Tag Archives: Racino Revenue

Michigan’s Governor Looks to Indiana For Inspiration. Really? Mi. HB-5546

I thought I would puke when I sat and listened to Rick Snyder’s explanation and or excuse of how, why and to whom he looked to for slicing the throats of our unions here. Indiana.

Well Governor if Indiana inspires you so much are you going to sign HB-5546 now that it has passed both the House & Senate here or Veto it?

You see Indiana as you have claimed how Right To Work has helped that state so much with employment also did something else. IMPLEMENT SLOTS AT THEIR HORSE TRACKS.

In a May 2010 American Gaming Association report when the country was still in complete crash mode from the previous years. Certain statistics were duly noted specifically Indiana’s Racinos.

Excerpts:

There’s no way around it – this past year was tough. The down economy dealt most Americans challenges we haven’t faced in some time, if ever. For those of us in the commercial casino industry, that meant people had less money to spend on our products. Our revenues in 2009 fell 5.5 percent from 2008 to $30.74 billion. This is the story told in the 2010 edition of AGA’s State of the States report. But as challenging as the year was for most of us, that’s not the entire story.

“As this year’s survey reports, a particular bright spot for the industry came in the racetrack casino sector, which continued to grow. Gross gaming revenues rose in 2009 to $6.40 billion, a 5 percent increase over 2008 figures. Gaming tax contributions from racinos also increased, with $2.63 billion being returned to state and local governments – a 1.2 percent increase. Racinos in Indiana, Pennsylvania and Oklahoma saw significant employment increases in 2009; however, overall racino employment remained near the previous year’s level of 29,000 people”.

Now because I like FACTS. I do know that Indiana’s two Racino Owners filed for Bankruptcy protection in 2011 solely due to the fact of the extremely large opening costs by the State in licensing fees. Reality they were doing beyond good until Ohio also opened their Racinos in 2012.

Indiana could lose gamble on revenue from casinos and racinos because of Ohio.

Yet,
Note Side Facts:

Winners and losers

Indiana’s casinos are winning less money from their patrons. Statewide, the annual win (the revenue collected at slot machines and table games minus what’s paid out to gamblers) is trending down Meanwhile, the state’s two racetrack-based casinos have seen a rise in wins.

Casino Annual Wins (millions)
2008 $2,461M
2009 $2,378M
2010 $2,350M
2011 $2,267M

Racino Annual Wins (millions)
Hoosier Park Casino & Racing
2008 $110.5M
2009 $204.7M
2010 209.5M
2011 220.5M

Indiana Live (millions)
2008 $93.7M
2009 $214.8M
2010 $236M
2011 $244.3M
Source: Indiana Gaming Insight, Indiana Gaming Commission

And Ohio? Well Ohio speaks for itself.

Ohio ’racino’ revenue tops $11M in opening month

The Associated Press
Posted Jul 09, 2012 @ 11:31 PM

COLUMBUS — The first slots-like gambling machines added to one of Ohio’s horse tracks have taken in more than $11 million in revenue during the facility’s opening month.

According to data released Monday by the Ohio Lottery, the state’s share of revenue from the video lottery terminals at Scioto Downs in Columbus is $3.7 million. That’s more than the roughly $3 million officials estimated the machines would generate per month for the state. The money will help fund K-12 education programs in Ohio.

The roughly $7.4 million in remaining revenue goes back to the track, which is operated by Chester, W.Va.-based MTR Gaming Group Inc. The slots-like machines have been available to visitors since June 1.

Revenues are calculated as the money remaining after prizes have been paid out to winners.

End

So Governor since you used Indiana as such a BIG excuse of why you signed Right To Work into law here. Are you ever going to mirror what Indiana did to help the Horse Racing Industry there and are you ready to help the same within your own state the thousands of jobs connected to it? Or are you going to do an about-face citing another Proposal that took place when the majority of those who signed those petitions to even have had it on the ballot honestly never really knew or understood the petitions language to begin with.

But then Michigan also just voted a bill down for an Emergency Manager for Detroit, but that won’t matter much now will it?

Continue reading

Leave a comment

Filed under News, Politics

Purses Increase Again at the Fair Grounds

Fair Grounds Hikes Purses Another 5 Percent

Continue reading

Leave a comment

Filed under Governor Snyder, Horse Racing, Michigan Governor Rick Snyder, Michigan Horse Racing, Michigan Thoroughbred Horse Racing, Pinnacle Race Course, Politics, Racinos