Thursday, December 4, 2008

But don't just take my word for it...

While Selectman Bond has heard discussion about the negative impact of a poor economy on a billion-dollar proposal such as a casino, he argues the project remains viable. "They're saying revenues are going down, but the revenues are still massive numbers," he said.
Boston Globe
December 4, 2008
Some people just see the glass as half-full. Especially if there's a cocktail waitress coming by every 1/2 hour to refill it for free.

According to Scott Ferson, a spokesman for the tribe, the Mashpee Wampanoag expect the Bureau of Indian Affairs to approve their land-in-trust application by next spring.

Boston Globe
December 4, 2008

As for massive numbers... right now, in Nevada, some casinos are offering Shrimp and Steak dinners for $3.99. I mean, how desperate do landlocked casinos in the middle of the desert have to be to ship in frozen shrimp, sell it for a song, and serve it with a steak and a gallon of free booze just to get people to show up? And they're still not making money...

"I was sitting down having lunch with a casino executive," recalled (Las Vegas Mayor Oscar) Goodman. "And he was telling me that he had a loan for $250 million that was going to be authorized that day to make a small improvement to the casino property. And he says, 'Excuse me for second.'"

"He left, went to answer the phone, and when he came back he was absolutely ashen. I said, 'What happened? Maybe it was a personal problem?' And he said, 'No they are not lending us the money, the credit markets dried up overnight.'"

ABC News Nightline
December 2, 2008

The country is now officially in a recession, the State rejected a casino bill last year, and Mr. and Mrs. John Q. apparently will be contributing to a national bail-out in the range of 4 trillion dollars. Even donations at local food banks and Toys for Tots are down.

When money is scarce, you want to see something tangible for it. News Flash: The Wonder of it All isn't a tangible asset. But don't just take my word for it.

Going For Broke: Colorado Casino Revenue Down 10.7 Percent

Connecticut casinos take big revenue hit

Illinois casino revenues down again; smoking ban blamed

Saturated market? Gambling revenues down

Kansas share of gambling revenue less than expected

Casino revenue down in Louisiana

Lottery, gambling revenues dropping; State’s racino cut may be down $3.6M

Biloxi casino revenue down 26%

Out of Luck? Sluggish Vegas Tries to Rebound

New Jersey
Atlantic City casino revenue down almost 10 percent

Even the Internet
World Poker Tour Dropping Online Gambling Website, Revenue Down

But heck, that's OK. Just keep saying a casino's coming, that new IGRA regulations won't hurt the Tribe's application, that they'll pass an act of Congress to save Foxwoods, and magic casino fairies will appear in the sky, sprinkling pixie dust and cheap shrimp all over town until the streets are paved with fool's gold.

Glass empty yet? Just have another. It's on the house!


barbara said...

OMG, Gladys! You forgot our neighbor in Rhode Island that defaulted before the credit crisis and was begging and whining to the state to reduce their payments. And aren't they involved in Middleboro?
Someone's drinking buckets of KoolAid or maybe it's being dispensed in the machine in Town Hall.
Casinos are not sustainable economic development and maybe finally, some people are listening - like to the prospect of the cost of ambulance service? Maybe some of the mitigation should have been thought out more carefully and discussed more fully before the TMFH. Oh, wait! Isn't that was CFO said?

joan said...

So, if Bondo is saying the revenues are massive now, why wasn't he taking that into consideration last year when he negotiated the agreement that short changed the town?
We can fault all of the other players for their contributions in the process, but it was Bondo who set the date for TMFH with the intent of 'forcing' the Tribe (investors) to the table with his 'inevitability' claims and it's him I blame.
It doesn't matter. He can move on. No roots. But some of us really care about the town we live in.
You compiled good information about the sensitivity to economic pressure on the industry.

carverchick said...

Another great blog Gladys. No doubt that the golden casino egg is quite hollow in the middle. Think our State is bad off? Think about all those States you listed that were relying on casino revenue that just isn't there. Ouch!

Alas, I am sure your reasoning will fall on deaf (but certainly not mute) ears. The casino is coming.....Scott Ferson says so. Just like the Mashpee Wampanoag Tribe met the pilgrims....they said so. Just like the casino will bring jobs for everyone.....the unions said so. Just like the casino will revitalize the area and be an economic engine while giving much needed money to the State of Massachusetts....other States are rolling in cash because of casinos - oh wait, no they aren't.

A casino a tangible asset? I don't think so, and I won't just take your word for it...I will take the word of Colorado, Connecticut, Illinois, Indiana, Kansas, Louisiana, Maine, Mississippi, Nevada, New Jersey, and yes....even Rhode Island.

Anonymous said...

Again another piece of "great education" for the public.

I thank you and carverchick for all the hours of research and you both caring enough to do so.
Your public awaits your next "pearls of wisdom"
please keep educating us as this state is entirely unfamiliar with Tribal casino's and the federal Indian policy. We need the both of you to help us understand what is really going on with this process as we only hear the same old, same old, rant from Adam Bond and his friends.


Anonymous said...

Good Grief!! Enough with this inevitability.

But wait.

Bond was out of town last Thursday in Michigan on a "trial."

Was he there the entire week, or a few days?

He represents a company in Ann Arbor which is near Detroit. Isn't the greater Detroit area dirty with casino syndicate players? So what's to say he didn't meet with such advisors and casino lawyers and casino syndicate investors?

You know, to get the latest information on how well the industry is doing and those "massive revenues."

I wonder what Bond's next casino "meme" will be...

Right on Gladys! Keep on keeping on!

Anonymous said...

Next we will be seeing a call for a congessional casino bailout.

Right now, casinos are a losing bet for ALL involved, even the investors.

Smoking Owl said...

Scott Ferson says the land-into-trust application will be approved by next spring.

When I went to a Brockton Rox game for the first time I was excited when I saw the menu at the concession stand. It said they offer eggs benedict and tomorrow's special was going to be Prime Rib.
I went back the next day but guess what? The menu still said Prime Rib was being served "tomorrow" and eggs benedict is available from 10:00 to 11:00 A.M. Well that's when I got the joke cause no games are played at that hour and the Prime Rib never comes cause its always tomorrow's special.

Just as Scott Ferson predicted the casino groundbreaking within 18 months, when is next spring coming? Maybe Ferson is the guy who came up with the clever joke the Rox played on their fans.

Keep the information flowing Gladys. It gives me some pleasure reading about casino revenues falling and all the ways in which the proposed Middleboro casino may fail.