Notes Regarding New York Racetrack Casino VLTs

Notes Regarding New
York Racetrack Casino
VLTs
Charles Vickery
Presented January 12, 2007 to
National Council of Legislators from Gaming States
Hawk’s Cay, Florida
Summary
►Studied
Tioga Downs’ market demographics relative to potential revenues.
►Comparable
to Saratoga and Monticello
relative to distance from other casinos.
►40-mile
radius population provided
reasonable estimates of per capita
revenues for all 3 locations.
VLT Net Revenue at
Saratoga, Monticello and Tioga Downs
Racetrack
Casino
Opened
Week
YR1
Ending Machines
2006
VLT Net
Revenue
($US Mil.)
Year 1
Jul-Dec
VLT Net
Revenue
($US Mil.)
Saratoga
01/31/04
1,324
$119
$44
Monticello
07/03/04
1,744
$76
$32
Tioga Downs
07/08/06
750
$21
$21
Data source: New York Lottery.
Tioga Downs was open for only 6 months in 2006.
VLT Net Revenue is money remaining after paying winners, prior to further distributions.
2005 Population Within Various Radii
Racetrack
Casino
Saratoga
35 Miles
40 Miles
1,004,875 1,064,003
45 Miles
60 Miles
1,143,520
1,441,381
Monticello
488,900
755,190
1,106,239
3,296,921
Tioga Downs
532,586
622,931
700,637
1,263,109
Data source: Claritas.
Per Capita VLT Net Revenue
During July-December of First Year
Racetrack
Casino
35 Miles 40 Miles
45 Miles
60 Miles
Saratoga
$44
$41
$38
$30
Monticello
$65
$42
$29
$10
Tioga Downs
$39
$33
$29
$16
Saratoga and Monticello opened in 2004. Tioga Downs opened in 2006.
Data sources: 2005 population, Claritas. Net Machine Revenue, NY Lottery.
Per Capita 2006 VLT Net Revenue
Racetrack
Casino
35 Miles 40 Miles
45 Miles
60 Miles
Saratoga
$118
$112
$104
$82
Monticello
$156
$101
$69
$23
$77
$66
$59
$33
Tioga Downs*
Tioga Downs’ VLT Net Revenue was multiplied by 2 since it opened July 4, 2006.
Saratoga and Monticello per capita revenues were higher because they have been open
longer. Saratoga and Monticello’s Year 1 revenues were evenly split for Jan-Jun vs. JulDec.
2005 Per Capita Income
Racetrack
Casino
35 Miles 40 Miles
45 Miles
60 Miles
Saratoga
$25,466
$25,539
$25,309
$24,823
Monticello
$24,143
$24,456
$24,984
$30,398
Tioga Downs
$21,541
$21,447
$21,196
$21,193
Data source: Claritas.
Patterns in Weekly VLT Net Revenue
►The
next section looks at patterns in
weekly VLT net revenues at selected
racetrack casinos in New York.
►These
patterns help to project future
revenues and to interpret data for
other racetrack casinos coming online.
Thank You
Charles Vickery
273 E. Mt. Vernon St.
Oxford, PA 19363
(610) 932-4167
[email protected]
January 12, 2007