Inside Asian Gaming

August 2008 | INSIDE ASIAN GAMING Log onto www.asgam.com for the latest industry intelligence and a subscription to our digital edition — all absolutely free. A Sure Bet closing of the Sands in November 2006, and revenues at worst would have been flat year over year, maybe even up a little—not too shabby given the downturn in the economy. The market is up a healthy $160 million or so if you back in half the take at Yonkers, about $190 million. In the meantime, Pennsylvania has quietly emerged as the largest racino state in the country in terms of gross revenues, topping $1 billion last year, blowing away West Virginia, the former leader, and former No. 2 New York state. It has taken its place among the seven largest commercial gambling jurisdictions in the United States and soon could break into the top five, and it’s still far from full build-out. Through May, gamblers poured on average more than $1.61 billion a month into the machines at its six racinos and one slots-only casino from which the properties averaged more than $130 million a month in aggregate win. Clearly it’s adjustment time for Atlantic City. The town is in “recovery stage,” as Perkins puts it, in which the key will be “capital catalysts,” which is to say, more hotel rooms. “The market is going through a transition from being for all of its existence a day-trip market to being an overnight market,” said Larry Mullin, president of the Borgata Hotel Casino Feature