Gulf Stream slots lose money

[pointman]

And I thought that Donald Trump was the only idiot that could lose money running a casino.

[MISTERGEE]

dont they already have on site automated teller machines? maybe if they gave a crap for the guy who plays $10,000 a day on the ponies instead of the kissin ass of the nickel slot player they may do a bit better!

[bogeydaman]

According to the Isle of Capris Casino's website (Pompano Park) the following is a recent press release.
-- In Florida, favorable legislative changes helped to improve operating
results. Daily win per unit during the last week of August was $223,
and the Company's Pompano property continues to lead the three Broward County racinos with a market share of approximately 54%.

Don't know the Greyhound track's numbers, but I would be fairly certain they exceed Gulfstream Park's numbers.

Both of these facilities design are much better than Gulfstream and there should be no surprise generating larger revenue that GP (not even including the Hard Rock Casino).

[SentToStud]

Average gross take per machine for quarter ending September 30:

Gulfstream $74
Mardi Gras (Hollywood Dog Track) $167
Isle Casino (Pompano PArk) $214

In January and February, Gulfstream averaged $326.

Gaming lobbyists claimed the three would average $500 per machine per day, year round. Experts now say Gulfstream got hurt by not having $.01 machines.

http://www.baltimoresun.com/news/bal...3.story?page=1

[ELA]

I wonder why the machines haven't met the expectations, projections, etc. that all the studies and reports had claimed.

Eric

[Cannon Shell]

Originally Posted by ELA

I wonder why the machines haven't met the expectations, projections, etc. that all the studies and reports had claimed.

Eric

Maybe because there are two competing slots parlors that are nearby? The Hard Rock as a fullblown casino has a lot more to offer than GP and the dog track or Mardi Gras or whatever its called is less than a mile away.

[ELA]

Originally Posted by Cannon Shell

Maybe because there are two competing slots parlors that are nearby? The Hard Rock as a fullblown casino has a lot more to offer than GP and the dog track or Mardi Gras or whatever its called is less than a mile away.

Without question. Certainly this is a factor, and certainly this was known as well.

Eric

[freddymo]

Originally Posted by Cannon Shell

Maybe because there are two competing slots parlors that are nearby? The Hard Rock as a fullblown casino has a lot more to offer than GP and the dog track or Mardi Gras or whatever its called is less than a mile away.

The Hard Rock is hardly a full blown casino.

[bogeydaman]

Originally Posted by ELA

I wonder why the machines haven't met the expectations, projections, etc. that all the studies and reports had claimed.

Eric

Just go to the 3 places and you will clearly see why Gulfstream cannot compete with the Dog and Harness Tracks (if you are looking to play slots). The Harness Track (Casino part) is beautiful. Not only are the slot machines making money, but the Poker tables are always full. Things are only going to get worse for Gulfstream this winter.

They recently passed legislation that allows Calder, Pompano, etc to simulcast the Gulfstream Meet (and Vice Versa). Many people from the north are betting Calder at Pompano Park during the day. This will continue (to a lesser extent) when Gulfstream opens. They will still get the simulcast handle, but on site attendance should be way down. They will get decent attendance for some of the big Saturday's, but it will be a ghost town during the weekday.

I an guessing even when Gulfstream opens for live racing they will still have less slot revenue than the harness track.

Gulfstream will bounce back a little this year because they should have the casino part completely up and running when the meet starts, unlike last year. They need more big time concerts. I even liked it better when they just had weekly B-list concerts.

It still can't compete with places like the Hard Rock though.

The thing that sucks about Gulfstream is the seating and the track configuration. It is almost like they really just wanted to make it a casino that has horse racing instead of horse racing with a casino.