Slots in PA - Wonder how it impacts PEN and PHA purses?

[Secretariat]

http://news.yahoo.com/news?tmpl=story&u=/ap/20040705/ap_on_re_us/pennsylvania_gambling_7

Rendell signed the bill.

[cj]

With Delaware, WVa, and Pennsylvania having slots, I would say its over for Md and NJ unless they act soon. Why anyone would race in those states will be a mystery in the near future.

[Tom]

Originally posted by cjmilkowski
With Delaware, WVa, and Pennsylvania having slots, I would say its over for Md and NJ unless they act soon. Why anyone would race in those states will be a mystery in the near future.

I went ot New Jersey once.......until then, I never understood the term "the willies!" Now I do.

Q? Why does California have all the lawyers and NJ has all the toxic waste dumps?

A: NJ got to pick first!

[TonyK@HSH]

Big Red,

Even though the 'slots' bill has been signed machines at some venues may be a year away. The bill stipulates that a 'Gaming Commission' is to be established. Politically this could take 6-12 months. Next a set of regulations mut be created by this panel or commission. It's widely regarded that this full process will take a full 12 months. In the meantime, it appears that racing venues may be granted a 'temporary' license for a smaller sample of slot machine (maybe 1000).

As far as purses go, it depends on whose estimates we consider. The House and Senate used estimates of $400-$435 profit per machine per day. Other experts have estimates that they take may be as low as $280-$325 per day. Based on the conservative estimates, the average daily purse distribution for Pen will be $160k-$200k. Pha on the other hand expects to be in the $400k per day area.

That is enough to attract some new money to the business and some Md/NJ barns. I know that several are interested.

But the fact is that these paydays are still 12 months away.

tony

[sq764]

I am glad.. I live 5 mins from Delaware Park and until now, they have been making money in spite of themselves..

Shitty service, raising prices, just spitting in the faces of the patrons, knowing they will make millions..

Ironically, now they have to come up with creative ideas to make it work and to retain customers.. They are screwed..

[Valuist]

Tom-

ROLMFAO


I saw on another site somebody claims they will have daily purses of $500K. I'll believe that when I see it. If its true, its time to look to own a PA bred or two.

[Figman]

Good deal in Pennsylvania for the racing industry as the net profit splits are as follows:
The Slots Operator gets 48%
The Commonwealth gets 34%
Purses get 9%
Tourism & Economic Dev. get 5%
Host municipalities get 4%

Contrasted with NY
The State gets 71% (incl. 10% for The Lottery Div.of State Government)
The VGM Operator, Purses and The 2 Breeding Funds get 29% to split among the purses getting a max of 7%; each breeding fund 1.25% and whats left over to the Operator or race track.