Presque Isle Downs and Casino Beats Revenue Expectations
Presque Isle Downs and Casino beat slot revenue predictions in its first year operating the machines, surpassing an estimate of $130 million in income by over $30 million to garner $163 million. The Pennsylvania Gaming Control Board had estimated the racetrack would be among the lower echelon of slot earners, but a wise use of the location's partnership between slots and horses helped beat expectations.There has been a recent decline in the daily take, but company CEO Richard Knight attributes the slowdown to traditional seasonal variance, understandable with the recent waves of winter storms. Employee layoffs that took place for the offseason are now being reversed in anticipation of spring and summer.
Knight predicts an even better second year for Presque Isle, as a clientele has been established and an expanded racing schedule is in place, with 100 days of thoroughbred racing beginning in May, as opposed to the previous month-long September meets.
High purses and excellent track conditions led the Thoroughbred Times to recently name Preque Isle the top venue in the country. Knight and his management team are to be lauded for creating a truly symbiotic relationship between slots and horse racing, resulting in the greater good of Presque Isle. Other slot operators currently running racetracks, such as Isle of Capri, could take long and hard lessons on management from Presque Isle.
Knight plans to continue to upgrade and finetune his establishment, adding both a deli and a pizzeria this year as well as increasing the number of betting windows and replacing video slots with the more popular reel variety. Things at Presque Isle Downs and Casino seem to be in fine hands.
Recent Comments
| Posted by: george vietze | When: 02/15/2010 07:31:19 AM EST |
| Erie, Pa. has some of the most astounding gambling demographics in the nation. Erie is within 500 miles of 50% of the population of the United States, not counting the close proximity to a major Canadian populace. This was proven over the last 36 months when just 2000 slot machines generated WEEKLY gross revenue from $29-million to $50 million. Presque Isle Downs is within 500 miles of 24 other thoroughbred race tracks making Erie a hub for thoroughbred racing. Also, Pennsylvania's racing program is one of the best in the nation, state law mandates that 10% of all revenue from slot income be paid into a fund controlled by the State of Pa. to fund thoroughbred race purses, the new Ohio law state 3% of slot revenue. Most people do not understand the impact of those demographics. Two main problems limit horse revenue, not enough stalls to handle demand of horses and the new Tapeta race surface, while great for racing, according to the race trainers is not good for race training because over time the horses get sore. A race training facility is needed with a professional training track and amenities. Contact George Vietze at Seneca Country Land 814-464-7800, www.senecacountryland.com or www.whyerie.com if you are interested in being involved in a major training facility near Erie, Pa. | |
| Posted by: Chris | When: 01/01/2011 02:53:02 PM EST |
| go if you want to loose BIG!!!!!!! | |
