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Posted At : March 5, 2009 12:04 PM | Posted By : D McKee
Related Categories:
Taxes,Penn National,Pennsylvania,James Packer,Tribal,Cannery Casino Resorts,Sheldon Adelson,Harrah's,Neil Bluhm
Casino revenues in the Keystone State leapt 14% from February of Leap Year to this year, at least at six of the state's seven casinos. (Hollywood Casino at Penn National Race Course is excluded; it wasn't open a year ago.) That's $126 million against $110 million, even with one less day in the month, which is divided 55/45 between the state and operators. A 1,578-machine increase in slots, mostly at Mohegan Sun at Pocono Downs really helped, too, as you'll see.
The comparisons of gross-revenue (not to be confused with cash flow, which can be considerably less) are as follows ...
Mohegan Sun @ Pocono Downs: $12.4 million/$17.8 million (44%)
Philadelphia Park: $28.5 million/$30.3 million (6%)
Harrah's Chester: $28.5 million/$27.9 million (-2%)
Presque Isle Downs: $12.1 million/$13.9 million (15%)
The Meadows [Cannery Casino Resorts]: $17 million/$20.6 million (20%)
Mount Airy Resort: $11.6 million/$15.3 million (32%)
Plus another $19.7 million realized at Penn National. Once expansions are completed at The Meadows and Philadelphia Park (more bad news for Harrah's Chester), and Sands Bethlehem and Rivers Casino in Pittsburgh open, the state expects the annual take to swell to $2.25 billion, with industry employment growing to 8,500 souls.
Three-fourths of the value of the troubled, $1.7 billion Cannery/Crown Ltd. deal now rests on The Meadows. Crown says it expects an annual cash flow contribution to be $115 million versus only $35 million from the two Canneries in Las Vegas. If New Yorkers really are willing to drive an hour and 50 minutes to pull the slot handles in Bethlehem, then Sheldon Adelson's 17% projected ROI won't be as zany as it appeared at first blush.
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