The latter has become a very problematic conundrum when dealing with the competition, especially in those jurisdictions that are now vying for market shares with new emerging casino projects in neighboring areas. A topic we discuss more fully in the State by State analysis section of this publication. As a result of these conditions the gaming industry landscape is now strewn with impending fatalities. Among the more notable troubled firms are Station Casinos, Empire Resorts, Harrah's Entertainment, Greektown Holdings, Legends Gaming, Tropicana Entertainment, Herbst Gaming; and the list grows each week.
"How long will these economic conditions persist, and are we at the bottom yet?" washington state supreme court online gambling questions no one appears to be answering yet. What is clear however is that most gaming jurisdictions will have to learn how to deal with a smaller pie. Note: This analysis includes only gaming revenues of licensed casinos and pari-mutuel outlets that offer casino games, and not Indian gaming operations, card rooms, or small non-casino type slot locations. The whole article, including revenue tables is available on our web page. InputOutput Model A key aspect that seems to have arisen from the ashes of this current trend is that many casino projects were just too large to support themselves.
The input, in terms of investment dollars, was not proportional to the output, in terms of net profit after debt service, compared to previously achieved results. More andor bigger is not always better. Seeing the rise in non-gaming revenue at the Las Vegas Strip resorts, gave impetus to the development of more comprehensive amenities in many other jurisdictions. The flaw in this strategy however is that the costs associated with widening market penetration and occasioned-use, are significantly higher than those incurred to attract the base market. As daytripper markets become more competitive, casino venues will jugar keno casino to rely more and more on their washington state supreme court online gambling hotel patrons, and size their properties (and expectations) accordingly.
While Steve Wynn started a major trend in creating up-market mega-destinations, there simply was not enough demand on the Strip to warrant the many other similar projects that followed that aimed at the same niche. The trick is to strike a washington state supreme court online gambling Online roulette website in project configurations; which of course require less of a 'seat-of-pants' approach, and one that is more studied. A shameless plug for development consultants like ourselves. Other Gaming Activities Although there are no published detailed data of American Indian gaming revenues, anecdotal evidence appears to play online games for real money against real opponents that this segment has been as hard hit as the Commercial sector.
The two Connecticut Indian gaming installations report slot revenue of 1. 6 billion in 2008, representing a drop of about 7 percent, or almost 114 million, more than doubling the 3. 5 percent drop from the year before. This market is apparently still reeling from the ripple-effect of a casino expansion in Rhode Island, and the opening of slot operations in New York and Pennsylvania. The Arizona Department of Gaming reports that contributions based on a gaming revenue formula from the state's 23 Indian gaming casinos, have been declining every online slots ballys in 2008 flash casino script + 100 games to the previous year; decreasing.
8 percent in the first quarter, 7. 5 percent in the second quarter, 9. 5 percent in the third quarter, and 16. 1 percent in the washington state supreme court online gambling quarter. Some SEC reporting Indian gaming properties report similar decreases. Seneca Gaming, which operates three Class III casinos in upstate New York, reports that while calendar year 2008 showed an almost 2 percent growth rate in gaming revenues, there was an 8. 7 percent decline in the third quarter and an almost 10 percent decline in the fourth quarter of 2008, compared with 2007.
Gaming revenue trends at nearby Niagara Falls, Ontario were down 1. 5 in 2008 compared with 2007. It's been a mixed-bag for state lotteries across the country. The North American Association of State Provincial Lotteries reports that U. lotteries generated a total of 60. 6 billion in sales in fiscal 2008, up about 3 percent from the previous year; yet some jurisdictions reported decreases, most notably California, which showed an 8 percent drop.
Inasmuch as some of these states are on various fiscal year ends, it would seem that the data does not reflect the impact of third andor fourth quarter results. According to data provided by Equibase, horse racing pari-mutuel revenues continue their downward spiral, falling free online casino table games percent to 13. 7 billion in 2008, versus 14. 7 billion in 2007. Planned Proposed New Expansions As previously noted, it has been new gaming jurisdictions that have spawned much of the growth in annual casinoracino revenues over the years, and their impact is washington state supreme court online gambling to continue into the near future. Florida Miami Dade voters approved washington state supreme court online gambling ballot issue that allows each of three pari-mutuels to have a casino facility of up to 2,000 slot machines.
The Flagler Dog Track and Miami Jai-Alai are reportedly planning opening in late 2009 or early 2010, while the Calder installation in Miami Gardens has yet to announced its plans. There are numerous other proposals being considered that would further expand casino development throughout the state. Illinois The state finally got around to reissuing its tenth license, late in December, 2008; awarding it to Midwest Gaming Entertainment, LLC for a 1,200 game casino located in Des Plaines just east of O'Hare. The new facility is not likely to open until 2010. There has also been some discussion about allowing an increase in per location gaming positions and slots at racetracks, although neither initiative appears to have washington state supreme court online gambling traction at this time.
Kansas The state's expanded lottery program that allows for the development of four casino gaming zones and slots at existing horse and dog tracks appears mired, as only one facility is presently under construction, while three other proposals were rescinded. The only bidder on washington state supreme court online gambling Cherokee County contract, claimed it could not compete with the new Quapaw tribal casino in Oklahoma, which is located so close to the state line that its parking lot is in Kansas. The Boot Hill Casino Resort in Dodge City is planing a December 2009 opening with 575 slots and 10 table games, along with a second phase due to open in 2011 with 875 slots and 20 table games.
The state has extended the application process for the other three zones until April, 2009. Kentucky There is still a lot of 'jockeying' going on, but the prospect of as many as eight slot parlors and racinos appears to be back on the front-burner, but likely not resolved during the current legislative session. Las Vegas There are about 14,000 rooms scheduled to come on line in 2009, with the most recent being the 390 room M Resort in Henderson. There are expansions underway at both Caesars Palace and Hard Rock; and new hotels include two components of the City Center project, and the Fountainebleau. Louisiana Pinnacle Entertainment's new casino development projects in Baton Rouge and Lake Charles, while delayed, are reported to still be on-track for opening this year andor early 2010.
Maine There is a bill under consideration that could more than double Penn National's slot machines to 3,000, as well as a proposal that would remove the restriction that slots be located within five miles of the track. Scarborough Downs, which has been unsuccessful in convincing local residents to allow slots, may be considering moving to a more hospitable town. Maryland A referendum was approved in November, 2008 that allows for the development of five casinos with a total of 15,000 slots, and now the bidding war is afoot; although it is not as intense as the state had anticipated. Mississippi Grand Soleil Casino Resort in Natchez had been slated to open in 2008, but has run into various financing issues; and while the hotel portion is open, the riverboat is reported to open in the Spring of '09.
Harrah's Margaritaville Casino in Biloxi, while scaled back somewhat, is still on track to open this year. New England Massachusetts, a sleeping-giant in terms of market potential, is still maneuvering to open casinosracinos, andor a Class III Indian gaming facility, but cannot seem to muster the political support. A recent study completed by Dartmouth University estimates that Massachusetts resident spent more than 920 million last year at Connecticut casinos and slot machine parlors in Rhode Island and Maine. The New Hampshire legislature recently declined an option to develop casinos, however the topic is likely to be revisited, especially if Massachusetts decides to go forward. There are also attempts in Maine to reconsider its options.