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#1
11-02-2007, 04:22 PM
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Gulf Stream slots lose money
Magna loses on everything they touch, it seems.
http://www.thoroughbredtimes.com/nat...for-Magna.aspx 
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#2
11-02-2007, 07:36 PM
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I wonder what Frank is paying in salary to himself. It is easy to lose money when you are overpaying yourself.
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#3
11-02-2007, 08:10 PM
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#4
11-02-2007, 08:27 PM
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Quote:
Despite owning something like 2% of Magna's parent company shares, there is some kind of wacky "voting shares" deal there where he basically controls the Board. He recently brought in a Russian Mafia Oil Baron in to help run the company which is worth $10 Billion +. Frankie takes down $50 Mil+ a year. He's a wiz at the auto parts business but has failed at racing as well as building a giant theme park, starting an airline and high end real estate development. It doesn't look good for the upcoming meet.
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#6
11-03-2007, 10:44 AM
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I hope the MD General Assembly comes to their senses and allows for an auction of slots licenses in MD instead of just giving one to Magna - assuming the creeps are even capable of passing a slots bill.
Word from Frank yesterday on the first day of hearings on the new bill submitted by Gov O'Taxey (D) is that he's going to have to shut down Pimlico if he doesn't get slots. When you consider the giveaway to Joe DeFrancis he agreed to when he first bought part of MJC, there's almost no way he can make any money for Magna. I think I've read he will have to give 65% of net profits from slots revenue to Joe and his band of thieves for the first five years slots are in place. When you make deals like that, it's no wonder Frank's other racing assets are going down the tubes.
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#8
11-03-2007, 07:54 PM
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dont they already have on site automated teller machines? maybe if they gave a crap for the guy who plays $10,000 a day on the ponies instead of the kissin ass of the nickel slot player they may do a bit better!
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#9
11-04-2007, 06:46 AM
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According to the Isle of Capris Casino's website (Pompano Park) the following is a recent press release.
-- In Florida, favorable legislative changes helped to improve operating results. Daily win per unit during the last week of August was $223, and the Company's Pompano property continues to lead the three Broward County racinos with a market share of approximately 54%. Don't know the Greyhound track's numbers, but I would be fairly certain they exceed Gulfstream Park's numbers. Both of these facilities design are much better than Gulfstream and there should be no surprise generating larger revenue that GP (not even including the Hard Rock Casino).
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#10
11-04-2007, 08:22 AM
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Average gross take per machine for quarter ending September 30:
Gulfstream $74 Mardi Gras (Hollywood Dog Track) $167 Isle Casino (Pompano PArk) $214 In January and February, Gulfstream averaged $326. Gaming lobbyists claimed the three would average $500 per machine per day, year round. Experts now say Gulfstream got hurt by not having $.01 machines. http://www.baltimoresun.com/news/bal...3.story?page=1
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#12
11-04-2007, 09:38 AM
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Quote:
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#14
11-04-2007, 10:11 AM
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#15
11-04-2007, 10:24 AM
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Quote:
Eric
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#16
11-04-2007, 10:27 AM
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when you make more money and you still want to claim a loss, all you have to do is claim more expenses.
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#17
11-04-2007, 04:59 PM
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Quote:
They recently passed legislation that allows Calder, Pompano, etc to simulcast the Gulfstream Meet (and Vice Versa). Many people from the north are betting Calder at Pompano Park during the day. This will continue (to a lesser extent) when Gulfstream opens. They will still get the simulcast handle, but on site attendance should be way down. They will get decent attendance for some of the big Saturday's, but it will be a ghost town during the weekday. I an guessing even when Gulfstream opens for live racing they will still have less slot revenue than the harness track.
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#18
11-05-2007, 03:56 PM
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Gulfstream will bounce back a little this year because they should have the casino part completely up and running when the meet starts, unlike last year. They need more big time concerts. I even liked it better when they just had weekly B-list concerts.
It still can't compete with places like the Hard Rock though. The thing that sucks about Gulfstream is the seating and the track configuration. It is almost like they really just wanted to make it a casino that has horse racing instead of horse racing with a casino.
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#19
11-05-2007, 04:50 PM
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I don't have them on me, but the slots revenue at Charles Town is - and will continue to be - unreal. You'd think the folks down at Gulfstream would have taken a look at the successful racino business models before doing what they did down there.
__________________
The world's foremost expert on virtually everything on the Redskins 2010 season: "Im going to go out on a limb here. I say they make the playoffs."
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#20
11-05-2007, 05:38 PM
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Hard Rock is not a full blown casino. Slots and poker; that's it.
Pompano is nice. They did a nice job there. And they still have $1 beer nights. Too bad their takeout starts at a usurious 20.5% w-p-s. But the place is absolutely packed on weekends. I haven't been to HollyDog since they put in slots. But it sure has to be easier for slot people to get in and out of there than Gulfstream. Personally, I like Gulfstream. I have never been there on a day when the grandtand is full, despite it's size. That includes F-Derby Day and Sun Millions Day. On the other hand, the simulcast area is packed on weekends. That is what people want. I expect Gulf to have a poor meet again. Bad management and FairGrounds purses should be way up this year. Gulf has noone to blame but themselves. They have had the pick of the liter as far as quality horses go and they have had lousy meets the past 3-4 years.
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