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Posted At : January 9, 2009 01:51 PM | Posted By : D McKee
Related Categories:
International,Neil Bluhm,Pennsylvania,Economy,Harrah's,Detroit
OK, so casino revenues are down in Nevada and Atlantic City. That's unfortunate, to say the least. But look on the bright side: You could be operating in Ontario, where the leading casinos aren't simply making less, they're operating in the red.
There's not much of a profit motive for operators in Ontario as it is, since all net income goes to the state, according to the Windsor Star. But the current situation isn't just bad for the tax-happy province but also for ...
Harrah's Entertainment: What is now Caesars Windsor is now grossing over 50% less than in it did in '99-00, when it was (under different ownership) Casino Windsor. By all accounts, it's much more of a hassle to get from Detroit to Windsor since 9/11 and the Motown-side casinos -- well, two of them, anyway -- have upgraded beyond recognition during that time. Windsor veteran Holly Ward invokes the trifecta of Total Rewards, a new showroom and a rebaptism under the Caesars name to implicity contend that her casino can turn things around. It will be interesting to see where Caesars Windsor stands when the '09 numbers come in.
Neil Bluhm: The Chicago-based developer's companies manage two casinos in the Niagara Falls area and they're both bleeding red ink. This economy probably entitles Bluhm to a mulligan but these aren't the kind of performance numbers you like to post when you've been positioned as the casino-powered rescuer of Philadelphia, Pittsburgh and Des Plaines, Ill.
Tribes: Profits from tribally owned Casino Rama are distributed to Canada's First Nations peoples. But when there are no profits to go around, hard times become that much harder.
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