Non-Profit Casinos

I was reading about a non-profit casino in the Mid-West where the GM got a big bonus, and it got me wondering why there aren't more of them.
Is there a law about them in Nevada? A town like Searchlight that had its own casino could do away with property taxes and build a football field for its school. The Catholic Church could lower tuition in its schools to almost nothing, a thousand charities could benefit.
Not full-blown casinos, but slot parlors that didn't require a lot of manpower.

Link, if you please?
PM'S are always open.

edit: Disregard. I found it.

Quote: Dieter

Link, if you please?
PM'S are always open.

edit: Disregard. I found it.
link to original post

Seriously?
You complain that the OP didn’t provide the link, then edit your post to say you found it, but didn’t include the link yourself?

I can't understand what it means "NON-PROFIT CASINOS", this means EV = 0%?

Quote: Dobrij

I can't understand what it means "NON-PROFIT CASINOS", this means EV = 0%?
link to original post

the business itself shouldnt make money - or something like that - but there are still "operating costs" such as the CEO's salary for instance...

people running the business still make a profit per se

a businesss needs to make money to stay running but in a non profit it cant make more than what it costs to run the business

or something like that

duplicate

A non-profit casino means that whatever money is left over after expenses is distributed to local charities or public authorities.
Prairie Meadows, in Iowa, is listed as a non-profit and directed some 21 million dollars ( on revenue of over two billion) back to local governments.
According to the net, the IRS has been investigating the casino and its non-profit status.
The GM receives a $600,000 salary and recently was given $800,000 as a bonus.
It seems like a good way for a municipality to fund itself.

Quote: DJTeddyBear

Quote: Dieter

Link, if you please?
PM'S are always open.

edit: Disregard. I found it.
link to original post

Seriously?
You complain that the OP didn’t provide the link, then edit your post to say you found it, but didn’t include the link yourself?
link to original post

I wasn't sure which one it.was.
Last time I was there, they claimed their aggregate slot RTP was 91.2% (believable). They're making money, but it goes to the nonprofit organization that owns & operates the place, not a for-profit corporation.

Quote: Dieter

Quote: DJTeddyBear

Quote: Dieter

Link, if you please?
PM'S are always open.

edit: Disregard. I found it.
link to original post

Seriously?
You complain that the OP didn’t provide the link, then edit your post to say you found it, but didn’t include the link yourself?
link to original post

I wasn't sure which one it.was.
Last time I was there, they claimed their aggregate slot RTP was 91.2% (believable). They're making money, but it goes to the nonprofit organization that owns & operates the place, not a for-profit corporation.
link to original post

Generally the aggregate slot return will include video poker, fwiw. Have heard rumors of some rather nasty treatment involving law enforcement when table games players are evicted.

Quote: mcallister3200

Quote: Dieter

Quote: DJTeddyBear

Quote: Dieter

Link, if you please?
PM'S are always open.

edit: Disregard. I found it.
link to original post

Seriously?
You complain that the OP didn’t provide the link, then edit your post to say you found it, but didn’t include the link yourself?
link to original post

I wasn't sure which one it.was.
Last time I was there, they claimed their aggregate slot RTP was 91.2% (believable). They're making money, but it goes to the nonprofit organization that owns & operates the place, not a for-profit corporation.
link to original post

Generally the aggregate slot return will include video poker, fwiw. Have heard rumors of some rather nasty treatment involving law enforcement when table games players are evicted.
link to original post

From what I saw on the video poker, I wouldn't think it's helping much. Think 6/5 JoB.

I’d like to point out that NOBODY has provided a link to the info that we’re talking about.

But I’ll throw my 2¢ in anyway.

Nonprofit simply means that there is no ownership or shareholders to take the profit, and that instead the profit goes to a charity. Nonprofits certainly do have employees, earning generous, or at least competitive, salaries.

Quote: DJTeddyBear

I’d like to point out that NOBODY has provided a link to the info that we’re talking about.
link to original post

It's not particularly interesting. (Admittedly, this is subjective.)
Summary: CEO gets large bonus. IRS is questioning the nonprofit status of the organization. (shrug)

https://www.axios.com/local/des-moines/2022/03/15/prairie-meadows-casino-ceo-bonus-gary-palmer

They did it before, too.
https://www.google.com/amp/s/amp.desmoinesregister.com/amp/97237406

Still no mention of Q, which is owned by the city Dubuque.

Been to both. Neither seems to take any serious action; I don't think either will issue a credit marker. I believe the "high limit" room at Q had a $25 minimum blackjack table and maybe a dozen $5 denom slots. Iowa rules seem to require them to post their actual return conspicuously at the cage; always in the 90-91.5% range whenever I checked. On my last visit, Prairie Meadows conveniently posted returns for all casinos in the state, so they could boast that theirs was the highest (ahem.. by 0.1%, with nobody much behind that).


I believe the question was about Nevada law, and whether a nonprofit can run a casino to fund civic organizations.

Quote: JackSpade

Inflation? High gas prices? American gamblers are shrugging them off — and losing money at casinos at a record pace.

Figures released Wednesday show the U.S. commercial casino industry had its best quarter ever, winning over $15 billion from gamblers in the third quarter of this year.

link to original post

The third quarter of this year corresponds with rising interest rates for bank accounts as well as a decline in gas prices, so I wonder if either of those things are related.

Either that or people are simply using gambling as an increased form of escape.

Although $15 billion seems like an impressive haul for casinos, it's not a large amount compared to all the other ways in which Americans waste or lose money. For example, hundreds of billions of dollars have been lost by people gambling on cryptocurrencies.