{"id":16601,"date":"2015-08-19T09:18:24","date_gmt":"2015-08-19T17:18:24","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=16601"},"modified":"2015-08-19T09:18:24","modified_gmt":"2015-08-19T17:18:24","slug":"massachusetts-penn-has-a-hit-arms-race-in-new-york","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/massachusetts-penn-has-a-hit-arms-race-in-new-york\/","title":{"rendered":"Massachusetts: Penn has a hit; Arms race in New York"},"content":{"rendered":"

First-month numbers are in for Plainridge Park<\/strong> and the racino run by Penn National Gaming<\/strong> took in an average of $467\/slot\/day \"Penn<\/a>(including a $6.15 million gross its first week). That’s an absolute blockbuster figure in an industry where $200\/day is the desired average. So they’re metaphorically off and running at Plainridge. It has Massachusetts<\/strong> all to itself for as much as three years but already some doom-and-gloom remarks<\/a> are being made.\u00a0\u201cWhat they need to do is build up some kind of loyalty to keep people coming back after MGM<\/strong>\u2019s Springfield<\/strong> casino and Wynn Resorts<\/strong>\u2019 $1.7 billion Everett<\/strong> casino open with all the bells and whistles,\u201d said Boston College<\/strong>\u00a0boffin Richard McGowan<\/strong>.<\/p>\n

Oh, don’t worry about that. Penn’s already got a loyalty program and, unless I miss my guess, they’re signing up everyone they can, although a company spokesman said “we’ve only now\u00a0begun our marketing efforts in earnest.” Penn, neither bragging nor being exactly modest, called Plainridge’s performance “in line with expectations.” It’s on pace for $218 million<\/a> in year one, as opposed to a projected $200 million. A tight slot hold (80%) doesn’t hurt either.<\/p>\n

When looking at Massachusetts, the casino industry clearly wasn’t wrong to see gold in them thar hills. I wonder if Sheldon Adelson<\/strong> is second-guessing his decision to stay out of the market?<\/p>\n

* The move to pre-emptively arm against new casinos is spreading across New York<\/strong> like wildfire. First it was Resorts World New York<\/strong>. Now, the Legislature having redefined “skill,”<\/a>\u00a0 they’re spreading to Empire City Casino at Yonkers Raceway<\/strong>, Saratoga Casino & Raceway<\/strong> and Monticello Raceway<\/strong>, although none on the scale<\/a> of Resorts World’s projected 300 machines (it already has 60). Tioga Downs<\/strong> has them and owner Jeff Gural<\/strong> is pushing for them to be added at Vernon Downs<\/strong>.<\/p>\n

Unable to take advantage of this raised threshold of “skill” are\u00a0Buffalo Raceway<\/strong>, Finger Lakes Gaming & Racetrack<\/strong>\u00a0and Batavia Downs<\/strong>. All three are forbidden to have electronic \"blackjack-thumb\"<\/a>tables\u00a0because of the terms of the state’s compact with the Seneca Nation of Indians<\/strong>, which Finger Lakes President Chris Riegle<\/strong> called “yet another example of the enormously uneven playing field Finger Lakes is faced with to effectively compete for the gaming dollar in western New York.” Batavia Downs President Mike Kane<\/strong> tried to be sanguine, saying “we\u2019re doing the best we can without them and so far we\u2019ve been quite successful.\u201d<\/p>\n

* Events at the state level continue to stay ahead of Capitol Hill<\/strong> \"Bonacic\"<\/a>attempts to bar Internet<\/strong> gambling. New York state Sen. John Bonacic<\/strong>\u00a0(D) has set a preliminary hearing<\/a> on the topic of online poker, at which Caesars Entertainment<\/strong> and other industry players will get to make their case. Bonacic hopes this will lay the groundwork for more extensive hearings (and legislation) next year. However, with a proposed $10 million entrance fee, a proposed 15% tax rate and online poker sucking wind, does the gaming industry have the appetite for a big legislative push in Albany<\/strong>?<\/p>\n","protected":false},"excerpt":{"rendered":"

First-month numbers are in for Plainridge Park and the racino run by Penn National Gaming took in an average of $467\/slot\/day (including a $6.15 million gross its first week). That’s an absolute blockbuster figure in an industry where $200\/day is … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[120,7,37,112,11,101,69,111,12,32,8,20],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/16601"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=16601"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/16601\/revisions"}],"predecessor-version":[{"id":16602,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/16601\/revisions\/16602"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=16601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=16601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=16601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}