6 straight months of
double-digit revenue declines for Connecticut's Foxwoods and Mohegan Sun Casinos
-- and that is without any competition from Massachusetts.
Tell me again how Massachusetts casinos will be our economic salvation when
revenue at Connecticut's casinos (2 of the world's largest casinos, by the way)
has plunged in the past 6 months?
So, will our Massachusetts casinos bring in money from distant travelers as
promised? Or will they just suck all the money away from our communities and
local businesses?
Read your fortune here:
Foxwoods and Mohegan Sun Revenues Dive 12% in December
and January, and then Plunge 18%-24% in February
Then there's
this:
Detroit Casino Revenue Drops
13.7%
Even the highly touted PA casinos are
beginning to suffer losses.
Who do you think will be forced to pick up the tab when this all plays
out? It will be like a game of musical chairs, but when the music (money)
stops, it's the taxpayers who will be out the most.
Time to squelch the Massachusetts casinos -- before they squelch us. (see
even more examples of plummeting casinos revenues below the PA charts)
Slot Machine Revenue In Pennsylvania Drops 9% In February
HARRISBURG, PA: The Pennsylvania Gaming Control Board reported today on its web site that total revenue generated through the play of slot machines at Pennsylvania casinos during February was down 9.2% compared to the amount generated a year ago.
According to the report, this February's gross revenue at the eleven
operating casinos from slot machine play was $195,945,210 compared to
$215,687,739 of gross revenue in February 2012. Tax revenue generated in
February of this year just from slot machine play was $105,113,514.
The Board noted that gross revenue from slot machine gaming in February
2013 was produced over a 28 day period, while February 2012 was a 29-day "Leap
Year" month resulting in one of the top three revenue producing months to
date.
In a comparison of just the ten casinos operating in February 2013 that
were also open for the full month of February 2012, revenue was 11.5% lower this
year.
Gross revenue for each of the casinos operating in February 2013 is as
follows, with the percentage change reflected for those casinos.
The average number of operating slot machines throughout Pennsylvania at
the 11 casinos was 26,382 in February 2013 compared to 26,309 at the casinos in
February 2012.
Nevada Casino Revenue Plunges
12.4%
Indiana Casino Revenue Plummets
12%
Mississippi Casino Revenue Continues to Tumble 9% in
January
St. Louis Casinos See 7.8% Drop in Revenue (Penn
National drops 9.9%)
10 Illinois Casinos See Revenue Crash 14.17% in
February
Anyone spotting a trend
here?
Also, see this article here:
The growing casino glut
Paul Davies February 25, 2013 1:16 pm
We did a post last week detailing how casinos were not paying off as expected for many states. Now here comes more evidence that there are not enough gamblers to fill all of the casinos that have opened in recent years.
Revenues were down 9 percent at casinos in Mississippi. The amount of money the state pulled in from the casinos was the lowest it has been since 1997.
The decrease in revenue was blamed in part by increased competition from casinos in Arkansas. The weak economy was also blamed. Revenues were down almost 8 percent at a casino in Illinois. Revenues were also down at the two large Indian casinos in Connecticut. Even Las Vegas and Atlantic City recently saw a big drop in revenues.
The drop in revenues does not bode well for other states, like New York and Massachusetts, that are scrambling to get in the casino game. While those states may do well when the casinos first open, history shows the revenue numbers will eventually trail off, forcing states to do more to replace the unsustainable casino revenues. The growing casino glut is adding to the problems for many states.
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