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NORTON NOTES: Online Gaming Potential in PA
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by Steve Norton
CEO, Norton Management
Online Gambling Could Solve PA's Casino Revenue Problems
There is no good model existing that indicates that Online Gaming will have no adverse effect on existing casino win or State gaming taxes. Delaware's results are inconsequential, Nevada's only involve Poker; so Atlantic City is the only meaningful model. But AC is a poor choice when predicting what Pennsylvania might expect.
NORTON'S NOTES: PA iGaming Debate
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by Steve Norton
CEO, Norton Management
iGaming proponents offer persuasive arguments in Pa.
I seriously question the study that concluded that Online Gaming would produce substantial tax revenue for Pennsylvania, without harm to existing PA casinos and racinos. Two states have experimented with Online Gaming, Delaware and New Jersey. In DE, there are 3 casinos, in different parts of the State, but Online revenues have been averaging between $200 thousand and $300 thousand a month, New Jersey, on the other hand produced $197 million in 2016, and paid $29.5 million in taxes. But New Jersey has casinos only in Atlantic City, and the Online Games were only approved because nearly 95% of New Jersey's 8.9 million residents are closer to live gaming in another state; especially those living in North Jersey. So Online Gaming is a way for NJ to keep some resident play in State, and it is doubtful that it is possible to determine what impact Online play has had on AC's annual win of over $2 billion. The AC industry win has been relatively stable, with the remaining 7 casinos picking up the slack from the recently closed Taj Mahal.
NORTON'S NOTES: Why a Bridgeport, CT Casino Makes Sense
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by Steve Norton
CEO, Norton Management
Ganim takes ‘wait and see’ tack on Bridgeport casino - Connecticut Post
I visited Bridgeport in the late 1970's or early 80's to meet with CT State Legislators, who wanted to learn about Resorts International's success in Atlantic City; spearheading the introduction of casino gaming. Mayor Joe Ganim sees gaming as a possibility, but local Dem. Cm. Mario Testa, would prefer just a slot parlor, not wanting to repeat AC's experience.
NORTON'S NOTES: Thoughts on Competing CT Bills
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by Steve Norton
CEO, Norton Management
MGM storms Hartford to fight competitor casino proposal in East Windsor and push for competition | masslive.com
For months, I have been pointing out the many advantages of any 3rd Connecticut casino being close to the New York State border, rather than one of four casinos competing for the Greater Hartford market. Now I read a ridiculous comment that MGM, with possibly 3,000 employees, is going to cost CT 9,300 jobs. I wonder if this number includes persons at risk of loosing unemployment or food stamps; because of the Tribes reduced revenue sharing, with CT. At one time the Tribes employed around 20,000 persons; but over a decade ago, Pennsylvania added casinos that impacted the New York, New Jersey markets, then Yonkers and Aqueduct added 10,000 slot machines, even closer to CT. And add to that, Twin Rivers was approved for table games,and Plainridge Park added slots to racing.