billryan
billryan
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March 16th, 2022 at 6:42:29 PM permalink
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.
The difference between fiction and reality is that fiction is supposed to make sense.
Dieter
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Dieter
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March 16th, 2022 at 7:03:46 PM permalink
Link, if you please?
PM'S are always open.

edit: Disregard. I found it.
Last edited by: Dieter on Mar 16, 2022
May the cards fall in your favor.
DJTeddyBear
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unJonodiousgambit
March 17th, 2022 at 5:57:06 AM permalink
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稚 provide the link, then edit your post to say you found it, but didn稚 include the link yourself?
I invented a few casino games. Info: http://www.DaveMillerGaming.com/ 覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧 Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
Dobrij
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March 17th, 2022 at 6:32:42 AM permalink
I can't understand what it means "NON-PROFIT CASINOS", this means EV = 0%?
heatmap
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March 17th, 2022 at 7:07:37 AM permalink
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
heatmap
heatmap
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March 17th, 2022 at 7:07:37 AM permalink
duplicate
billryan
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Dobrij
March 17th, 2022 at 7:50:51 AM permalink
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.
The difference between fiction and reality is that fiction is supposed to make sense.
Dieter
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March 17th, 2022 at 8:07:49 AM permalink
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稚 provide the link, then edit your post to say you found it, but didn稚 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.
May the cards fall in your favor.
mcallister3200
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March 17th, 2022 at 9:05:00 AM permalink
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稚 provide the link, then edit your post to say you found it, but didn稚 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.
Dieter
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March 17th, 2022 at 9:28:29 AM permalink
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稚 provide the link, then edit your post to say you found it, but didn稚 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.
May the cards fall in your favor.
DJTeddyBear
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March 17th, 2022 at 3:05:44 PM permalink
I壇 like to point out that NOBODY has provided a link to the info that we池e talking about.

But I値l 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.
I invented a few casino games. Info: http://www.DaveMillerGaming.com/ 覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧覧 Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
Dieter
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March 17th, 2022 at 6:41:53 PM permalink
Quote: DJTeddyBear

I壇 like to point out that NOBODY has provided a link to the info that we池e 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.
May the cards fall in your favor.
JackSpade
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November 9th, 2022 at 3:13:07 PM permalink
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.

The American Gaming Association, the trade organization for the casino industry, says the gambling halls are on track to have their best year ever in 2022...

The commercial casinos (excluding tribal casinos, which report revenue separately) won $15.17 billion from gamblers in July, August and September of this year. That exceeded the previous record of $14.81 billion, set in the second quarter of this year, by 2%.


https://headlinewealth.com/gamblers-are-losing-more-money-than-ever-at-casinos/
TigerWu
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November 9th, 2022 at 3:25:51 PM permalink
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.
JackSpade
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November 9th, 2022 at 3:41:06 PM permalink
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.
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