“The U.S. market is getting to the point where it’s robbing Peter to pay Paul. From the bank’s perspective, it’s ‘if you merge, then you’re just taking money from yourself.’” — the University of Nevada-Reno’s Institute for the Study of Gambling & Commercial Gaming‘s Mark Nichols on the prospects for future consolidation in the casino industry.
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I do not quite understand that one. I do agree with “robbing Peter to pay Paul” but how are you taking money from yourself with a merger? It would seem to me that you are clawing it back!
I’m guessing it would apply to inelastic markets like Philadelphia, where Parx is attempting to go into competition with … Parx, or St. Louis, where one Pinnacle property (River City) was already devouring another (Lumiere).