The Providence Journal reported figures last week that point to the significance of adding table games last year to the Twin River Casino. A gamble by Rhode Island voters to allow table games at the Twin River Casino in Lincoln has paid off to the tune of $7 million for state government since last year. With the window still open to improve and draw crowds from other states, TR is continuing to be a major player in the New England casino expansion.
Meanwhile, Massachusetts still seems to be dragging its feet on the two major casino licenses – Springfield & Boston – giving Twin River more time to sure up loyalty patrons. Its close competition in Massachusetts, the small, slot-only casino at Plainridge Park in Plainville. It remains to be seen how much the Plainville slots parlor will compete with Rhode Island casinos – both Newport Grand Slots and Twin River.
The other competition east still remains east in Connecticut. But slot revenues continue to decline month after month. Slot machine revenues at Mohegan Sun and Foxwoods Resort Casino fell by double-digit percentages last month, declines the casinos’ top executives attributed to a familiar mix of stiff competition, the economy and nasty weather. There is no way to measure the effect of TR’s table games on this decline, but I think it is substantial.
Let’s compare to a series of events in a basketball game. Team A misses an easy lay-up, and Team B gets the rebound, makes a three-pointer at the other end and is fouled. It’s not that Team B gained 4 points (with the free-throw), but it’s what Team A lost missing its lay-up, a point swing of 6 points!
That could be the effect table games are having on the CT casinos slot revenue. Many table games players take spouses, or friends, that end up playing slots during their table game play. So, it’s not only the switch in table game players, but it is also those that accompany them from CT to RI.
I’ve said it once and I’ll say it again – gotta build that hotel, Rhode Island and Twin River if you want a full resort to compete with the big boys in future years.
That’s all for now.