Delaware Brick-and-Mortar Casino Sector Advisory Board Holds State’s Fate, While Maintaining Cards Close

Delaware Brick-and-Mortar Casino Sector Advisory Board Holds State’s Fate, While Maintaining Cards Close

The Delaware land-based casino sector was struck hard by increased competition from brand new areas in neighboring states, as the more recent and shinier casinos of Pennsylvania and Maryland outperform its three struggling, and highly taxed, racinos.

Dover Downs is Delaware’s biggest and just publicly traded racino, but high domestic taxes and increased competition across the state line means crisis for the home plus the state’s two other racinos.

The sector, which comprises Harrington Raceway, Dover Downs, and Delaware Park, peaked in 2006, the year Pennsylvania began issuing its first casino licenses, when slot revenues hit more than $650 million. By 2016, slots and table revenues combined had plunged to $398 million.

Meanwhile, outfall from the brand new MGM nationwide Harbor, which launched in Maryland late last year, stands poised to be the final nail in the coffin. That property caused other casinos in Maryland and West Virginia to ramp up their own marketing drives, drawing even more customers away from Delaware’s ailing properties.

The three racinos cannot compete simply because they spend higher state taxes than their counterparts across the border, and they’re begging legislators for help.

Taxed Out of the Market

This week, the Delaware’s Video Lottery Advisory Council (VLAC) met to talk about the status of Diamond State’s three casinos. The council is tasked wit Continue reading

Casino News: Encore Boston Harbor Revenues, Las Vegas Casino Sues Evander Kane

Casino News: Encore Boston Harbor Revenues, Las Vegas Casino Sues Evander Kane

This week’s casino news includes disappointing revenue reports from Encore Boston Harbor and the Macau casino industry. Our news report also incorporates the Cosmopolitan Las Vegas suing an NHL player for unpaid gambling debts. When it had been authorized by Massachusetts voters in 2012, Encore Boston Harbor was sold to the public as a fix for the commonwealth’s revenue shortages.

There was lot of hype about the town of Boston obtaining a casino nevertheless the locals happen tepid with regards to visiting it. We will begin with that whole story once we recap this week’s casino news.

Year Encore Boston Harbor Falls Far Short Of Expectations in 1st

There were massive objectives for the Encore Boston Harbor whenever it first started earlier in 2010 but as we approach the end regarding the calendar year, it looks like they’ll miss out on the goals.

The Encore Boston Harbor is on pace to fall nearly $100 million shy of its first-year projections. The casino resort, which cost $2.6 billion to build, still made $175.8 million during its first full quarter of operation, therefore it’s not as if anyone is complaining. Nonetheless, while that number is impressive, it nevertheless puts Encore Boston Harbor on pace to fall $100 million short of its projected $800 million revenue for the entire year. Of course, that projection does not simply take in to account that the revenues for the business could cont Continue reading