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Mosca
Mosca
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January 22nd, 2012 at 9:09:06 AM permalink
Quote: pacomartin



You are talking about some incredibly ugly buildings. The #2 Machine shop described in the article above, is literally crumbling. Although the machine shop was saved, no one can afford to try and renovate such a building. No old buildings are part of the casino/hotel/shopping mall complex as of today. It isn't like some of the industrial buildings in central London which were saved at huge cost. This is a very ugly brownfield site.

The blast furnaces have become a kind of strangely lit post apocalyptic structure, an homage to the industrial past. They were used as a setting for one of the Transformers movies.



Eye of the beholder, and all that. I can sense your admiration for the power of the ugliness, actually.

There's currently a genre of photography that is casually known as "ruin porn". Detroit, old farms, abandoned malls, stuff like that.

This was taken by my friend David Smetak, inside USSteel Homestead Works: a photo of a photographer shooting ruin porn.

NO KILL I
PeteM
PeteM
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January 22nd, 2012 at 9:53:03 AM permalink
Great photo. Look at the intricacy of the brickwork and how the iron columns and beams interact with it. Even the graffiti adds to the overall picture. I know I sound like an overenthusiatic art history major, but I do appreciate the craftsmenship that went into the construction of these old buildings
"Win with a smile, lose with grace."
Niblick
Niblick
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January 22nd, 2012 at 11:01:03 AM permalink
Frank, what's your take on SteelStacks? It has the appearance of the quintessential money pit (for me, at least). From what I understand, aside from being former Bethlehem Steel property, there is no connection with the Sands.

I find it hard to conceive of there being any positive cash flow from the current activities that I think I see (eg. Musikfest, etc.).
Nemo Omnibus Horis Sapit
pacomartin
pacomartin
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January 22nd, 2012 at 12:17:19 PM permalink
Quote: Niblick

Frank, what's your take on SteelStacks? It has the appearance of the quintessential money pit (for me, at least). From what I understand, aside from being former Bethlehem Steel property, there is no connection with the Sands.

I find it hard to conceive of there being any positive cash flow from the current activities that I think I see (eg. Musikfest, etc.).






The decision to turn old Blast furnaces into art exhibitions has been worldwide phenomena. Germany spearheaded the movement, and I think the furnaces in Bethlehem are one of three such sites in the USA. Although Sands was not part of the Steel Stacks, they have turned the ownership of the blast furnaces to the casino to protect them from possible lawsuits when the Steel went bankrupt and sold all their remaining assets.

Musikfest is non-ptrofit, but it usually breaks even for the series of concerts held in August. Last August, it lost a ton of money since it rained almost every day (not a good thing for an outdoor festival). The buildings around Steelstacks house the local public television station. In general with non-profit organizations, it is difficult to determine how much money they are losing.

From what little I've seen there is almost no traffic that goes from the casino to Steelstacks. Steelstacks is all local people going there to see art movies, to listen to concerts, the shop at the farmers market or to attend corporate parties. It's not a very inviting walk (1/2 mile) to go from the casino to Steelstacks.
SanchoPanza
SanchoPanza
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January 22nd, 2012 at 2:17:00 PM permalink
Quote: Niblick

What's your take on SteelStacks


The least that they can do is to paint the stacks to look like stacks of gambling chips.
SanchoPanza
SanchoPanza
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January 24th, 2012 at 7:13:55 AM permalink
Quote: pacomartin

Harrah's $345 $94 $440


That curious figure for Harrah's table games stands out. It is symptomatic of the attitude of that casino toward table players in general, notably craps players. It is one of the very few casinos I've seen that puts the craps pit off to the side and uncomfortably up against the wall.
pacomartin
pacomartin
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January 24th, 2012 at 8:07:37 AM permalink
Quote: SanchoPanza

That curious figure for Harrah's table games stands out. It is symptomatic of the attitude of that casino toward table players in general, notably craps players. It is one of the very few casinos I've seen that puts the craps pit off to the side and uncomfortably up against the wall.



Good point. It's almost as if they expect their table game player to go to Ceasars Palace. Tropicana ended up relatively high on the table game ranking despite being so isolated and having at least two big losing streaks.

NJ has a 57.50% lead in table games over PA. It will be interesting if PA can close it by next year (assuming NJ will continue to fall). PA casino operators have a powerful incentive as they are only being taxed 16% on table games vs 55% on slots. I suspect you won't see any change in slot revenue in PA. There is no incentive to improve, and only a single casino with 500 machines will open in Valley Forge. It is likely to get it's revenue from Harrah's Chester which is starting to crumble because it is located so near a city with such a high violent crime rate.
rdw4potus
rdw4potus
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January 24th, 2012 at 8:33:12 AM permalink
Quote: pacomartin

Final numbers are in for both PA and NJ. Pennsylvania is now officially the largest of the two states in terms of gaming revenue (by just 2.44%). NJ still dominates in table games. Table includes promotional gaming credits, but with promotional credits removed it is still NJ $2.952 billion, and PA $3.024 billion.

The Borgata in Atlantic City is by far the casino with the dominant revenue in the mid-Atlantic.

The state of PA is collecting roughly $1.4 billion in direct taxes, while the state of NJ is collecting less that $1/4 billion.


CASINO Slots Table Total
Mount Airy $187 $40 $226
Presque Isle $213 $21 $233
SugarHouse $203 $74 $277
Penn National $276 $38 $314
Mohegan Sun $298 $42 $340
The Meadows $312 $34 $346
The Rivers $336 $67 $404
Harrah's Chester Downs $333 $81 $413
Sands Bethlehem $382 $106 $489
Parx $467 $114 $582
Total PA $3,006 $619 $3,625
CASINO Slots Table Total
Golden Nugget $98 $28 $125
Trump Plaza $101 $36 $137
Resorts $116 $38 $154
ACH $113 $30 $164
Showboat $213 $46 $258
Tropicana $192 $85 $277
Taj Mahal $229 $120 $349
Bally's $264 $114 $378
Caesars $242 $163 $404
Harrah's $345 $94 $440
Borgata $430 $221 $652
Total NJ $2,343 $975 $3,318



That's a very interesting table. We must define "by far" differently. I'd say Parx is very close to Borgata's revenue. And Parx won't take as big a hit when Revel opens. Speaking of opening...Does NY report the revenues of their investor-owned casinos? I wonder where Genting's property at the Aquaduct would slot into this list.
"So as the clock ticked and the day passed, opportunity met preparation, and luck happened." - Maurice Clarett
pacomartin
pacomartin
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January 24th, 2012 at 9:05:15 AM permalink
Quote: rdw4potus

That's a very interesting table. We must define "by far" differently. I'd say Parx is very close to Borgata's revenue. And Parx won't take as big a hit when Revel opens. Speaking of opening...Does NY report the revenues of their investor-owned casinos? I wonder where Genting's property at the Aquaduct would slot into this list.



Well Borgata is still double PARX in table games. Borgata is really the only casino in Atlantic City holding it's own, with less than 2% change in slots or table game revenue last year. Although PARX had a 9% lead in slot revenue over Borgata, this table includes promotional plays. Pennsylvania has nearly double the promotional plays as NJ, since they are trying to get people to drive the short distances to the casino frequently, and play for sometimes very short periods of time.

Borgata is also the only casino in AC with a thriving non-gaming business. PARX is not going to add a hotel (there are several nearby already), and it is not going to add shopping or dining or large scale venue. The Sands Casino in Bethlehem seems the only PA casino actively building hotels, shopping, convention center and an entertainment venue to rival Borgata. Mount Airy built a hotel, but it is doing very poorly in gaming revenue due to not being located in an urban area.

I don't know if Revel will steal as much from Borgata. I think it will destroy the Taj Mahal.


Total promotional play in NJ is $366 million, and in PA it is $600 million. From what I can see, the PA casinos hope you will spend some time in the casino every week, so they have a lot of "free play" promotions that last one or two days. If you don't come, you lose it.
pacomartin
pacomartin
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January 24th, 2012 at 9:22:08 AM permalink
Quote: rdw4potus

Does NY report the revenues of their investor-owned casinos? I wonder where Genting's property at the Aquaduct would slot into this list.



Article on opening of Aqueduct

This article says that the VLT's at Aqueduct make by far the most daily profit per machine that I have ever heard of in the USA. For the first three days they made $618 per machine per day, which dropped to $585 for the next six days. That exceeds the revenue from a Megabucks machine in Las Vegas.

But there are only 2,500 VLT's at Aqueduct, far short of the 3,400 slot machines at PARX. Right now the Aqueduct would have trouble exceeding $350-$400 million in a year. But they may be adding some new machines before long.

Queens and Brooklyn are 4.735 million people in 180 square miles. The 5 counties in PA that constitute the Philadelphia area are 4.0 million people in 2200 square miles. Yet Philadelphia has about 8000 slot machines, and Aqueduct has 2500 VLTs.

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