Bad day for Las Vegas books?
February 6th, 2011 at 11:06:10 PM
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http://www.latimes.com/sports/la-sp-super-bowl-vegas-20110207,0,2227070.story
Thanks to a high-scoring game, a decisive margin of victory by the favored Green Bay Packers and a slew of other breaks, the public made off with riches Sunday at sports books throughout the city.
When the Pittsburgh Steelers' Ben Roethlisberger threw a late fourth-quarter, fourth-down incomplete pass in his territory, a wave of gamblers pounded tables in celebration and raised their arms in triumph along with Packers Greg Jennings and most-valuable-player quarterback Aaron Rodgers, and marched in a wave to collect their winnings.
"It was bad," said MGM Resorts Race and Sports Book director Jay Rood, whose 11-property operation slipped into deep trouble when the Packers surged to a 21-3 lead.
http://www.lvrj.com/news/betting-public-cashes-in-on-packers-115455184.html
Las Vegas sports book directors reported mixed results, with one saying most books were a "real small loser to a significant seven-figure loser."
Thanks to a high-scoring game, a decisive margin of victory by the favored Green Bay Packers and a slew of other breaks, the public made off with riches Sunday at sports books throughout the city.
When the Pittsburgh Steelers' Ben Roethlisberger threw a late fourth-quarter, fourth-down incomplete pass in his territory, a wave of gamblers pounded tables in celebration and raised their arms in triumph along with Packers Greg Jennings and most-valuable-player quarterback Aaron Rodgers, and marched in a wave to collect their winnings.
"It was bad," said MGM Resorts Race and Sports Book director Jay Rood, whose 11-property operation slipped into deep trouble when the Packers surged to a 21-3 lead.
http://www.lvrj.com/news/betting-public-cashes-in-on-packers-115455184.html
Las Vegas sports book directors reported mixed results, with one saying most books were a "real small loser to a significant seven-figure loser."
February 7th, 2011 at 12:12:31 AM
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Gawrsh. My heart is breaking. I am shedding copious tears for those poor, innocent casinos, raped once again by the mob of savvy gamblers. How will these places stay open? Maybe they'll have to start charging resort fees, change the payout on blackjack to 6:5, stop giving comps to all but high rollers....
The fact that a believer is happier than a skeptic is no more to the point than the fact that a drunken man is happier than a sober one. The happiness of credulity is a cheap and dangerous quality.---George Bernard Shaw
February 7th, 2011 at 12:55:35 AM
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Quote: mkl654321Gawrsh. My heart is breaking. I am shedding copious tears for those poor, innocent casinos, raped once again by the mob of savvy gamblers. How will these places stay open? Maybe they'll have to start charging resort fees, change the payout on blackjack to 6:5, stop giving comps to all but high rollers....
You haven't heard have you?.......
http://wizardofvegas.com/forum/off-topic/general/10042-woes-black-sheep-game-ii/#post151727
February 18th, 2011 at 7:55:30 PM
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Vegas held about 1% for the game, and profited a little under 1 million statewide, not enough to pay for expenses.
February 22nd, 2011 at 12:05:31 PM
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I don't want to split hairs but isn't part of the definition of Profit the amount left over after expenses? I'd take a million dollar profit on any given Sunday.Quote: JIMMYFOCKERVegas held about 1% for the game, and profited a little under 1 million statewide, not enough to pay for expenses.
Someday, joor goin' to see the name of Googie Gomez in lights and joor goin' to say to joorself, "Was that her?" and then joor goin' to answer to joorself, "That was her!" But you know somethin' mister? I was always her yuss nobody knows it! - Googie Gomez
February 22nd, 2011 at 12:11:09 PM
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Quote: s2dbakerI don't want to split hairs but isn't part of the definition of Profit the amount left over after expenses? I'd take a million dollar profit on any given Sunday.
No, it is not.
February 22nd, 2011 at 12:45:21 PM
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I guess it's back to bookkeeping 101 for me. So what is that definition of "Profit" that isn't quite the same as income - ( expenses + depreciation )?Quote: JIMMYFOCKERNo, it is not.
Someday, joor goin' to see the name of Googie Gomez in lights and joor goin' to say to joorself, "Was that her?" and then joor goin' to answer to joorself, "That was her!" But you know somethin' mister? I was always her yuss nobody knows it! - Googie Gomez
February 22nd, 2011 at 12:58:55 PM
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I guess the main thing is that small profit was split between every sport book in Las Vegas. Thats quite a few. Plus profit is not included. It is just profit on the bets not profit on expenses each establishment spent getting those bets.
February 22nd, 2011 at 1:24:05 PM
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If you're going to sttart including other expenses like promotion etc.. then you have to consider other things as well. A personal example: My father, my two brothers, my sister and my sister-in-law go for 5 nights every year. I think the casinos squeezed quite a bit of profit out of our hides just in the buffet tabs alone. There's a whole lot more going on Super Bowl weekend than just bets on the Super Bowl.
Someday, joor goin' to see the name of Googie Gomez in lights and joor goin' to say to joorself, "Was that her?" and then joor goin' to answer to joorself, "That was her!" But you know somethin' mister? I was always her yuss nobody knows it! - Googie Gomez
February 22nd, 2011 at 1:31:19 PM
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Let me rephrase then. It does not even include the wages of the ticket writer. It only includes the amount won vs the amount lost.
February 22nd, 2011 at 1:40:00 PM
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Quote: thlf... It only includes the amount won vs the amount lost.
Sounds a bit more like "net income" rather than "profit".
February 22nd, 2011 at 1:47:47 PM
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Actually that would be more like revenue.
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February 22nd, 2011 at 1:50:05 PM
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Revenue is exactly right.
February 22nd, 2011 at 4:36:23 PM
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Quote: thlfLet me rephrase then. It does not even include the wages of the ticket writer. It only includes the amount won vs the amount lost.[/
q]
BINGO
