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What you need to know for 07/27/2017

Rivers reports slight drop in gaming revenue

Casino

Rivers reports slight drop in gaming revenue

Early harness racing leads to significant revenue increases at racino
Rivers reports slight drop in gaming revenue
Parking became an issue 30 minutes into opening day at the Rivers Casino at the Mohawk Harbor site Wednesday, February 8, 2017.
Photographer: PETER R. BARBER/GAZETTE PHOTOGRAPHER

As gaming revenue inched downward at Rivers Casino & Resort in Schenectady in its third week open, nearby Saratoga Casino Hotel saw a leap in gaming “credits played” — on a week that began with an early start to the harness racing season. 

The Saratoga racino reported significant revenue increases for the week ending Saturday, Feb. 25, according to the state Gaming Commission. Credits played at the casino’s video lottery machines reached $48.7 million, up 17.4 percent from $38.2 million the week prior. Net winnings were up to $3.3 million, a 26 percent increase from $2.4 million the previous week. 

That’s quite a difference from the 25 percent decrease in net winnings at the racino for the week ending Feb. 11, the same week Rivers Casino opened on Feb. 8.

The latest week of numbers were tracked starting Sunday, Feb. 19, which happened to be opening day of the 76th season of harness racing in Saratoga. The region’s first live racing of 2017 — which started earlier than usual on a sunny day— brought hundreds to Saratoga Casino Hotel. In recent years, the racing season has started the first Sunday in March. 

Meanwhile, at Rivers Casino in Schenectady, gross gaming revenue declined by 5.88 percent, with net revenue dropping 2.24 percent.

The gaming operation took in $31.86 million in total gaming cash and realized net gaming revenue of $3.47 million from Monday, Feb. 20, to Sunday, Feb. 26, which was the casino’s second full week of operation, according to a report released Friday by the state Gaming Commission. The casino opened Feb. 8, which was a Wednesday.

The most recent numbers were down from the first full week of gaming, when the casino realized $33.85 million in total gaming revenue and $3.55 million in net gaming revenue — numbers that were up 24 percent and 16 percent, respectively, from the casino’s opening week, which included just five days of operation and two snowstorms.

Total cash spent at the casino’s 1,150 slot machines dropped by $1.71 million, coming in at $26.42 million for the week ending Feb. 26. 

Net revenue from the casino’s 67 table games increased by $152,547, from $734,538 to $887,085, even as the total cash spent at the tables declined by $275,748 — from $5.71 million in the second week to $5.44 million in the third.

At del Lago Resort and Casino in Waterloo, gross gaming revenue was up — from $31.6 to $37.79 million — with net revenue also getting a boost, up to $3.73 million from just over $3 million the week before. 

Total money spent on gaming at Tioga Downs Casino in the Southern Tier fell from $19.19 million to $18.89 million. Net revenue was up, however, increasing by $90,083 to $1.64 million.

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