{"id":17694,"date":"2016-02-04T11:23:51","date_gmt":"2016-02-04T19:23:51","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=17694"},"modified":"2016-02-04T11:23:51","modified_gmt":"2016-02-04T19:23:51","slug":"delaware-racinos-seek-relief-abrupt-change-at-downtown-grand","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/delaware-racinos-seek-relief-abrupt-change-at-downtown-grand\/","title":{"rendered":"Delaware racinos seek relief; Abrupt change at Downtown Grand"},"content":{"rendered":"

If a casino is losing money, does that qualify it for state relief? That’s the philosophical question in Delaware<\/strong>, where Dover Downs<\/strong> is pursuing a public bailout. A bill by state Sen. Brian Bushweller<\/strong> (D) would waive \"Delaware_State_Capitol\"<\/a>table-game franchise fees and reduce the casino tax rate from 29% to 15%<\/a>, making it one of the lower imposts\u00a0on the East Coast. The changes would be phased in between now and 2018. Dover Downs President Brian McGlynn<\/strong> predicts Delaware\u00a0\u201cwill experience a significant long-term decline in contributions to the General Fund from its video lottery operations\u201d without lower taxation.<\/p>\n

Other changes would include extending the state’s sports betting to the Internet<\/strong>, as well as tax credits for marketing and capex-maintenance costs. A previous Bushweller bailout package that died for lack of interest would have set Delaware back $46 million. Considering that racinos were legalized in hopes of improving the state’s tax base, it seems counterintuitive to be giving them tax relief, although a 29% tax on revenues borders on the punitive and probably should be rolled back.<\/p>\n

Dover Downs eked out a $2 million profit last year, in part thanks to economy measures like phasing out table games on the graveyard shift. Last year’s Bushweller bill met with reactions ranging from indifference to outright hostility<\/a> — House Majority Leader Valerie Longhurst<\/strong> (D) said,\u00a0\u201cThe last thing any of us need is them down here when we\u2019re trying to fix the budget.\u201d It will be interesting to see if a year has made a difference in the Lege’s attitude.<\/p>\n

* A sharp-nosed Howard Stutz<\/strong> sussed out the headline item buried deep in a routine, seemingly random Downtown Grand<\/strong> press release touting 90% hotel occupancy. CEO Jim Simms<\/strong> is out, after one of the shortest \"grand-pic\"tenures in recent memory<\/a>. Having been introduced to the press with considerable fanfare during the last Global Gaming Expo<\/strong>, Simms has supposedly\u00a0“completed his one-year plan ahead of schedule, and is now leaving Fifth Street Gaming<\/strong>.” I find that hard to believe, especially since the plan outlined by Simms and Chairman of the Board Seth Schorr<\/strong> called for the introduction\u00a0of skill-based Gamblit<\/strong> and Gameco<\/strong> slots, and the development of an electronic-sports arena to host e-sports tournament play. That’s an ambitious combination platter and I’d be surprised if the Grand has served it up already. The Grand can’t seem to catch a break and this latest shift of direction has to be chalked up as another setback for a first-class property that’s having trouble finding its niche.<\/p>\n

* After several profitable months, Caesars Entertainment Operating Co<\/strong>. had a setback in December, losing $100 million. $96 million in “reorganization items”<\/a> appear to be the primary culprit at CEOC, which is obliged to report monthly results as part of its bankruptcy proceeding.<\/p>\n

* Remember the casino project announced by the\u00a0Schaghticoke Tribal Nation<\/strong>? Well … never mind<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

If a casino is losing money, does that qualify it for state relief? That’s the philosophical question in Delaware, where Dover Downs is pursuing a public bailout. A bill by state Sen. Brian Bushweller (D) would waive table-game franchise fees … 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":[164,51,7,33,111,31,20],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/17694"}],"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=17694"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/17694\/revisions"}],"predecessor-version":[{"id":17695,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/17694\/revisions\/17695"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=17694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=17694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=17694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}