Trouble for Atlantic City casinos has been a slight boon to one Delaware casino.
In a presentation to state lawmakers Wednesday, representatives from Delaware Park say they’ve actually gained slot players since the demise of four casinos in Atlantic City.
They project slight dips in slot revenue into 2015, losing $2.5 million from the $58.6 million figure posted in 2013.
That hasn’t trickled south to Dover Downs, which reported a $13.8 million drop off in the past year. President and CEO Denis McGlynn says they’ve lost nearly $890,000 in the first six months of this year.
“The point is we’re already below where we need to be from a profitability standpoint," said McGlynn. "So leveling off at some lower number doesn’t improve anything, it just guarantees we fail.”
McGlynn says he would not use the word “bankruptcy” after describing shareholders bailing out due to falling share prices. He notes they’re still working with the state to restructure revenue sharing rates.
The latest figures weren’t given from Harrington Raceway and Casino.
Officials from all three casinos are still seeking further relief from the state.
But State Economic Development Director Alan Levin, who sits on the commission, says the businesses can’t keep expecting help without making further investments.
“This isn’t a giveaway back and forth. It’s really trying to find where there is a line, number one, and basically, if they can’t make it, we’ve got to be prepared to say there’s got to be a tomorrow,” said Levin. “Nobody is going to be 100 percent happy, but develop a split that makes sense. Then we look at where we go from there and if they can’t make it, they have to make some decisions. They can’t keep coming back every year saying, ‘We need this, we need that."
State lawmakers will continue to meet on the issue until January.
