FleaStiff
FleaStiff 
Joined: Oct 19, 2009
  • Threads: 261
  • Posts: 13792
October 23rd, 2012 at 11:47:41 PM permalink
Resorts World Casino generated nearly $630 million in revenue over the last 12 months from electronic slot machines, more than the slots at any of the 12 casinos in Atlantic City or at Foxwoods or Mohegan Sun in Connecticut. The average income from an electronic slot machine is more than $370 a day, compared with $169 for slots on the Strip in Las Vegas.

The success of the casino, the only one in the five boroughs of New York, suggests that no matter how luxurious the accommodations or exciting the entertainment, nothing appeals more to gamblers than a casino that is nearby.

NYTimes.
rxwine
rxwine
Joined: Feb 28, 2010
  • Threads: 158
  • Posts: 8988
October 24th, 2012 at 12:08:13 AM permalink
Heh, I don't know why I had this thought first, but I hope they turn down the sound on those machines, otherwise that must be one hell of racket going on all day.
Quasimodo? Does that name ring a bell?
pacomartin
pacomartin
Joined: Jan 14, 2010
  • Threads: 649
  • Posts: 7895
October 24th, 2012 at 1:29:41 AM permalink
Quote: FleaStiff

Resorts World Casino generated nearly $630 million in revenue over the last 12 months from electronic slot machines, more than the slots at any of the 12 casinos in Atlantic City or at Foxwoods or Mohegan Sun in Connecticut. The average income from an electronic slot machine is more than $370 a day, compared with $169 for slots on the Strip in Las Vegas.

The success of the casino, the only one in the five boroughs of New York, suggests that no matter how luxurious the accommodations or exciting the entertainment, nothing appeals more to gamblers than a casino that is nearby.



Well, Pennsylvania and New York are controlling the number of slot machines to produce those kind of per machine numbers. It makes it much easier to tax at a huge rate. I would modify the above conclusion to say "slot players" instead of "gamblers".

Pennsylvania 26,785 slots earned an average of $255.24 per day per machine last year, but the 1600 slots at Sugarhouse in downtown Philadelphia made $328.49 per day per machine. The PA state gambling tax on these machines is 55%, and it is 60% in NY.

Slot revenue in the state of Pennsylvania is $1.37 per household per day. If it was spread evenly, it would probably be dwarfed by money spent on candy. Clearly some of the revenue is coming from New Jersey and Ohio (but much of the out of state gambler's money is spent on table games and poker).

In contrast just the Vegas strip has 46,981 machines with 35,990 of them in the 23 major casinos. While the $169 quoted in the article is accurate it is really $90 per machine day at the small casinos and $192 at the major casinos. The state of Nevada taxes these machines at less than 7%.

In contrast the 4,525 slot machines at aqueduct in a city of over 8 million is pretty insignificant. The projections were for well over $400 per machine day.
FleaStiff
FleaStiff 
Joined: Oct 19, 2009
  • Threads: 261
  • Posts: 13792
October 24th, 2012 at 3:18:50 AM permalink
Quote: pacomartin

I would modify the above conclusion to say "slot players" instead of "gamblers".

Yes, quite true. Then again, for many casinos gamblers are slot players. For years Slots of Fun had only its token craps table. All of those very profitable Dottys have only slot machines. I understand that originally slots were looked down upon by the real gamblers that built Vegas and Reno but never quite looked down upon by the green eye shade types. Now slots are no longer something a man's wife or bimbo does while he plays craps. Slots are often the major profit center of a casino.

Tax rates: I doubt there is much difference between fifty-five and sixty percent, but there is a hell of a whopping difference between those numbers and seven percent taxation. We will see what this means for growth although the 55 and 60 percent states seem to want casino growth to be mainly a legislature issue.
WASHOO2
WASHOO2
Joined: Sep 11, 2010
  • Threads: 2
  • Posts: 77
October 24th, 2012 at 3:23:14 AM permalink
As far as I know those machines at Aqueduct are VLT machines . Video Lottery Terminqals. Same goes for all the RACINOS in the State of New York. It`s a lottery like scratch off tickets.
FleaStiff
FleaStiff 
Joined: Oct 19, 2009
  • Threads: 261
  • Posts: 13792
October 24th, 2012 at 3:49:50 AM permalink
I think those are known as class 3 ... but the question is do slot players really know or care?
NickyDim
NickyDim
Joined: Aug 17, 2012
  • Threads: 2
  • Posts: 128
October 24th, 2012 at 5:29:18 AM permalink
I drive by Aqueduct (50 minutes away) to get to AC (3.5 hours away) because they are VLTs, and because we enjoy the whole experience of dining, gaming, drinking, service and a free room. Also, it's always so damn crowded(why they yield so much per machine per day). And if you don't like the clientele in Ballys AC (discussed recently) you are certainly not going to like what you find at Aqueduct or Yonkers, especially on the 1st of the month when the free money arrives in the mail.
"They who can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety."-Ben Franklin
FleaStiff
FleaStiff 
Joined: Oct 19, 2009
  • Threads: 261
  • Posts: 13792
October 24th, 2012 at 5:45:04 AM permalink
Quote: NickyDim

I drive by Aqueduct (50 minutes away) to get to AC (3.5 hours away) because they are VLTs, and because we enjoy the whole experience of dining, gaming, drinking, service and a free room.

In ten years NY gamblers may be ignorant of such things.
Quote: NickyDim

And if you don't like the clientele in Ballys AC (discussed recently) you are certainly not going to like what you find at Aqueduct or Yonkers, especially on the 1st of the month when the free money arrives in the mail.

So if the dregs of society remain in NYC then AC might boom again, just as OTB relieved bookies of those nuisance two-dollar bettors.
pacomartin
pacomartin
Joined: Jan 14, 2010
  • Threads: 649
  • Posts: 7895
October 24th, 2012 at 6:50:27 AM permalink
In order to make $370 per day if a machine is played steadily for 24 hours you have to make an average of $15.417 per hour. Assuming a 5% win rate that is $308.33 played per hour or $0.085648 per second or $0.428 every 5 seconds.

Now most penny slot players playing 15 lines times 3 cents per line are playing 45 cents every 5 seconds. So it is not an extraordinary amount of play. And there are many slot players putting much more than that.

So basically we are saying that the slot machines are not sitting empty most of the time (like they are in Vegas).
FleaStiff
FleaStiff 
Joined: Oct 19, 2009
  • Threads: 261
  • Posts: 13792
October 24th, 2012 at 6:56:09 AM permalink
Quote: pacomartin

So basically we are saying that the slot machines are not sitting empty most of the time (as they are in Vegas).

Okay. Why do slot machines in Vegas sit empty most of the time? Insufficient visitors, over supply of machines, a radical difference between customers in Vegas and customers in NYC?

  • Jump to: