|
|
|
Saturation point? Even without Foxwoods, Sugarhouse is way behind projections
The Web site for the award-winning alternative weekly, the Philadelphia City Paper.
Saturation point? Even without Foxwoods, Sugarhouse is way behind projections
 |
Since having its license finally revoked by the Pennsylvania gaming Control Board last week, the Casino Formerly Known as Foxwoods has been much in the news.
But another story seems to be slipping through the cracks: even without the (presumed) competition from a second Philadelphia casino, Sugarhouse Casino, which opened in September, has shown a surprisingly poor performance.
City Paper finds that Sugarhouse is bringing in less than half the revenue it told the state to expect just six months ago.
In two presentations in May, Sugarhouse offered the Gaming Board revenue estimates that bear little resemblance to the business the casino has brought in so far.
On May 13, Sugarhouse officials made a presentation estimating $240M in net slots revenues for its first year in business with $132M going directly to the state or city in taxes and local share assessment. On May 19, Sugarhouse repeated those projections in another presentation.
Let's do some math: 240 million expected total slot revenue / 52 weeks = 4.6 million per week — right?
And $132 million in tax revenue for the state and city / 52 weeks = $2.5 million weekly — right?
But Sugarhouse isn't bringing in close to that much.
Even during its opening week, Sugarhouse reported just $$3.6M in revenue — still less than the target $4.6.
Since then, slot revenues have dropped by half: last week, they raked in $1.86 million before taxes: that's about forty percent what they're supposed to be making.
To be fair, Sugarhouse's table games are actually ahead of schedule, bringing roughly double the projected amount. But they account for much less of the casino's total earnings: even if table games bring double the expected revenue, it would amount to $5 million dollars extra. The current slots earnings, meanwhile, suggest the casino may bring in as much as $38 million less than expected.
As state officials prepare to bid another casino license for Philadelphia, maybe it's worth asking whether a second casino — or even a first — is even remotely viable.
[...] This post was mentioned on Twitter by Philadelphia. Philadelphia said: Saturation point? Even without Foxwoods, Sugarhouse is way behind projections: Since having it... http://t.jfm.tv/ehIcpu #CitypaperBlogs [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Saturation point? Even without Foxwoods, Sugarhouse is way behind projections :: The Clog :: Blog Ar... [...]
[...] Philadelphia Citypaper (blog) [...]
[...] Saturation point? Even without Foxwoods, Sugarhouse is way behind … [...]
- ActiVman
- adventures
- Arts
- Ask A Man-About-Town
- Award Tour
- Awards
- Bad Idea Factory
- Beer
- Below the Curve
- Bikes
- Booze
- Brian Hickey
- BRT
- Budget
- Budget Fuss
- Business
- Casinos
- City Council
- City Hall
- CouncilMANIC
- CP Abroad
- CP in the Community
- Criminal Justice System
- Day Tripper
- Death and Taxes
- Delaware River
- Design
- DROP
- Drugs
- Dubious Distinction
- Elections
- End of Days
- Environment
- Fashion
- Film Fest
- Financial Meltdown
- FrackTrack
- Free Library
- Gambling
- Gay Stuff
- Get Lit
- Greenstorming
- guns
- Hall Monitor
- Health
- Health Care
- Hello, Kitty
- Holidays
- Ice Cubes
- Iggles
- Immigration
- In Memoriam
- Labor
- Lawsuits
- Letters
- LGBTQ
- Maps
- Marcellus Shale
- Media
- MMA
- Mummers
- Music
- MUST READ
- Mysterious Mysteries
- Nation
- News
- Non Sequitur
- Opinion
- PA politics 2010
- Parking Wars
- Parks and Recreation
- People Send Us This Stuff
- Philadelphia Police
- Philadelphia Union
- Philaphemera
- Philly From Scratch
- philly madness
- Photos
- Poverty
- PPA
- President Obama
- Print Edition
- Prisons
- Protest
- Readers Write
- Real Estate
- Rock Bottom
- Schools
- Science
- Screwing Philly
- SEPTA
- snow
- So Lush
- Soccer
- Sporting Life
- Sports Complex
- State Politicians
- State Politics
- Street Art
- Strike
- Stuff We Like
- Taxes
- Taxi Drivers
- Tech Fetish
- television
- The Budget Crisis
- The City Paper
- The CLOG
- The Human Condition
- The Mayor
- The Phightin Phils
- The World
- Things that make you go hm
- Tinfoil Hats Off
- Under the Table
- Under the Tables
- Urban Development
- Urban Planning
- urban wildlife
- Video Poker
- We Call Shenanigans
- Weather
- Web Junk
- Weekend Omnibus
- White House
- What We've Found
- Women's Issues
- Flyered Up!
- How 'Bout That Weather?
- it's always sunny in philadelphia
- Stu!
- Shopping
- get out
- 10-track mind
- ArtsFlash
- Bloggity
- Bruce Being Bruce
- Colleges
- Comedy
- Gigantic Surprises
- Hello Canary
- Hello Puppy
- errata
- get lost
- Inside The Fishbowl
- Library Closings
- Local Support
- Movies
- Murder
- Night Moves
- Recycling
- radio
- Scientology
- Sex
- Sixers
- Skeeze Police
- State Politicians Screwing Philly
- That's a cool stencil!
- Theater
- Things We See
- This Week
- This Week in Oates
- University City
- WIN
- What we don't heart
- trailer!
- what we heart
- Feeling Guilty
- Askadelphia.
- Broke in Philly
- Contest
- Dance
- Dear Paper Doll
- Do A Good Thing
- Education
- Film Fest Schism
- G20-20 Vision
- Goodbye
- Gossip
- Great American Heroes
- PATCO
- Pearl Jam Week
- Puppy
- Stars of the Photostream
- sustainability
- Lower Merion Webcam-Gate
- The Cycle
- Equality Forum
- Bureaucrat of the Week
- Animals
- ElectionEar
- Photostream
