By Dave Anderson
Will the Casino save Pittsburgh?
The early answer says NO.
The Pittsburgh Post-Gazette reports that opening week revenue has not been too impressive:
Meanwhile, the casino's first eight days of operations produced one big haul, generating $6.5 million in gross terminal revenue on $73.7 million in wagering....
That would put the North Shore venue behind The Meadows Racetrack and Casino in Washington County, Sands Bethlehem, and Harrah's Chester Downs for first-week revenues.
Recent projections have the casino taking in a net of $360 to $400 million. Right now the casino is taking in revenue at a rate of a tad less than $300 million dollars per year. Yes, this is the first week of operation, and it is August where the summer crowds are not hanging out in Pittsburgh, but this is an early warning flare for anyone counting on the casino to generate sufficient excess tax/cash flow to bail out the numerous local institutions that are in a vise for the next two fiscal years.
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