August continues Casino tilt to Slots

In the seven months since its 1st Anniversary celebration in February, Rivers Casino at Mohawk Harbor in Schenectady has seen an underwhelming increase of 10% in its Total Gross Gambling Revenue compared to the first seven months of the Casino’s operation. Frankly, considering Rivers only taking in about 70% of its first-year revenue projection, and the coming into existence of so many of its “wait-untils,” a ten percent increase is simply not all that impressive.

RiversRevCompareAug Moreover, after tabulating the numbers for the first four weeks of August 2018, it is clear that the “slotsification” we worried about last month continues.  Slots/ETG revenue is up 19.7% from February through August, but both Table Game and Poker Game revenues are down compared to the same months in 2017. Therefore, the vaunted increase at Schenectady’s Casino continues to be all from Slots — all from the most addictive and victimizing form of casino gambling.

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 Here are the number totals for February to August 2018: HotSlotsFacade

RiversRevs-Feb-Aug

  • 68.7%: Slots/ETG were 63.2% of the Total Gross Gambling Revenues at Rivers Casino in its first 7 months of operation (Feb. to August of 2017). That percentage has increased to 68.7% of Total GGR for the same months of 2018, the first seven months of the second year of operation of Rivers Casino at Mohawk Harbor.

We are, therefore, in the very Catch-22 situation that any thinking person (especially those not hoping to cash in on the coming of a casino to Schenectady, or any urban location), and any thoughtful politician or leader (especially those realistically looking after the interests of the entire community) would have foreseen and avoided when the Casino-In-Schenectady process started in 2014.

  1. Catch22logo Revenues will never reach the levels that were used to justify the risks to the community from an urban casino.
  2. Attempting to increase the revenue levels at the Casino will almost certainly increase the social cost, including increasing the incidence of problem gambling, and especially increasing slots revenue.
  3. Politicians, like Ass. Phil Steck (“from Mohawk Harbor”), will suggest tax breaks for the Casino owners and developer, that will actually reduce the amount received by the State, City and County, and increase profits for the Casino Gang, which does not need to meet its phony projections to reap a profit.
  4. No significant efforts will be made to bring the community the kinds of Problem Gambling Education and Prevention efforts that might ameliorate the social pain that is and will be generated by a casino in our midst, because the State and City do not want to lose the gambling tax revenues and the Casino does not want to prevent the evolution of more and more problem gamblers, who fuel their profits.
  5. Rivers Casino and Mohawk Harbor efforts aimed at Millennials, who prefer drink (esp. craft beer), food, and live entertainment to gambling, will aid the bottom line of the Casino Gang, without a corresponding increase in revenue to the State or municipalities.

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