RSS Feed for this Blog

Tuesday, June 19, 2012

Top of the Slots

Genting announced in a statement that its Resort World racino:

..“has surpassed the Las Vegas Strip, Pennsylvania, Atlantic City, Connecticut and all other locales to become the single largest gross slot gaming revenue and tax-generating gaming property in all the United States.”   []
Wow, seriously?  Right here at our own Big A?  In terms of revenue handed over to the state, it's not even close. 
According to Resorts World, the $40 million received by the state from the Aqueduct racino in May far exceeded the amounts other states collect from gaming operations.  The 41 Las Vegas Strip casinos contributed about $30 million to Nevada in April and the 12 casinos in Atlantic City paid $18.3 million to New Jersey, Resorts World reported.  Mohegan Sun and Foxwoods Resort Casinos together generated $28 million for Connecticut in May. [Daily Politics]
We haven't looked at the win per machine for awhile; remember it dropped off after the inflated numbers when there weren't that many machines during the soft opening.  Been a steady climb throughout the year, but just recently has it consistently exceeded the $380 per machine figure that NYRA used as an estimate on which to base its purses (since reduced at lower claiming levels after the New York Times decided that those prizes were behind the spate of breakdown on the inner track).  Last five weeks were $413/$380/$388/$371.  Gonna be close as to whether they can maintain that $380 number throughout the year; if you look at historical Yonkers data, April/May is just about the peak period of the year.

Nonetheless, it's a lot of money, really impressive on one level, kinda really depressing on another.  And Genting took the opportunity to tout the numbers and offer the first pushback from the racinos since Governor Cuomo threw ice cold water on the subsequently and suddenly mum NYGA's aspirations to get exclusive casino rights.   
  Genting officials said the May revenue figures bolster their argument that they are best suited to operate a full-fledged casinos.  “This is a partnership that works,” [RSNY President Michael] Speller said. [Daily News
Additionally, the Resorts World press release included this quote attributed to Representative Gary Pretlow, chairman of the Assembly Racing and Wagering Committee: 
“As New York State proceeds down the path of full legalized gaming, it is crucial that taxpayers and students not get shortchanged in the process....As evidenced by Resorts World’s May figures, the state’s education system greatly benefits from our current gaming structure. Any changes to that structure must ensure that students get more, not less, of the revenue that gaming brings to the state.” [Politics on the Hudson]
The governor however made it quite clear what he thinks of the racinos (a "scandal"), and I don't see where these numbers are going to change his mind.  He's probably thinking of all the additional revenue that could be flowing to the state if so much of it wasn't going to "subsidize" that damn horse racing industry.

Meanwhile, Cuomo's office has prepared the New York State Racing Franchise Accountability and Transparency Act of 2012.  That's the legislation that will effectively put him in control of NYRA for three years, thereby making it more....well....accountable and transparent.  And compliant, and subservient to his wishes and whims.   He could probably even score a primo box at Saratoga if, that is, he had any real interest in anything other than squeezing more money out of the arrangement.
It’s believed the proposed law will be adopted this week before the Legislature concludes business. However, it’s unknown when actual appointments to the NYRA board will be made.

The process of conducting required background checks of prospective appointees is time-consuming. {Saratogian]
And as the supreme head of NYRA, Cuomo might want to put the kibosh on any talk of Catskill OTB operating in the void left by the closure of NYC-OTB.  That would only erode all the hard work and significant gains that NYRA has made to attract on-track and online customers at the higher takeout rates they provide.  Capitol Confidential reports that the bill is on the agenda in both legislative houses. 
When NYC OTB went under, New York City GOP Senators, Andrew Lanza and Mary Golden caught flack from DC-37, the union representing the now-laid off OTB workers, for their voting with the majority not to rescue the organization.

If the GOP-controlled Senate were to support another OTB in New York, along with hiring back the DC-37 workers, it could go a long way toward repairing relations between the union the senators — always a good thing in an election year.
And we always know where the priorities of the GOP-controlled Senate lies.


Anonymous said...

Hey Alan - what do you think of Charles Barron?

Alan Mann said...

He has some unorthodox views on foreign policy. Nice way of putting it. He's a clown and an embarrassment, obviously. You can't assume I support anyone and everyone who runs as a Democrat.

August Song said...

Any truth to the rumor that the Aqueduct Entertainment Group will be submitting a bid to run the Aqueduct racino convention center favored by Cuomo The Corrupt?

Alan Mann said...

^^ I heard that little rumor somewhere else, can't imagine there could possibly be any truth to that. I suppose stranger things have happened though.

Figless said...

