Rivers Casino Not Making Enough Money

'That's Of Concern In A Lot Of Ways,' Pittsburgh Mayor Says

PITTSBURGH -- With revenues far below expectations, the new Rivers Casino on Pittsburgh's North Shore is upping the ante with more giveaways to attract customers inside to play slot machines.

Team 4's Paul Van Osdol reported that the most recent financial report shows the casino made less money per slot machine than any other casino in Pennsylvania.

What's the reason? "That is what we're actually trying to figure out," Rivers Casino spokesman George Matta said.

In August, the casino celebrated its grand opening and owners projected a first-year take of $400 million. But statistics show that the casino has made just $34 million in its first two months, which projects to $203 million for the year -- only half of the estimated haul.

For the week ending Oct. 4, Philadelphia Park Casino earned $350 per slot machine, Presque Isle earned $233 per slot machine, the Meadows in Washington County earned $194 per slot machine and the Rivers made $161 per slot machine.

"Over the course of the first two months, I think revenues are lower than we expected them to be. That is of concern in a lot of ways," Mayor Luke Ravenstahl said.


Pittsburgh and Allegheny County are relying on casino money -- a projected $49 million for the city and $49 million for the county over five years -- for many projects.

Also, $7.5 million per year in casino money is expected to help fund construction of the Penguins' new arena, the Consol Energy Center. Another $6 million is needed for community development projects on the North Side and in the Hill District.

Maybe football fans will venture across the street from adjacent Heinz Field and spend their money at the Rivers.

"When the Steelers or (Pitt) Panthers score a touchdown, it's $5 free play throughout the house," Matta said.

A car is being given away every week as another promotion to attract more casino business.
"They took for granted people were just going to come because it was there. Maybe that's not the case. Maybe they need to do more marketing like the other casinos do," Ravenstahl said.
Casino officials are also hoping for table games to draw more customers, but legislation to legalize table games is still being debated in Harrisburg.

Earlier this month, Standard & Poor's downgraded the credit rating for casino affiliate Holdings Gaming Borrower from B to B-minus, citing concerns about what it calls the Rivers' "weak operating performance" and its ability to meet debt service payments if there's no change in fortunes.