Monthly Archives: May 2017

another nadir on the River (with updates & lowdowns)

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(update: June 23, 2017): Rivers Casino in Schenectady set yet another new low for revenue generation in the week ending June 11, 2017, its 18th week in operation at Mohawk Harbor. Its net revenues were $2,062,162, down 23% from the prior week, and almost $100K below its previous low-point.

RiversRev23June2017

. . is our favorite Cash Cow becoming a Cow Chip factory? casinocowchips

. . and see, “psst: the casino cash cow has too many calves” (June 21, 2014)

Original Posting

 In its 15th week in operation, Rivers Casino at Mohawk Harbor in Schenectady set a stunning new low for overall net revenues at: $2,129,115, with slots income also the lowest to date, and poker table GRR under $100,000 [$99,503]. Here’s screen shot of its Report for the week ending May 21, 2017, which was posted late due to the Memorial Day weekend:

Meanwhile, at the Times Union, reporter Paul Nelson’s latest article is headlined “Poker winner nets $46k at Rivers Casino” (online May 29, 2017). I do not know whether that is a lot of money for a tournament that Rivers Casino General Manager Mary Cheeks says “attracted 1,095 players from seven states and Canada, exceeding expectations.” Ms. Cheeks is also quoted saying:

 “We had a fantastic turnout for the Capital Region Classic, and we heard a lot of positive feedback from players who have been looking for big poker tournaments in this area for years,”

Of course, this is the same Casino that keeps telling us how satisfied it is with revenues and attendance so far, despite averaging far below, and never yet meeting, the weekly average GRR it needs to make the lowered expectations it projected for its first year in operation.

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Rivers Casino hits a new low for revenues

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 Schenectady’s Rivers Casino’s 12th week in operation generated its worst revenues figures so far: GRR $2,237,542. That was 11.6% lower than its prior worst week, which ended April 16. Slots dollars were the lowest yet. And, last week’s poker dollars were down from the prior week:

 

Despite revenues going down for the 8th time in 10 weeks, Rivers Casino’s Schenectady General Manager, Mary Cheeks, had this conversation with TU food columnist Steve Barnes:

 Q: How has Rivers performed in its first three months, and how does that compare to company projections?

A: I have no complaints. We’re still in ramp-up mode, so I’m fine with what we’re achieving so far, and we’re making changes as warranted.

Also:

Q: What do your demographics show about where Rivers patrons are coming from?

A: Primarily from the Capital Region, but surprisingly enough to me, as someone who’s been in this business for 27-plus years, is the large amount we have coming from beyond 120 miles. Since the casino’s hotel isn’t open yet, we’re assuming most of them are day-trippers, not lodgers.

Q: The casino operates 24 hours a day. Is there really enough business to warrant that?

A: Yes.

Q: For example, on average, how many patrons are on the gambling floor at 3 a.m. on a Monday or Tuesday?

A: I’d have to guess at least 300, but it’s not just for gambling. [restaurants and lounge also open]

  • Personal Note: Why am I not a journalist? I do not have the poker face to deal with statistics-free generalities or half-answers, much less the unanswered questions.

Also, have you wondered about the size of payouts at Rivers Casino Mohawk Harbor:

Q: What is the biggest largest payout at Rivers so far?

A.  It was $47,000 on a slot machine.

Q: What was the biggest at the Philadelphia and Pittsburgh casinos in the 5 years that you handled both of them?

A. In Pittsburgh, $150,000, ad $100,000 in Philadelphia.