Gambling takes a tick upward.

[DJofSD]

http://www.bloomberg.com/news/2014-08-05/mgm-resorts-posts-profit-that-tops-estimates-on-vegas-gaming.html

MGM Resorts International (MGM), the largest owner of casinos on the Las Vegas Strip, reported second-quarter earnings that beat analysts’ estimates, helped by an increase in gambling in the U.S.

So, what does CDI report for the same period? How about T'bred racing in general?

[OTM Al]

http://www.bloodhorse.com/horse-racing/articles/86464/cdi-reports-record-second-quarter-revenues

[DJofSD]

Thx.

While CDI is doing well, it appears outside of the Derby, racing is more or less flat.

[Seabiscuit@AR]

http://www.bloodhorse.com/pdf/CDIReports2014SecondQuarterResults.pdf

Based on this CDI increased racing revenue by +1% and at the same cut racing expenses by -5% vs 2013 results

That is a decent improvement for CDI

[DelMarJay]

Can you imagine the numbers if race track operators even effing tried?

[DJofSD]

http://www.bloomberg.com/news/2014-08-12/revel-says-it-will-close-atlantic-city-casino-by-next-month.html

Revel, the bankrupt Atlantic City casino, will close its doors next month after failing to find a qualified buyer, dealing the latest blow to the struggling New Jersey resort town.

The two-year-old facility, built for $2.6 billion, was once owned by Morgan Stanley. Atlantic City’s first new casino since 2003, it was taken over by creditors last year and filed for bankruptcy a second time in June. It will be shuttered no later than Sept. 10, Revel AC Inc. said in a statement today.

[Robert Goren]

If I live to be a hundred, I will never understand how you can go broke running a casino even in NJ.

[badcompany]

If I live to be a hundred, I will never understand how you can go broke running a casino even in NJ.

Apparently, they could use you over at Ceasar's:



LAS VEGAS (AP) -- Caesars Entertainment Corp. (CZR) on Monday reported a wider loss in its second quarter.

The Las Vegas-based company posted a loss of $466.4 million, or $3.24 per share, compared with a loss of $212.2 million, or $1.69 per share, in the same quarter a year earlier.

Losses, adjusted for costs related to mergers and acquisitions and asset impairment costs, came to $2.31 per share.

The casino operator said revenue rose 3 percent to $2.19 billion from $2.12 billion in the same quarter a year earlier.

Caesars Entertainment shares have dropped $7.87, or 36.5 percent, to $13.67 since the beginning of the year. The stock has declined $4.69, or 26 percent, in the last 12 months.

[Stillriledup]

If I live to be a hundred, I will never understand how you can go broke running a casino even in NJ.

The people booking the bets and taking the vig should never lose money.

I agree.