Revenues drop again at Rivers Casino in Schenectady By Eric Anderson Updated 2:49 pm, Friday, March 17, 2017
Schenectady Gross gaming revenues fell to $2.79 million in the week ending March 12 at the recently opened Rivers Casino & Resort in Schenectady. That's down nearly 10 percent from the previous week's total, which was down nearly 11 percent from the totals the week before that.
Gross gaming revenues is the amount left over after winnings are paid, but before taxes and other expenses, such as wages.
For its first month of operation, Rivers had gross gaming revenue of $10,805,499. Of that, $3,839,817 was to be paid in gaming taxes, with $3,071,853 earmarked for state education/property tax relief. Schenectady city and county will each receive $191,991, while Albany County will get $131,994, Fulton County, will get $24,095, and Montgomery County will get $21,790. Rensselaer County will get $69,176, Saratoga County $95,287, Schoharie County $14,210, and Washington County $27,429. Payments are made quarterly, said Lee Park, a spokesman for the state Gaming Commission.
So far, the casino hasn't reached the $4.28 million weekly average figure that was projected in an economic impact study by New Orleans-based The Innovation Group. But that figure was for 2019, and by then the casino hotel should be open and construction at the neighboring Mohawk Harbors completed. It's also not clear whether bus tours to the casino have yet started. That also can be a lucrative source of revenues.
And while the poker room at Rivers has been consistently popular — lines formed the very first day the casino was open — it produces just a fraction of total gross gaming revenues, 4.7 percent for the first five weeks.
Saratoga Casino — Hotel also saw a drop in net win in most recent week, ending March 11, down 3.3 percent from the previous week to $2,752,249. Saratoga Casino — Hotel has topped $3 million in net win just once since the Rivers Casino opened.
Unlike Rivers, Saratoga doesn't have live dealers or croupiers.
Most casinos probably dont quite live up to the money that everyone thinks they are going to get. but they will pay thier share on time evry time.
What is amazing is that the casino probably took in 100 million dollars in a month. Did anyone know that there was 100 milliion dollars in disposable income flying around- every month ? the casino knew. and hey know that when your friends and relatives come to visit - they/you will go to the casino.
Did anyone know that there was 100 milliion dollars in disposable income flying around- every month ? the casino knew. and hey know that when your friends and relatives come to visit - they/you will go to the casino.
So far, the casino hasn't reached the $4.28 million weekly average figure that was projected in an economic impact study by New Orleans-based The Innovation Group.
When 64% of your gross profit goes right back to the state, before wages and expenses, you wonder why you aren't making projected figures.
"Approval ratings go up and down for various reasons... An example is the high post 911 support for GWB even though he could be said to be responsible for the event." --- Box A Rox '9/11 Truther'
Melania is a bimbo... she is there to look at, not to listen to. --- Box A Rox and his 'War on Women'
When 64% of your gross profit goes right back to the state, before wages and expenses, you wonder why you aren't making projected figures.
Just be thankful the state is that much more wealthy. Without these games of chance, how else would they have gotten that money into the state coffers?
I have a strong suspicion that most of the money gambled at the casino come from people that directly or indirectly recieve their money from taxes.(i.e. government empoyees, state pensioners, government subsided businesses, welfare recipients) It's recycled tax money. It's an illusion.
Just be thankful the state is that much more wealthy. Without these games of chance, how else would they have gotten that money into the state coffers?
I have a strong suspicion that most of the money gambled at the casino come from people that directly or indirectly recieve their money from taxes.(i.e. government empoyees, state pensioners, government subsided businesses, welfare recipients) It's recycled tax money. It's an illusion.
I dont know why some people look at a business like a casino like a rich uncle ? Rush street doesnt care about the stupid state coffers - they are a business trying to make a profit . and Im not a big fan of recycling in general ( I think it has ruined the music business ) - but this type of " recycling " money is good . It creates momentum.
Nursing homes could be built across the street with a tunnel to the casino. Are you mad because you cant have a casino at your house ?
I dont know why some people look at a business like a casino like a rich uncle ? .
Nursing homes could be built across the street with a tunnel to the casino. Are you mad because you cant have a casino at your house ?
I'm not mad at all. I fully support a persons right to gamble. A person has the right to spend their money any way they wish.
I don't know why some people look at bookmakers as common criminals that should be jailed, yet look at a casino that employs black jack dealers as an upstanding business that creates jobs. You have to be a mental gymnast to square the logic.
Rush street doesnt care about the stupid state coffers - they are a business trying to make a profit . and Im not a big fan of recycling in general ( I think it has ruined the music business ) - but this type of " recycling " money is good . It creates momentum.
Nursing homes could be built across the street with a tunnel to the casino.
Do you believe people receiving Medicaid should be allowed to gamble at the Casino? Do you believe that business people that earn their living off of the benefit of property tax exemption and receiving Metroplex subsidies should be allowed to gamble in the Casino?
