Of Parx:
Parx president Dave Jonas says his revenue comes almost exclusively from local low rollers.
"We underestimated significantly how many trips our customers were going to make," Jonas said at last month's Pennsylvania Gaming Congress in Valley Forge.
"When I was in Atlantic City, to have 12 to 15 trips out of customers, they were VIPs," Jonas said. At Parx, "it's not uncommon for us to have 150 to 200 trips."
Moderator Michael Pollock, a well-regarded casino analyst, paused to digest the statistic.
"You said 150 to 200 times a year," he repeated. "That's three to four times a week, essentially."
"Yes," Jonas confirmed, most of his players fit that profile. In fact, because Parx players tend to live within 20 miles of Street Road, many go even more frequently."We have customers," Jonas boasted, "who give us $25, $30 five times a week."
The McDonald's of Gambling
Raynham approves referendum on slot parlor proposal
RAYNHAM —
Raynham voters overwhelmingly endorsed a slot parlor casino in a townwide referendum on Tuesday, making the community the first in the state to pass a host agreement required for such a facility under the 2011 Massachusetts gaming legislation.
By a margin of 1,822 to 290, voters approved the community host agreement reached by slot license applicant Raynham Park LLC and town officials. With 21.5 percent voter turnout, 86.1 percent of voters approved the proposal (four blanks ballots were entered).
Under the agreement, Raynham Park LLC, including operating partner Greenwood Racing and Raynham Park dog track owner George Carney, will contribute more than $1 million in annual impact mitigation funds to the town, which will in turn allow the developers to operate a 1,250-machine slot parlor if they are awarded the state sole slot license.
“I feel like a lot of hard work by a lot of people who work for the company has paid off,” said Carney, who has been running Raynham Park since 1966, but whose family was involved since 1942.
“I think the people in the town of Raynham appreciate that so many local people worked there in the past. They are looking forward to getting people back to work.”
Carney thanked citizens and town leaders who supported the slot proposal, adding that, he “can’t tell you how happy we are” about the “tremendous victory” at the ballot box.
“The residents of Raynham today made it very clear that they want a slots facility at Raynham Park,” said Tony Ricci, CEO of Greenwood Racing. “We are now the first applicant in Massachusetts to have received initial approval from the Gaming Commission and the overwhelming approval of the host community. We believe this puts us in a very strong position going forward.”
Raynham Park LLC said it plans to invest $220 million into the slot casino project, which would unfold over several phases at the 125-acre site of the Raynham-Taunton Greyhound Park on Broadway (Route 138) in Raynham, now known simply as Raynham Park. The state-required investment for the slot license holder is $125 million.
In Phase 1, the developers said, the existing clubhouse building (which now hosts simulcast dog race betting) would be converted into a temporary slot parlor. Then comes Phase 2, when the building would be torn down and replaced with a 175,000-square-foot facility to house the slot parlor, along with restaurants, retail and an entertainment venue, and potential for additional expansion.
The Raynham community host agreement states that Raynham Park LLC will pay Raynham $1 million each year for three years, increasing annually by 2.5 percent after that (with a cap at the 20th year). Raynham Park LLC also committed to contributing $100,000 annually to a capital costs fund, $15,000 per year to a program to provide Route 138 businesses with funds to improve their facades, and $5,000 per year in vouchers for local businesses given out to slot parlor patrons.
That’s all in addition to an estimated $2.5 million in property taxes, town official said.
By a margin of 1,822 to 290, voters approved the community host agreement reached by slot license applicant Raynham Park LLC and town officials. With 21.5 percent voter turnout, 86.1 percent of voters approved the proposal (four blanks ballots were entered).
Under the agreement, Raynham Park LLC, including operating partner Greenwood Racing and Raynham Park dog track owner George Carney, will contribute more than $1 million in annual impact mitigation funds to the town, which will in turn allow the developers to operate a 1,250-machine slot parlor if they are awarded the state sole slot license.
“I feel like a lot of hard work by a lot of people who work for the company has paid off,” said Carney, who has been running Raynham Park since 1966, but whose family was involved since 1942.
“I think the people in the town of Raynham appreciate that so many local people worked there in the past. They are looking forward to getting people back to work.”
Carney thanked citizens and town leaders who supported the slot proposal, adding that, he “can’t tell you how happy we are” about the “tremendous victory” at the ballot box.
“The residents of Raynham today made it very clear that they want a slots facility at Raynham Park,” said Tony Ricci, CEO of Greenwood Racing. “We are now the first applicant in Massachusetts to have received initial approval from the Gaming Commission and the overwhelming approval of the host community. We believe this puts us in a very strong position going forward.”
Raynham Park LLC said it plans to invest $220 million into the slot casino project, which would unfold over several phases at the 125-acre site of the Raynham-Taunton Greyhound Park on Broadway (Route 138) in Raynham, now known simply as Raynham Park. The state-required investment for the slot license holder is $125 million.
In Phase 1, the developers said, the existing clubhouse building (which now hosts simulcast dog race betting) would be converted into a temporary slot parlor. Then comes Phase 2, when the building would be torn down and replaced with a 175,000-square-foot facility to house the slot parlor, along with restaurants, retail and an entertainment venue, and potential for additional expansion.
The Raynham community host agreement states that Raynham Park LLC will pay Raynham $1 million each year for three years, increasing annually by 2.5 percent after that (with a cap at the 20th year). Raynham Park LLC also committed to contributing $100,000 annually to a capital costs fund, $15,000 per year to a program to provide Route 138 businesses with funds to improve their facades, and $5,000 per year in vouchers for local businesses given out to slot parlor patrons.
That’s all in addition to an estimated $2.5 million in property taxes, town official said.
http://www.enterprisenews.com/topstories/x853701067/Voting-underway-on-Raynham-slots-plan
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