CR85-p26&27-Comment:SJC-Casino Review 24/10/09 11:20 Page 2
SECTION SPONSOR
THE MAIN
ATTRACTION
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Ohio casino initiative
information. Its unique 29” screen is ideal for listing
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is losing momentum
surveillance camera views.
All elements of e-FX Insignia, from screen graphics
threedom potential legalization of
COMMENT Governor Strikland's and layouts to trim colours, can be cost-effectively
plan to install 2,500
“According to the most VLT's at each of Ohio's
customised to maximise player appeal.
recent pre-election poll seven racetracks.
conducted by the Recently, Governor
Polling and Strategic Strikland's plan was put
See it in action
www.tcsjohnhuxley.com/insignia
Design Group of on hold as the Supreme
Florida, approximately Court ordered that the
48 per cent of regis- plan requires voter
tered voters (versus 58 approval at the Novem-
per cent in September) ber 2010 ballot. We
are in favour of the legaliza- turn-out to be considerably believe that MTR Gaming
tion of four stand-alone low given the fact that Issue will stand to benefit from the
casinos in Ohio. This latest 3 is being voted upon in a approval of this initiative as
polling data clearly indicates non Congressional or Presi- VLT's at Scioto Downs
that legalization of casinos in dential election year, which (Toledo, Ohio) will provide
Ohio seems to be losing tends to bring out fewer reg- the company with a good
momentum. istered voters to the poll. hedge against increased com-
We don’t believe that Third, we believe that Issue 3 petition at the companies
Issue 3 will be legalised at will also be affected by the West Virginia and Pennsylva-
the upcoming November 3, voter mix, which historically nia properties.
2009 ballot. Despite strong tends to skew heavily Should voters reject Issue
support in pre-election polls, towards the anti-gaming 3 at the upcoming polls, MTR
Ohio voters have rejected voters, who show up on elec- Gaming will stand to benefit
casino initiatives four times tion day in comparison to from this scenario as they
over the past 20 years, which pro-gaming voters, who may will face lesser competition
clearly indicates that Ohio or may not turn up to vote on at their West Virginia and
voters do not see legalising the day of the polls. Pennsylvania properties.”
gaming as the long-term solu- Ohio also faces the possi-
tion to balance their state bility of another regulatory
Andrew Zarnett,
budget. We expect the voter change which includes the
Deutsche Bank
CityCentre in Las Vegas is
already worth half of what it
will take to construct it
dential inventory was not recov- Penn National has said it would casinos with 1,000s of jobs. The
erable. In short, it’s costing more pay less than US$300m to take problem is this. Given the eco-
to build these huge projects on the property yet it will take nomic stress in everything from
than they are actually worth. $1.2bn to $2bn to complete its construction to falling gam-
A similar story is emanating construction. bling spend, the gamble in
from the chaos of construction Whilst it is undoubtedly far casino investment is no longer
at the nearby Fontainebleau fetched to imagine govern- paying out at the same percent-
which remains more than half- ments rescuing failing casino age. Having lobbied local gov-
finished after it fell into bank- projects like they did the ernment for years about the
ruptcy in the summer. Again, banking sector, it’s worth economic boost the casino
the cost of completing the noting that they are more than sector brings, the governments
development is likely to be happy for casino investors to are finally beginning to listen
higher than its actual worth. gamble with their own money, but the casino groups are less
Pennsylvania-based operator building economy boosting willing to invest.
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