasks in the different levels of growth. The Seneca on line casino venture in Buffalo, NY, whilst working a little temporary facility, has delayed an presently under construction long lasting facility until the market place rebounds. They have also expressed an fascination in developing a on line casino in the Catskills. The point out gaming compact with Seminoles in Florida is being challenged, and could impact their programs for larger projects. There are new Indian gaming assignments established to open in Michigan and Oklahoma this yr, and others are in the organizing stage. Texas may let the reopening of Indian gaming facilities and enable other venue and there are ideas afoot by the Navajos in Arizona to assemble extra casinos. California is poised to open two to a few new Course III casinos in 2009/ten.

The Nor’easter Squeeze

Total gaming revenue in Atlantic Metropolis has declined seven.6 p.c, from $four.nine billion in 2007 to $4.five billion in 2008 with decreases continuing into 2009, as the town is locating itself in an extreme comp-war with the Pennsylvania venues. At 1 time the only casinos in the Northeast had been positioned in Atlantic Town, in which it looked as if it may well in fact even eclipse the Las Vegas Strip’s once-a-year gaming revenues.

Little by little nevertheless its market place share was becoming encroached upon, initial by the growth of a huge Class III gaming procedure in Connecticut, and then another slots functions in Rhode Island, and then online video lottery terminals at New York racetracks, racinos in West Virginia and Delaware, and most recently 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 close to Atlantic City’s future potential clients. It really is reliance on working day-trippers lulled it into a false feeling of safety, and it now finds alone having to redefine its mission statement to “destination resort.”

The only problem with this technique even so is that it is ill-geared up to pull it off. For all intents and functions, Atlantic Town is underneath-roomed and/or more than-gamed. There is simply not adequate day-tripper industry to go about, and their powerful buying and selling region is tightening, as the peripheral populations northward now/will have much more prepared obtain to a widened supply in New York (Yonkers, and quickly at Aqueduct and possibly Belmont), westward in Pennsylvania and southward in Delaware, West Virginia and Maryland.

Other than the ocean access, the city’s only true competitive rewards are its hotel potential and the availability of table game titles, though the latter is probably to eventuate in Pennsylvania, and perhaps Delaware. In buy to adequately compete as a destination vacation resort the city needs to build extra visitor rooms and not necessarily gaming capacity. By comparison, the Las Vegas Strip qualities – true gaming locations, in that they do not have much of a day-trip industry, apart from for the ‘locals’ – have an typical of .87 gaming positions per visitor room while Atlantic City’s average is 2.seventy four positions for each visitor space.

It is not a coincidence that Atlantic City’s two premier accommodations, the Borgata and Harrah’s Marina, each of which included new rooms in 2008, had been the minimum impacted by the most current downturn. The Borgata knowledgeable a gaming profits fall of 1.6 percent, whilst Harrah’s Marina documented a four.nine % increase in comparison to 2007. Furthermore, the most difficult strike venues, namely the AC Hilton, Resorts and the Trump Marina, also have the smallest variety of rooms. In the meantime some of the venues are teetering on viability, which includes the the Trump properties and Resorts with the hoped for sale of the Tropicana has been more delayed, and dropping valuation.

With a steady increase in gaming revenues through 2006, the metropolis seemed primary for further growth, which precipitated arranging for 4 new vacation resort assignments, every of which have now been indefinitely delayed. Revel Enjoyment Group’s $two.5 billion venture remains an iron skeleton, Pinnacle Entertainment has declared it may possibly look for to sell its razed Sands internet site, MGM Mirage has shelved its casino ideas, and Penn National appears to have stopped its pursuit of the Bader Subject airport website.

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