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 Post subject: Casino a Sinking Ship?
PostPosted: Sat Aug 16, 2008 1:00 am 
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http://nwi.com/articles/2008/08/16/news ... 11dd65.txt

All I can say is wow!

I have been saying for years not to count on them riverboats being around forever or that at the least those revenues could go down. But while Hammond's casino has money to lend the city, apparently EC's casino is really strapped for cash and is borrowing $500,000 from the city. What a tale of 2 cities that is, to use an already overly used phrase. :D

What's even more curious is the current case before the state Supreme Court about $millions of EC casino dollars going god and Bob Pastrick only know where! :P

So for all Freetime's grumbling about the Hammond casino dollars and the PA it seems we are still doing pretty well after all. Too bad for her arguments she was so opposed to the marina expansion, which in the end may just mean that we keep our casino long after other cities have weighed anchor or at least struggled to keep afloat. :smt023

I guess EC and Gary should have been taking notes on how to do things right from Hammond. And on that note it's why I directly oppose normal budget items being paid for from casino funds as some political honkers purport we do.

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 Post subject: Re: Casino a Sinking Ship?
PostPosted: Sat Aug 16, 2008 7:00 am 
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Mirage,The EC marina is borrowing the money,not the casino boat.

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 Post subject: Re: Casino a Sinking Ship?
PostPosted: Sat Aug 16, 2008 12:42 pm 
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So how much did Hammond pay out of pocket to upgrade it's marina?

I mean I get what you're saying but the focus of the article clearly was the loan was needed because of lower revenues. Which in one sense of itself the loan shouldn't be that big of a deal, credit markets being what they are. But it's that the revenues are down that's cause for some alarm.

And lest we forget that due to the fuel crisis it is quite possible that the boat slip revenues could also decline. I know that in FL at some gas stations even last year you'd have to fight to get a pump as boaters would take up a whole side filling up those 500 gallon tanks. Now not so much.

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 Post subject: Re: Casino a Sinking Ship?
PostPosted: Sat Aug 16, 2008 1:06 pm 
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LOL

Well I went back and re-read the article and I guess it does have little to do with the casino itself after all. Guess I spent too much time at the Dave meeting last night. :D

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 Post subject: Re: Casino a Sinking Ship?
PostPosted: Sat Sep 13, 2008 7:16 am 
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Granted though, with sky-rocket gas/oil prices, you won't be surprised at next year's influx of empty boat slips....

Have you caught the want ads where people are feverishly trying to sell their gas-guzzling RVs, etc?

While speaking of the casinos, though, I have to agree with your remarks of not putting all their eggs in one basket.

Horseshoe is clearly a disappointment, because people can't afford to play such high stake slots. They only offer a few that are reasonable, requiring three quarters. I envision revenue declining - REALLY declining because of their poor choice of slot machines.

Resorts may fair much better than the Horseshoe. The Majestic I and II has always lagged behind....and would best be served if Don the owner sold them as separate entities and docked one closer to the Chicago shore, with better access from Illinois.

All in all, Horseshoe truly screwed up on the types of slots available....Even on the 2 cent machines you are forced to play 25+ lines to benefit a payout that never occurs. My guess they are squeezing as much out of their patrons to pay for the upgraded casino. My husband and I were frequent visitors to the Horseshoe. Since our only visit to the NEW Horseshoe, we decided never to return there again.

You see, you can do all the ornamental dressings, fancy environment, but if you put slots in that don't appeal to your customers, then all that fancy stuff was done in vain.

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