Slots Update

Slots Update
 
August 12, 2010
By Kent H. Stirling, FHBPA Executive Director
 
 
I recently was told that Calder had already made a $100 million on slots through July 31, 2010, and they were only paying out a small amount to purses.  A good story but like most emanating from the backside, not to factual.  In fact, Calder’s net revenue for the year won’t get close to $100,000,000.  Through July 31, 2010, Calder’s net revenue was only a tad over $35,000,000 of which the state took over $16,000,000 and about $2.8 million was earmarked for overnight purses only.
 
These revenue numbers and tax amounts are readily available online courtesy of the State of Florida, Division of Pari Mutuel Wagering.
 
Since July 1st, overnights are now receiving over 12% of Calder’s new slots revenues.  Understand that net is defined as dollar value in, minus dollar value out, less promotional values, plus unclaimed vouchers.  That number each day is divided by number of machines to get the drop per machine.  Overnights are now getting over 12% of drop or basically that percent of gross machine profit.