Blue Chip revenues stagnant as casinos decline statewide |
Blue Chip revenues stagnant as casinos decline statewide |
Jan 22 2013, 07:01 AM
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Really Comfortable Group: Members Posts: 1,829 Joined: 11-January 07 From: Kobe, Japan Member No.: 18 |
http://thenewsdispatch.com/articles/2013/0...98639832813.txt
MICHIGAN CITY — Statewide, casinos had another disappointing year in 2012, with adjusted gross revenues falling short of the previous year’s pull by about 3.5 percent, or a difference of almost $100 million, according to Larry Rhoades, assistant accounting director of the Indiana Gaming Commission. But Blue Chip Casino, Hotel and Spa, had a relatively flat year; its adjusted gross revenues were up – but only just slightly – by about $250,000, or “a rather negligible amount,” according to Rhoades. Ted Bogich, vice president and general manager of Blue Chip, was also quick to point out that increased revenues do not necessarily indicate an increased profit for the casino. “In general, what gets reported by the (Indiana) Gaming Commission, those are revenue numbers – they’re not profit numbers ... that’s just gross gaming,” Bogich said. * Bogich added that Boyd Gaming, the public company that owns Blue Chip, does not discuss its finances any more than necessary to protect the viability of its stocks. However, Bogich acknowledged that new casinos in southern Michigan and the possibility of even more casinos coming into play in Illinois have stiffened the casino’s competition. Elsewhere throughout the state, Rhoades said other casinos are also feeling the “hurt.” He said 2012 revenues were particularly impacted by new casinos in Ohio, which bit away at the revenues of their competitors in Indiana. With the possibility of new casinos in Illinois and Michigan, Bogich said Blue Chip is trying to be proactive about the competition. “We have really transformed Blue Chip to be a regional gaming and entertainment destination, which is different from how our property was positioned before,” Bogich said. “By doing that, we’re really able to expand the reach to places as far away as Chicago, southern Indiana and Michigan, predominantly, but even as far away as Wisconsin. We’re also focusing on improving the quality and quantity of amenities – four bars, live entertainment with a headliner at least once a month. ... That has helped us remain more competitive.” In 2012, Indiana tax revenue from admission and wagering taxes on the Blue Chip Casino was about $50.5 million. At a time when Michigan City receives about $10 million annually in taxes from the casino, in this case, what is good for the casino is also good for the city. However, with the speculation that casino revenues will continue to fall statewide in the future, it is too early to tell whether Blue Chip will remain resistant to the “negative trend.” Some have reasoned that state legislators could eventually respond to the increased competition from other states by lowering taxes on Indiana casinos. Bogich said he believes state legislators will continue to monitor casino revenues and act accordingly. “Certainly any business would like the ability to compete on a fairly level playing field. ... But that’s not necessarily the case,” Bogich said. “In Michigan, you also have Native American-owned casinos. ... We think as the legislation meets this year and the year after, we will see what happens and will try to do what can to make sure we remain competitive.” ____________________________________ I hate these places. Been to Las Vegas a couple of times. As I'm not a pro-level gambler every person in ANY type of service job - be it waiter or black jack dealer or what ever - looked at me like I had SUCKER written on my forehead. It would be interesting to know how many people in MC have lost their homes to gambling. |
Jan 24 2013, 07:04 AM
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Really Comfortable Group: Members Posts: 1,829 Joined: 11-January 07 From: Kobe, Japan Member No.: 18 |
This is what gets me -
Gambling contributes about 5 percent of total revenue to the state’s general fund, the third biggest revenue source after income and sales taxes. “Those are not dollars we can do without,” Mr. Pelath said. Really? So Indiana can't survive without taking people's money? Because that's exactly what these places do. If you happen to be a pro gambler that's one thing - but the average Joe Lunchpail doesn't stand a change against an industry that has refined the art of taking your cash. |
Jan 24 2013, 09:35 AM
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Member Group: Members Posts: 101 Joined: 12-September 09 Member No.: 954 |
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Jan 24 2013, 03:59 PM
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Really Comfortable Group: Members Posts: 1,829 Joined: 11-January 07 From: Kobe, Japan Member No.: 18 |
In a capitalistic society, are there any industries still in existence that haven't "refined the art of taking your cash"? McDonalds, movie theaters, public utilities, retail? Wow - if I spennd 550 yen at McDonald's here I get a Big Mac set in return. If I blow $500 at the casino playing Black Jack what do I get in return? |
Jan 24 2013, 05:37 PM
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Member Group: Members Posts: 101 Joined: 12-September 09 Member No.: 954 |
Wow - if I spennd 550 yen at McDonald's here I get a Big Mac set in return. If I blow $500 at the casino playing Black Jack what do I get in return? If I pay a cover to see one of your concerts, what do I tangibly have to show for it afterward? If I pay to see a movie, what do I have to show for it? |
Jan 24 2013, 07:01 PM
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Really Comfortable Group: Members Posts: 1,829 Joined: 11-January 07 From: Kobe, Japan Member No.: 18 |
If I pay a cover to see one of your concerts, what do I tangibly have to show for it afterward? If I pay to see a movie, what do I have to show for it? Good point. So, you're saying that someone loses the mortgage payment but they got to play black jack for 10 minute so it all works out? |
Jan 24 2013, 07:26 PM
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Member Group: Members Posts: 101 Joined: 12-September 09 Member No.: 954 |
Good point. So, you're saying that someone loses the mortgage payment but they got to play black jack for 10 minute so it all works out? It is a form of entertainment. The reason that you are expected to be 21 years of age to participate is because you are an adult and should reasonably be expected to partake within your means. I can go to a movie and spend 40 dollars, is it the movie theater's fault if that money was supposed to be earmarked to pay the water bill? You know, I get it why people like to blame the casino for all of society's ills. It's easy to do. |
Jan 24 2013, 08:40 PM
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Really Comfortable Group: Members Posts: 1,829 Joined: 11-January 07 From: Kobe, Japan Member No.: 18 |
It is a form of entertainment. The reason that you are expected to be 21 years of age to participate is because you are an adult and should reasonably be expected to partake within your means. I can go to a movie and spend 40 dollars, is it the movie theater's fault if that money was supposed to be earmarked to pay the water bill? You know, I get it why people like to blame the casino for all of society's ills. It's easy to do. I get what you're saying. The liquor store analogy works as well. Should we close all liquor stores because some people end up hopeless alcoholics? I have a deep hatred for the gambling biz world from a couple of trips to Vegas. I also get that the casino has done a lot for MC financially. It just seems to me they've done it, in part, by building their business on the backs of people who lost their shirt at the casino. |
Jan 24 2013, 09:08 PM
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Member Group: Members Posts: 101 Joined: 12-September 09 Member No.: 954 |
I get what you're saying. The liquor store analogy works as well. Should we close all liquor stores because some people end up hopeless alcoholics? I have a deep hatred for the gambling biz world from a couple of trips to Vegas. I also get that the casino has done a lot for MC financially. It just seems to me they've done it, in part, by building their business on the backs of people who lost their shirt at the casino. If you're going to place hatred upon the casino industry for making money off the backs of others then you may as well hate anyone who makes money, including all of Wall Street... |
Jan 25 2013, 04:07 PM
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Really Comfortable Group: Members Posts: 1,829 Joined: 11-January 07 From: Kobe, Japan Member No.: 18 |
If you're going to place hatred upon the casino industry for making money off the backs of others then you may as well hate anyone who makes money, including all of Wall Street... Are you seriously trying to tell me how to feel about someone or some thing? Let me know how that works out for you. |
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