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• Gambling expansion is headed to the Panhandle. The Poarch Band of Creek Indians, based in Atmore, AL, has land in Escambia County and now operates the Gretna racetrack which is operating controversial flag drop races. The tribe “has options to own, or agreements to control 10 pari-mutuel permits along the Interstate 10 corridor between Pensacola and Jacksonville.
• State tax revenue from parimutuel gambling has plummeted 99 percent for jai alai and greyhound racing since their hey day of 1985 and dropped 39 percent for horse racing.
• Florida regulators fail to collect accurate data. The report found that the Division of Parimutuel Wagering made no effort to independently verify information supplied by the tracks and the Isle of Capri Pompani harness track “grossly overstated” its purse numbers from 2009-2012 and Gulfstream Racetrack understate simulcast revenue by $605 million.
• Florida’s largest greyhound tracks are ready to give up their dog racing. With losses of $35 million from greyhound racing in the last year, only three tracks made a profit and that was because of revenues from cardrooms. Michael Glenn, general manager of the said his company would shut down the dog track if it could. “There just are not enough folks out there to come to the track and wager on these races,’’ he told Spectrum. “There is not any interest.”
• Expansion begets more expansion. “The industry rarely shrinks, and quite often, expands as a result of expansion.”
• Adding table games to the menu at racinos would increase revenues for slot machines, not reduce it. “The addition of house-banked table games such as blackjack to a slots-only casino can serve to increase slot revenue. This seems counter-intuitive (the natural assumption is that new table games would simply cannibalize existing slot play) but experience in markets that have added tables to casinos that previously offered only slot machines shows otherwise.”
• Destination casinos that offer mix of resort and convention space are not panaceas “nor do we ignore the downside or the challenges they present to local communities. By definition, they increase traffic and create other demands on public services. The more successful they are in generating revenue, the more such demands increase.”
• Olando should stay away from casinos. “In our view, Orlando’s ability to grow its conventions and meetings business in the face of this national trend underscores an important asset in this market: Orlando’s strength in attracting business travelers is growing without gaming, and that absence is to some degree fueling that growth. Orlando has carved out a significant, profitable niche in that national market, and gaming would clearly be antithetical to that image and its ability to dominate that important segment.”
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