Most profitable casino on the East Coast?
March 25th, 2013 at 7:56:47 PM
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I'm betting it's Resorts World in NYC.
Guessing #2 being Maryland Live, a few miles north of DC.
Both are very near proximity to people with higher than avg incomes, and there arent any tolls to get there for these wealthy locals.
Whats your guess? and why?
Guessing #2 being Maryland Live, a few miles north of DC.
Both are very near proximity to people with higher than avg incomes, and there arent any tolls to get there for these wealthy locals.
Whats your guess? and why?
Craps is paradise (Pair of dice).
Lets hear it for the SpeedCount Mathletes :)
March 25th, 2013 at 10:01:15 PM
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borgata
March 25th, 2013 at 10:07:04 PM
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What you wrote 100X....because that's what I remember reading in recent reports.
But you wrote "profitable"...I might change my mind to Borgata for that since they get taxed like 6X less....lol
But you wrote "profitable"...I might change my mind to Borgata for that since they get taxed like 6X less....lol
March 26th, 2013 at 7:25:54 AM
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Quote: 100xOddsI'm betting it's Resorts World in NYC.
Guessing #2 being Maryland Live, a few miles north of DC.
Both are very near proximity to people with higher than avg incomes, and there arent any tolls to get there for these wealthy locals.
Whats your guess? and why?
Unless you know how much debt a casino has, you can't determine how much profit they make each month?
In your guess of Resorts World, they may not be taking in enough to show a profit. They may be falling short each month to pay off their debts or they may be making a small profit.
March 26th, 2013 at 7:45:51 AM
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The most profitable casino?
Resorts World NYC
As the state audits their performance in order to determine the correct amount of the state's cut of the profits, the casino's profitability is known.
Resorts World NYC
As the state audits their performance in order to determine the correct amount of the state's cut of the profits, the casino's profitability is known.
"What, me worry?"
March 26th, 2013 at 8:05:04 AM
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Quote: MrVThe most profitable casino?
Resorts World NYC
As the state audits their performance in order to determine the correct amount of the state's cut of the profits, the casino's profitability is known.
Now, after 12 months in business, the casino is boasting its record as the most profitable on the East Coast, raking in more than $635 million in profits in its first year, nearly $450 million of which went to education.
whoa.. 70% taxes on profits?!
after taxes ($185M) still makes them the most profitable?
and why does the Borgota get taxed 6x less than the rest of AC casinos?
Craps is paradise (Pair of dice).
Lets hear it for the SpeedCount Mathletes :)
March 26th, 2013 at 8:47:56 AM
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This may be obvious, but for those to whom it's not; some basic accounting/business school stuff. First you need to define profit. Gross profit?...Net Profit?..EBITDA?
There are as many ways to state profit as there are casinos. (all right an exaggeration but you get my point). So for example if the Borgata makes 40M gross profit per month before taxes and pays taxes of only say 8M...then they made 32M. Debt load and a bunch of other stuff aside. If Resorts World made 50M, gross profit a month in profit but paid 35M in taxes..they made only 15M. (again other issues aside.) So do you mean which East Coast Casino makes the most REVENUE...than yeah Resorts World would seem to be the leader. If you mean how much does a casino bring to the bottom line after taxes. Then the issue is more complicated. Probably Borgata would move up.
Again, I'm not even getting into debt service, or a myriad of other accounting issues/tricks that effect the numbers. Corporations can legally, make the financial statements say what they want to a large extent. They can choose to write off certain one time expenses in one month/quarter or the next for example. Or change the rate at which they depreciate large assets. So while financial statements should give someone a good GENERAL IDEA, of how a business is doing. Be careful with the numbers there can be lots of devil(s) in the details.
There are as many ways to state profit as there are casinos. (all right an exaggeration but you get my point). So for example if the Borgata makes 40M gross profit per month before taxes and pays taxes of only say 8M...then they made 32M. Debt load and a bunch of other stuff aside. If Resorts World made 50M, gross profit a month in profit but paid 35M in taxes..they made only 15M. (again other issues aside.) So do you mean which East Coast Casino makes the most REVENUE...than yeah Resorts World would seem to be the leader. If you mean how much does a casino bring to the bottom line after taxes. Then the issue is more complicated. Probably Borgata would move up.
Again, I'm not even getting into debt service, or a myriad of other accounting issues/tricks that effect the numbers. Corporations can legally, make the financial statements say what they want to a large extent. They can choose to write off certain one time expenses in one month/quarter or the next for example. Or change the rate at which they depreciate large assets. So while financial statements should give someone a good GENERAL IDEA, of how a business is doing. Be careful with the numbers there can be lots of devil(s) in the details.
March 26th, 2013 at 7:25:35 PM
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Quote: 100xOddswhoa.. 70% taxes on profits?!
And maryland is at 67%. It's obscene really. And it's pretty hard to find good slots and video poker because of it. Well for slots, it's okay for NY because the state requires a 90% minimum payout. They don't have class III video poker though. :( While the Vegas strip continues to be greedy as hell while only having a 6.75% tax rate on gross gaming revenue, penny slots in January returned only 86.13%. Maryland requires an 87% minimum return.
