Power Cap

Power cap- existential handicapping

29 September 2009

Take Your Time Albany




The Times-Union published a story about how SL green is the frontrunner for the Aqueduct slots contract that was approved in 2001. In the eight years since being approved gaming revenues have fell as the bubble economy burst. Not only is the economy a clear culprit but the revenues have been hindered as gaming has reached saturation levels. There are now casinos in most states bordering New York along with multiple locations within New York. What was once a long drive and a novelty; has become mundane and old-hat. Eight years and we still have nothing.

The important thing for Albany to remember is not to rush into anything. Other masterfully executed government ideas - take the community building high-rise public housing projects - are usually well thought out. I can not even think of a good casino that was privately built, can you? If the state wants to duplicate the success that was brought to the inner-city by the housing projects, it should take their time on the slot machine casino at Aqueduct. Albany seems so efficient and rushed getting these Aqueduct slots on line.

4 comments:

The_Knight_Sky said...

I'm generally not in favor of racinos being built, but is there any indication that the NYRA takeout levels will be reduced (even marginally) when the slots revenues start rolling in?

Or will they continue to put the horse racing bettors out of commission at the current rates?

If so, without novelty and without horse racing handle, racing is surely doomed.

Power Cap said...

Once the takeout is raised it is like a raiding army establishing a beachhead. Unless horseplayers plan on taking up arms there is no way the government is going to scale back takeout.

The_Knight_Sky said...

Sounds logical.

But I think in the past couple of years there's been a steady growth of a group drumming up support for lowering the takeouts if slots are implemented locally.

Horse racing bettors must be kept in the game, coming back to wager again - not tapping out at current levels.

Aqueduct deserves a refurbishment but not if it's caters to a different kind of a gambling crowd.
Until I see some real benefits to the horse racing customer, I'm witholding my suport for the racino concept.

It's obvious that it's a temporary crutch. So why promote it?
If they want a casino - build a casino !!

Power Cap said...

My instincts tell me that racinos will gut racing in the long term. Look at all the short fields this weekend in stakes races. I am not sure if these fields are pathetic or an embarrassment.

Too much racing due to slots supporting the product. The quality has been gutted, it is only a matter of time before the patrons lose interest- actually most of them have lost interest - the whole model collapses as the product disintegrates.

Belmont will be lucky to have 7K in attendance on Saturday.