I Consider This Good News

[trying2win]

Many casinos are reporting financial troubles in the recession this year. I say HOORAY!

Here's a link to the story:

http://www.msnbc.msn.com/id/28163581

It couldn't happen to more deserving companies. Pardon my sarcasm, but I hope more of these casinos go broke, then maybe people will spend their money at retail establishments where it will be more of a benefit to the community, or save more money for something worthwhile in the future, or have gamblers give some of their moeny to good charitable causes.

Hopefully part of the reason also for the revenue declines at casinos,
is due to the fact that more gamblers are getting enlighenend that betting casino games is a losing proposition in the long run, due to the house edge.
Not only that, but with fewer casinos around, I'm assuming there will be less social problems associated with addicted casino gamblers.

I'm not quite sure how this story of casinos losing money and/or going bankrupt will affect ADW'S, but I'm sure it will result in lower purses for horsemen. I'm hoping that with casino revenues plumeting at racetracks too, that it will shake up track management to lower track takeouts (maybe they will have to discuss this with state governments as well to do this). Lower track takeouts would sure help in spurring betting handle at tracks. Hopefully it'll inspire state govenments to encourage tracks to get off a form of welfare...i.e. having racinos on site at their tracks.

If the band of THG'S and other militant horsemen are paying attention to this news of casino problems, I'd advise you to change your attitude from one of greed and self-serving, to one of gratefulness and cooperation with racetracks and/or ADWS. If these militant horsemen were complaining about purse cuts already this year, I suggest they better brace for more bad news on that front. "What you sow...you shall also reap'. By the way, I'm still waiting to hear news if the top executives at THG are taking cuts to their salaries to go in conjunction with the purse cuts to their horsemen members. Anyone care to guess?


T2W

[onefast99]

Im sure someone in the casino industry is looking into the possibilities of a bailout if need be and I'm sure before Bush leaves office he will give them one. :eek:

[sonnyp]

im no fan of casinos, but how do you think you're so much better off betting horses ? '

" Trying to Win" ? good luck ! tracks have been mugging you for decades with their takeout.

[Tom Barrister]

I left Vegas in late Juine. Already the casinos were having problems. All of this lies in the wake of insane expansion of residential and casino properties. They're going to have a critical water and power shortage in the next two or three years. Then there's always the shadow of the Yucca Mountain nuclear waste dump. Vegas isn't somewhere I'd want to be tied into long-term.

[aharon5741]

Hopefully part of the reason also for the revenue declines at casinos,
is due to the fact that more gamblers are getting enlighenend that betting casino games is a losing proposition in the long run, due to the house edge.

I have also predicted that this will happen. Even though the vig on most casino games runs from about 1% - 6% if you play right, casino games will always remain a mindless past time. People get all excited when a casino first comes to town but after a few years it gets old.

Here in Florida the seminoles started to deal blackjack. The first few weeks the minimums were $25 a hand. You can guess how long that lasted. Who has this kind of money to burn at a casino?

How long would it take you to burn through $25 in a casino? Most people would only last around 15 minutes. At the track that $25 can last all day. It's recession proof gambling!

[Overlay]

im no fan of casinos, but how do you think you're so much better off betting horses ? '

" Trying to Win" ? good luck ! tracks have been mugging you for decades with their takeout.

I assume your membership on the board indicates some degree of positive interest in horse racing. That being the case, I’m sure you appreciate that, despite the take and breakage, racing is still free of the mathematical certainty of long-term loss inherent in the great majority of other wagering games, where the player is facing an unchanging negative expectation on every bet.

In the aggregate, the horse-betting public is also remarkably accurate in the setting of overall odds. But there will always be races where their judgment is flawed, and individual horses and exotic combinations are allowed to go off at odds that are higher than they should be. And the player who can detect those occasions possesses an edge that isn’t available on the same frequency and scale (if at all) in other games.

To people who are looking for a wagering option that they can follow for the long term, where skill matters more than luck, and where a consistent positive return is possible, this potential profitability will always be the greatest advantage that racing can possess in comparison to the casino.