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Tuesday, September 29, 2009

Yeah Yeah Yeah

The NY Post reported on the report that showed gambling revenues declining nationwide, as did Jim Odato the other day. They both missed the point though, at least the one for our purposes, that Paul Post made; in this case, the racing guy out-trumped the political guys.

Racino revenues continue to climb nationwide while other types of gambling — lottery, traditional casinos, racing — declined during the past year, a study says.

Of the four major types of gaming activity, only racinos, such as Saratoga Gaming and Raceway, saw increases from 2008 to 2009, while overall revenues fell 2.8 percent, the first decline in 30 years.
For the fiscal year ending March 31, seven of New York’s eight racinos realized wagering increases, including Saratoga, where net win — money left over after prizes — rose $3 million, from $132 million to

$135 million. However, revenues were down $600,000 during July and August at the local racino. [The Saratogian]
As the last line shows, this is not to say that racinos are immune from the economy. But to imply that this bodes ill for a racino at Aqueduct as the NY Post article does is deceiving in my opinion. Aqueduct will generate a shitload of money for NYRA, even if it's 2% less than it would have been last year. And the horsemen, breeders and loyal customers need and deserve it. I'm more concerned with table games in Pennsylvania than this gambling report.

Delaware North took out a full-page ad in today’s Buffalo News as Paterson and state Democratic Party leaders gather in Buffalo for their annual convention; as reported in an article on The reporter hasn't read the memo on who's still in the running; but who, really, knows what the hell is going on? As this reader pointed out, there is the matter of SL Green/Hard Rock's connections to the Seminoles; plus Wynn's problem with unions; would anyone be shocked if Delaware North pulled this out? (Yeah, well, I would.)

Haven't had time yet to discuss Paterson's endorsement of the recognition of the Shinnecock Tribe....and that will have to wait again. As I sometimes have the knack to do, I scored a last minute for a red-hot-ticket show at face value. One trade secret I will not be giving away. The Yeah Yeah Yeahs are playing at the relatively intimate Music Hall of Williamsburg, and, with the Head Chef working, I'm off. Though.....she took the car... Looks like the subway for me, so I'm outta here.


Anonymous said...

Delaware North can win this, as they are owned by the highly connected Jacob's family. Jeremy Jacobs and Steve Wynn are familiar, with many common friends, so it may even be together?

The SL Green vs Delaware North litigation being heard in NY Supreme Court has reached a critical point, as DelNorth attempts to stave off full disclosure of documents and conversations until its motion to dismiss SL Green's case is heard by the judge.

If I were Governor David paterson, I would be waiting to see what happens here as the case relates to the last Aqueduct award that Delaware North went on to win on its own without former partner SL Green's sanction.

El Angelo said...

The pride of Oberlin!

Nate Silver had a piece on this subject in Esquire, too.

Anonymous said...

If I were Governor Paterson, I wouldn't take either Green or Delaware North, as the litiagtion between them is rather contentious.

Anonymous said...

another new decision timeline:

"A $100 million up-front payment is expected." I thought there were several bidders that offered higher payments than that? Which one bid exactly $100 million?