It’s really simple and based on human nature and financial mathematics. If you offer the high level gamblers credit to play with they will come. It is known around the world that the financial success of a casino does not depend on thousands of penny slot players, but on the whales – the fat-cats- the money!
Maybe that’s why the Providence Journal reported that the owners of the Twin River casino are seeking legislative permission to give up to $75,000 in “interest-free, unsecured credit” on state-sponsored gambling.
The preamble to the bill allowing Twin River to extend credit says: “It is imperative that legislative action be taken to preserve and protect the state’s ability to maximize revenues at Twin River in an increasingly competitive gaming market by expanding critical revenue-driving programs. The extension of credit to table game and video lottery players …is a vital customer service function that facilitates a gaming program’s long-term success.”
In response to an inquiry, Twin River spokeswoman Patti Doyle said: ”Twin River has never to date extended credit. It is a service we would like to offer to qualified patrons as a convenience and amenity. Extending credit to pre-approved customers is a standard practice within the casino industry, including our Connecticut competitors and ultimately Massachusetts casinos once they go live….
Simply put, extending credit will keep high limit players in Rhode Island and attract new patrons from surrounding competing states. This legislative bill is a no-brainer for the success of the Twin River and ultimately fill the financial coffers in the Ocean State.
Hear that sound? That’s time closing the gaming advantage window a little closed every time Rhode Island delays helping its own gaming cause. If Rhody is serious about being a player in New England, they need to do three things:
1) pass these bills to insure fair competition
2) build a hotel and make Twin River a resort destination
3) sell Newport Grand to somebody who is able to make it a serious competitor and revenue maker ( and who is available NOW to make it happen
4) Newport opposition needs to lighten up and allow it. Hey, Newport, the 1800’s called to remind you “it’s not 1800 anymore.”
That’s all for now.