If a person is receiving state, county, or city subsidies(such as Metroplex subsidized businesses) or welfare, and still have enough left over disposable income to gamble, then they don't need all of the subsidy or the welfare they are receiving. Let's subsidize gambling instead, and let people pay for their own necessities such as medical care, housing, food, and property tax.
When 64% of your gross profit goes right back to the state, before wages and expenses, you wonder why you aren't making projected figures.
I would be willing to bet(if I was a betting person) that 64% of the money being gambled at the Casino is derived from gamblers that receive their money from the State of New York in one form or another. New York State just wants to make sure they get their money back.
Do you believe people receiving Medicaid should be allowed to gamble at the Casino? Do you believe that business people that earn their living off of the benefit of property tax exemption and receiving Metroplex subsidies should be allowed to gamble in the Casino?
If a person is receiving state, county, or city subsidies(such as Metroplex subsidized businesses) or welfare, and still have enough left over disposable income to gamble, then they don't need all of the subsidy or the welfare they are receiving. Let's subsidize gambling instead, and let people pay for their own necessities such as medical care, housing, food, and property tax.
Casinos are already very heavily regulated... Im more worried about people farting in crowded elevators
This sounds like good news for the anti casino people - except that 30 people turnover per month is really average for a casino with a thousand employees.
Sometimes people dont tell the complete truth on their employment ap. It may take a while for them to find out you owe the irs, state tax, alimoney, or child support. Uppermanagemnt can be looked at for years maybe you said you were a Captain but you were only a sargent- even 10 or 20 years later - goodbye
Dozens of employees leave Schenectady's Rivers Casino
This sounds like good news for the anti casino people - except that 30 people turnover per month is really average for a casino with a thousand employees.
Turnover rate isn't a measurement of the economic value of the casino. It's a measurement of management. If the casino averages 900 employess for 12 months, then the casino will have a 40% annual turnover rate. Though a casino may have high turnover as an industry, it tells me that by next february, potentially 40% of the people working there have 1 year or less of service. That typically translates into poor service.
But to staff up to 900 just two months ago and turnover 60, that isn't a poor number.
Document: Man banned for life from Rivers Casino Reason not released Steven Cook | April 4, 2017 0
An Albany man banned for life from the Rivers Casino and Resort allegedly returned to the facility Sunday, authorities said.
You H. Guo, 46, of Sherman Street, was arrested by police Sunday evening on one count of violation trespass.
Guo is accused of entering the facility and remaining there when he should have done neither "after previously receiving a lifetime ban," according to papers filed in court.
Paperwork dates the lifetime ban as being issued last Wednesday, with Guo allegedly returning just four days later.
The document, however, doesn't indicate why the casino banned Guo from the facility.
Police responded to the casino just before 10:30 Sunday evening to remove and charge Guo. Someone at the casino recognized him and called police.
Whatever reason resulted in Guo's ban, it did not appear to rise to the level of police involvement. Police spokesman Sgt. Matthew Dearing said the reason for the ban would be with the casino.
A casino spokesman declined to offer further details or say whether others had received similar bans.
The state does not keep track of those banned by casinos, a spokesman for the state Gaming Commission said.
Guo appears to be the first known person banned from the facility for life. Others, however, have faced trespass charges. The first week the casino was open in February saw two face charges, both accused of refusing to leave when told to.
Turnover rate isn't a measurement of the economic value of the casino. It's a measurement of management. If the casino averages 900 employess for 12 months, then the casino will have a 40% annual turnover rate. Though a casino may have high turnover as an industry, it tells me that by next february, potentially 40% of the people working there have 1 year or less of service. That typically translates into poor service.
But to staff up to 900 just two months ago and turnover 60, that isn't a poor number.
There are some jobs that have a high turnover rate- polishing door knobs, cleaning toilets or housekeeping in general . As time goes on a casino gets more solid. They develop a core. The doorknob polishers come and go. or some people discover that they dont like working at a carnival
Rivers Casino poker tournaments to start Monday Schedule required approval from state Brett Samuels | April 9, 2017 0
Rivers Casino & Resort in Schenectady will host weekday morning poker tournaments on site this month, starting Monday.
The casino announced its initial plans for No Limit Hold’em poker tournaments, which will be held weekday mornings at 9:30 for the rest of April. The facility’s 15-table poker room has been among the more popular aspects of the business since its Feb. 8 opening. The tournament schedule required approval from the New York State Gaming Commission.
Tournaments are scheduled for 9:30 a.m., Monday-Thursday, with an additional tournament scheduled for Mondays at 6:30 p.m. Casino officials previously said they’d be holding the events on off hours, since all of the available tables are typically occupied during evenings and on weekends.
No Limit Hold’em Poker allows 10 players per table. Buy-ins are set at $75.
An additional $25 is required to buy into No Limit Hold’em Bounty tournaments scheduled on Tuesday and Thursday mornings. The added fee provides an individual with a “bounty” chip, which involves an extra prize opportunity and goes to the player that eliminated him or her until a winner is determined.
Casino officials said the tournaments are in response to the popularity of the poker room, and calls from patrons asking for the competitions. More details are available at riverscasinoandresort.com.
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