Was NYCOTB rising from the ashes on that list of things Cuomo could accomplish in six months will full control of racing?

August Song said...

Cuomo talks of transparency but, it is quite apparent that, he doesn't practice what he preaches.
Cuomo The Corrupt reigns.

Anonymous said...

Cuomo and the Aqueduct Group. What is the basis for this comment?

Anonymous said...

Cuomo is as transparent as Alan's boy Obama. When Bush used Executive Privilege Alan went nuts. No comments on how Obama is doing now. By the way - Barron is a racist and anti Semite.

Anonymous said...

Speaking of executive privilege.

yet for the 8 years of high crimes and misdemeanors of the Bush years....nothing. This has become a sick, sad country due to deranged republican politicians and the confused, lost people who vote them into office.

Anonymous said...

Liberals like you are great at blaming others. Your boy Obama has damaged this country like no other President. He continues to destroy the private sector and grow government. 1 in 7 is now on food stamps - thanks Barry. Detroit and Chicago are liberal bastions. Both are run by Democrats and union thugs. Detroit is broke and Chicago has more violence than Afghanistan.

Anonymous said...

You tea party conservatives are a bunch of clowns. First your man W gave away the store by giving the rich their tax cuts twice in 2001 & 2003. He put 2 wars & the medicare drug plan on the credit card. Never in history of this country during war time that taxes went down. Bush & his pals removed regulations & wall street crashed in Sept 2008. Obama has done a good job given the hand he was dealt. It would be nice if he had a little help from the repugs in the senate. This country is fucked if every vote needs 60 votes. The repugs from day one have done nothing to help the economy.

The best you guys have is Romney. This guy has nothing to offer except give his rich 1% friends more tax cuts & less regulations. Bush tried this & didn't work.

Bin Laden is dead & GM is alive.

Alan Mann said...

Yeah, what @5:18 said!

Anonymous said...

You and Alan have your heads in the wrong place. The crash was caused by the CRA. You wanted Fannie and Freddie to lend money to everyone so they could buy homes they couldn't afford. If the banks didn't follow through they would have been sued for redlining. I pay far to much in taxes. What do you leftists do with the money - pass it out in welfare of some sort to buy votes. 1 in 7 Americans now get food stamps. For the first 2 years of Obama's term the dems controlled both houses - now you want the republicans to bail him out. The house has sent numerous bills to the Senate where they die. Get your facts straight. But being a socialist like Alan you can't. Your wonderful ACA will go down tomorrow. Enjoy the day - I will.

Anonymous said...

Alan - Charles Barron will make a great representative of the New York democratic party. He will fit right in with the rest of the slugs NY sends to Washington.

Anonymous said...

Excuse me,but the Bush tax cuts were passed by Obama.They are now the Obama cuts or at the very least the Bush/Obama tax cuts.

Man,I'm hoping the racist Charles Barron gets in office.That would be sweet!

steve in nc said...

As John Stewart asked O'Reilly a on live TV few years ago, 'the top tax bracket before Bush was 39%, Bush made it 36% and Obama wants it back at 39%. At what point between 36% and 39% does one become a socialist?' O'Reilly ranted something irrelevant in response; will you do the same?

Obama has been the partner of big pharma, big insurance and big finance. His health care reform was taken from Republican ideas of the 70s. This makes him a socialist?

If you're honest, you'll also call Romney, Santorum and most other GOP stawarts socialists because they say they support Social Security and Medicare. Republicans, including Reagan, have historically attacked these programs as socialist programs because they are socialist, at least in part.

Pure capitalism or pure socialism would be disasters and almost every nation has responded to public need by creating hybrid forms, because economics is a complicated business. The "he's a socialist" namecalling is an excuse to avoid those complications.

I do agree with the conservatives here that Holder is a disgrace and that Obama should be ashamed of himself for violating all his promises of transparency by backing Holder's withholding of documents.

But supposed champions of freedom, where were you when Ashcroft and Yoo were shredding both the Constitution and Geneva Convention and Bush was the one acting like a king? If you only oppose goverment excess when you don't like the party in power, you're just a phony.

Anonymous said...

I never wanted the Iraq war - I knew from the start it was a major mistake. I hated Bush and I hate Obama. Get it straight Steve. By the way Alan - Barron just got the coveted David Duke endorsement. Mr. Duke is a link to many democrats who were in the KKK.

August Song said...

There's still hope that Hazel Dukes will return. Criminals always return to the scene of the crime, don't they?

August Song said...

Cuomo The Corrupt may have sealed the deal, that Belmont doesn't get the Breeders Cup for the next three years. Cuomo The Corrupt strikes again.