The Isle and its revenue numbers: Why?
So I have a story in the paper today about The Isle Racing & Casino celebrating its first anniversary, and when you check the revenue numbers, it's noteworthy how their figures are much greater than the two other slot/racing sites in Broward.
Marketing VP Linda Powers was the highest-ranking staffer at the party, and so it really wasn't a time for tough questions to fly. (Upper management keeps a firm hand on who says what.) But among the questions I still have: Is the number disparity large because of things The Isle is doing right or something the two other places are lacking?
Or is it simply geography? With Mardi Gras and Gulfstream in South Broward -- and 900-pound gorilla Seminole Hard Rock Hotel and Casino only miles away -- are they merely swinging away at each other? Or will they both take off when Gulfstream's construction is done and Mardi Gras upgrades its card room?
The Isle, meanwhile, isn't that far from Seminole Coconut Creek, and both draw from a lucrative Boca-Delray set (Palm Beach County has no slots). And Powers offered up that her place feels more like a casino than everyplace else -- and I'll grant some of that, mostly when you compare the poker room at The Isle to the room at the Seminole. I won't get into comparing the rest of the two.
The Seminole Coconut Creek will be expanding soon, though, and what does that do to the Isle?
So, you all tell me: Is it geography, some other factor or what?
I've typed six questions in this post; take a crack at any of them.
Comments
If the Isle is the successful one, I'd hate to see the others :-). I have to drive down Powerline every day, and wait for the light at the Isle entrance, timed to accomodate the 4,000,000 cars the consultants said would be coming. It is totally ghost traffic. There are no cars coming out of the place (but we get to wait 5 minutes for them anyway).
Posted by: Tom Horsley | April 15, 2008 8:14 AM
I can offer a solid reason. Backlash against the Indians.
I know a lot of hardcore gamblers, including a few "Whales". To a one, they all cannot stand Hardrock. Their biggest complaint is the payouts. There is no regulation on how much they have to give back. The Seminoles have come across as arrogant since the Hard Rock opened and people are more likely to drop money where they know at least some of it is going into the State coffers, as well as the regulation on how much has to be paid out.
Posted by: jeff | April 15, 2008 9:12 AM
Tom, I'm going to go back and check the clips and see what projections were made. I'll try to add what was said in the 'comments' in the next day or so here.
Posted by: Nick Sortal | April 15, 2008 9:13 PM
Isle Pompano is the most "casino-like" place of the three racinos, and the poker room is first class. There are more than a few poker players who have left Hard Rock because they say the atmosphere is unfriendly and sometimes intimidating.
The prohibition of smoking at Isle and the other two racinos is a real incentive for many slot players. Coconut Creek is the worst place for smoke. If they ever do build a new facility with a good air handling system, it will be bad news for Isle.
For anyone in northern Broward County or Palm Beach County, Gulfstream and Mardi Gras aren't options because of the traffic and difficulty in getting there. It will improve somewhat now that the season is winding down, but once you get south of I-595, I-95 is slow, and Hallandale Beach Blvd heading east is no fun to drive.
Add to that, the poor job Magna has done with Gulfstream: two casinos on separate floors just don't cut it.
It would be interesting if the Sun Sentinel could ever find out the total slot payback percentages at the Seminole casinos. The racinos are required to post theirs. Currently, Isle Pompano pays 92.27%. Although this is less than many markets, the tax rate is a real problem.
Finally, Isle Pompano is the only place with a real buffet. Many players, especially retirees, like the buffet with its discounted or comped prices for players club members.
Posted by: detroit1051 | April 16, 2008 11:51 AM
I have a question for you. Since the Isle is makiing the most money of any of the others why don't they have a contract with the horsemen there. They are the ones that worked hard to get them the gambling in the first place. Yes their casino is nice but have you been to the grandstands.
Posted by: john | April 16, 2008 1:13 PM
John Holland, who works more on the news facets of the gambling saga, wrote about the horsemen and their situation about a month ago, John.
Meanwhile, though, this one-year anniversary story gathered a lot of comments regarding the horse aspect at http://www.sun-sentinel.com/news/local/broward/sfl-flbisle0415sbapr15,0,702832.story
Posted by: Nick Sortal | April 16, 2008 2:14 PM