Friday, November 2, 2007

Pocono Downs Revenue Falls by 20%

By Ken Davison
Feather News

Pocono Downs´ weekly gaming revenue fell by about 20% in the first week since a competing casino in the Poconos opened last week.

Mount Airy Casino, located about twenty miles from Pocono Downs, opened October 22nd with 2,523 slot machines and four restaurants. A 188-room hotel is scheduled to open on November 15th.The $412 million casino is the first of the five stand-alone casinos to open in Pennsylvania. The casino is expected to increase the number of slot machines to about 3,000 upon the completion of an expansion in 2008 when it will also add 212 more hotel rooms, a conference center and retail shops.

All casinos in Pennsylvania report gaming revenues on a weekly basis to the Pennsylvania Gaming Control Board. Pocono Downs reported $3.06 million in gaming revenues (the amount lost by customers) for the week that ended on October 28th versus $3.7 million in the prior week.

The extent of continuing losses at Pocono Downs will not be known until the Mohegan Tribal Gaming Authority issues its fourth quarter report in December. That report, however, will not cover the period in which the Mount Airy Casino has been open but will cover the period of July 1 through September 30.

See related article at: http://feathernews.blogspot.com/2007/10/mount-airy-casino-to-open-today.html

Pennsylvania casino gaming revenues by location for the week ending Oct 28th: http://www.pgcb.state.pa.us/gaming_revenue/2007_10-22_gaming_rev.pdf