Here's a glimpse at harsh times for the gambling industry as locals are simply unwilling to bet their lives a trip to the local riverboats.
Fair play and big picture, remember that the rise in local gambling coincided with growing bankruptcy cases and home foreclosures in KCMO.
More info here for subscribers on the desperate plea for corporate help . . .
Harrah's Kansas City Casino & Hotel seeks a rent break - Kansas City Business Journal
Harrah's Kansas City Casino & Hotel wants a $410,000 break on its rent owed to North Kansas City, citing the consequences of closing for 75 days amid the pandemic. But the City Council didn't embrace clearing the books, instead suggesting an extended repayment plan, The Kansas City Star reports.
ReplyDeleteTell them to get help from BLM or Dr Fauci.
Don't give them a penny.
ReplyDeleteOut of every five dollar bill that comes in the door of any Casino in the Country, at least one dollar goes directly into the casino's pocket.
ReplyDeleteSo the only way that a Casino can fail to make money is if it becomes unable to draw customers in the door.
In order to fail to do that, either Casino Management has to make some boneheaded decisions like, as foolish as this sounds, getting rid of Slot Machine Tokens and trying to go to some sort of stupid electronic payout or something equally absurd.
Of course this is Kansas City, so there's always the possibility that the hidden owners might have become too greedy and skimmed too deep.
Is that how Trump's casino's failed?
ReplyDeleteEdward Pitoniak is the man behind Vici Properties who makes $5+ million a year running places like Harrah's in the ground.
ReplyDelete@6:53 Trump's Casino "failed" (actually declared bankruptcy and closed) when it lost a lawsuit filed by a group of minority investors, suppliers and contractors.
ReplyDeleteThey alleged that the Casino had failed to pay its profit shares and bills owed to them while paying larger than authorized and justifiable amounts of "management fees and profit shares to the majority owner, a subsidiary of the Trump Organization.
In other words, Trump was skimming his own Casino, and when he got caught, stiffed everyone else and walked away.
The Casino itself was reopened by new ownership (without Trump's name on it) and is still running and making a profit.