Buying New York City’s gamblers


  • Luck Be a Lady Tonight

The gaming industry is actually very simple and easy to understand.  Casinos depend upon people, customers, gamblers for their bread and butter.  The more gamblers a casino has the more bread and butter it has to spread around in taxes, salaries and dividends.  The trick of course is getting the gamblers.

On June 18th, an article appeared in the New York Daily News that was picked up by hundreds of other newspapers, television and radio stations around the country – it was about lots of gamblers and lots of bread and butter.  According to the article, in May, Aqueduct Racino – a race track with slot machines – took over first place in slot play in the country with slot machine revenues of $57.5 million.  The reason is simple; New York City has 8 million people – that gives Aqueduct the largest potential customer base in the United States and therefore it should and does give it the highest slot revenues in the United States.

But Aqueduct does not have table games, at least not yet – there is much talk and negotiation on the subject and not just for Aqueduct.  Governor Andrew Cuomo wants to add 7 full-fledged, non-Indian casinos to New York’s menu of gambling offerings.  However, that will take time and in the meantime, where would a New Yorker go to gamble if he wanted to play blackjack or craps?  Of course, they might join Frank Sinatra, Marlon Brando and the rest of the cast of Guys and Dolls in the sewers of the city and play craps with gangsters.  But if that is not their cup of teas, what then?   Why, to the closest regular, legal and legitimate casino, that is what; and where might that be?   Luck Be A Lady Tonight – that place is Bethlehem, Pennsylvania , just 75 minutes down the road.  Getting to the Sands takes less time than it took Nathan Detroit to find a place for his crap game.  The Sands Casino Resort Bethlehem is offering all of the table games a New Yorker might wish and without a gangster in sight.

Like Aqueduct, the Sands owns New York’s gamblers, the table game gamblers that is; in May, the Sands lead all casinos in Pennsylvania in table game revenue; and the includes the casinos located in or near Philadelphia.  Philadelphia has 1.5 million people, nothing to sneeze at for a casino operator, but also nothing close to the 8 million in New York City.  See, pretty simple – people equals gamblers and gamblers equals casino revenue.  And that is why for every major city left without a casino there will be a battle to gain the franchise.  Miami, Boston, Washington D. C. and eventually Dallas-Fort Worth will be casino battlegrounds. And while the biggest companies fight for the biggest plums, the guys who are closest now will continue to rake in the dough.

 And the winner is — Aqueduct. The Resorts World racino at Aqueduct is now tops in the nation in slot machine revenue, generating $57.5 million during May…“Resorts World’s model has maximized gaming revenue for New York State in a manner that has not been replicated by any other facility in the nation,” boasted Michael Speller, president of Resorts World Casino New York City. Glenn Blain, New York Daily News, 6-18-12

 “It’s a 75-minute drive from Manhattan and you don’t have to worry about beach traffic. With the kind of traffic they are getting from New York and New Jersey, I’m not surprised the Sands is outpacing everyone else.”

 Hate New Yorkers for the Giants if you like, and despise New Jerseyans for their driving, but there is one reason Lehigh Valley residents can be thankful for their out-of-state neighbors: their willingness to come here to lose their money. Sands Casino Resort Bethlehem is now Pennsylvania’s busiest casino for table games, largely on the strength of the carloads and busloads of out-of-town players streaming in from the east….players lost nearly $11 million in May playing games such as blackjack roulette and craps. That’s $1 million more than Philadelphia-area casino Parx took in — a feat most analysts thought would never happen…DeSalvio said that number of out-of-state gamblers is now 50 percent — amounting to roughly 3.5 million visitors a year. Matt Assad, Morning Call, 6-25-12

Now that I finally realize how simple it all is, all I have to do is go buy or build a casino as close to New York City as possible and sit back and let the money roll in; there is only one problem with that – I do not have 4 or 5 or 6 or 10 billion dollars in my bank account and that is what it going to cost someone to buy New York City’s gamblers.  In the meantime one can buy stock in both Las Vegas Sands and Genting – and that is as close as I will ever get to owning a piece of the action in the Big Apple.

 

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2 Responses to “Buying New York City’s gamblers”


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  1. 1 Daren Zenner Trackback on March 14, 2015 at 3:15 pm

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