Gaming revenues; 90 days; and today's trading.
(yes, Sir Robert, it would be very nice to have a casino between Detroit and Ohio, and it is a possibility)
Just to disprove the point that multiple casinos have a negative effect on earnings - at Mohegan Sun, a relatively new casino very near Foxwoods, revenues from slots are up to $37 million, just for September. Foxwoods reported that in September slot revenues were up to $57 million. Mohegan Sun is now growing faster than Foxwoods.
In Colorado, where they have many small gaming sites, gaming revenues are up 20% this year. In Indiana, where gaming is only on riverboats, gaming revenues are up 36%. These figures come from the Gaming Industry Weekly Report.
Nowhere in Connecticut, Colorado, or Indiana is there a centralized population of 7 million people as there is in south-east Michigan, and northern Ohio. South-east Michigan is not comparable to St. Louis or Kansas City either. The south-east Michigan area is virtually unserved by the gaming industry, and even when the Detroit casinos are built, there will still be huge population areas, especially in the corridor leading to northern Ohio, that can be developed.
On another topic, I suspect that this 90 day period is probably being misunderstood by some. At the end of 90 days, the DOI's decision becomes effective. The Final Determination will become effective on Jan. 22. Any outstanding issues will be resolved by then. The DOI has made it clear that there are no substantial grounds on which to refute their decision. All this means that by Jan. 22, the land will be placed in trust. We can also safely conclude that well before Jan. 22, money will be available to buy the land, and that an agreement between the company, the GLB, and an operator/financier will be concluded and announced.
On yet another topic, I heard from a source very close to the trading of SGGNF shares, that some unfortunate person has been forced, at month's end (yesterday and today) to liquidate his entire portfolio of stocks. That included 80,000 shares of Sungold which have all been sold at market. I've heard that some lucky new investors from the windy city benefited from this temporary windfall. Too bad it was someone else's misfortune that created such an opportunity.
|
