Nationwide Arena/CBJ Finances Discussion II
- Thread starter Fro
- Start date
http://wosu.org/2012/news/2014/10/15/city-county-agency-fails-make-nationwide-arena-loan-payments/
This is a bit out of the blue...
This is a bit out of the blue...
jackets4life
Registered User
Not really anything surprising here, anyone who has been following the casino revenues I'm sure is not shocked.
Iron Balls McGinty
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- Aug 5, 2005
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The Casino has made $156,000,000 million so far this year. If expectations were way off, they were smoking crack by thinking Columbus was going to be like a mini Las Vegas. Of the 4 casinos in Ohio, only the Cleveland one has made more money.
The Columbus casino should analyze their table games revenue because the lag way behind Cleveland on AGR. I've only been to the casino once and I find no enjoyment in slot machines. The place was overrun with them.
http://casinocontrol.ohio.gov/Portals/0/SEPTEMBER 2014 Casino Revenue Report.pdf
The Columbus casino should analyze their table games revenue because the lag way behind Cleveland on AGR. I've only been to the casino once and I find no enjoyment in slot machines. The place was overrun with them.
http://casinocontrol.ohio.gov/Portals/0/SEPTEMBER 2014 Casino Revenue Report.pdf
WannabeFinn
Beloved One
Wow, that number is a lot higher than I would've thought after reading the WOSU article above. Really though, did they expect a lot more than that?!
Iron Balls McGinty
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When I googled around and found a dispatch article from almost a year ago. The Ohio Department of Taxation was estimating 1.9 Billion in revenues for the 4 casinos before this went up for vote. The governor's estimates for the fiscal year ending this past june was just under a billion and the actual estimated revenue for the fiscal year was 868 million.
http://www.dispatch.com/content/sto...asinos-fall-short-of-revenue-projections.html
At a 33% tax rate, that means there is almost $286.5 million in tax income to be disbursed across the state. The money Columbus receives is there to pay for the loan. I'm guessing they budgeted every penny of expectations and if they pay it, who do they take money away from to pay it? They probably and rightfully so have that money going to important things like schools.
It will get worked out in the future through proper budgeting now that a baseline of revenue expectations exist since everyone was banking on overblown estimates that were used to convince people in Ohio to vote for the casino's to begin with. If it takes longer, it takes longer.
Yep, they need more poker, more tables, fewer slots. They're also plagued by not having hotel rooms on premise.
We Want Ten
Make Chinakov Great Again
I still think putting on the westside in a dumpy area kills it as well. Down in the Arena district would of been sweet.
Iron Balls McGinty
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Lets make a few 5$ blackjack tables and I might be more apt to spend time there
Agreed. The one night I went a year ago I was fully prepared to play blackjack. The cheapest tables was $25 bucks so I decided to keep my money. I didn't like the potential of blowing $100 over the course of 4 hands.
They have a $5 blackjack table there near the main entrance (not by the parking garage entrance). They may jack it up on the weekends again, but theyre not always $25 like early on.
There was an article in Chicago I believe that they were expecting a ton of money from the red light cameras, but as people just obeyed the law it back fired on them....to the tune of $50m! They thought it was going to bring in buckets of money and they pretty much had already spent the money, so now they had to figure out how to get that $50m elsewhere....idiots
There was an article in Chicago I believe that they were expecting a ton of money from the red light cameras, but as people just obeyed the law it back fired on them....to the tune of $50m! They thought it was going to bring in buckets of money and they pretty much had already spent the money, so now they had to figure out how to get that $50m elsewhere....idiots
EspenK
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- Sep 25, 2011
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Reminds of the time in Vegas waiting for a seat at a $1 table. Couple of guys were playing 3 or 4 hands each with a stack of 5-10 chips. I thought wtf don't they go to a higher stake table? Finally one guy leaves, I plop down, drop a $20 and ask for chips. The dealer says "Sir, this is a $100 table". I left.
Casino location, the lack of hotel rooms, and the refusal to have lower stakes table games more frequently are all hurting the revenue potential for the Columbus casino, as well as the one in Toledo.
The loan repayment is not a huge deal because of how it is structure and who holds it, but it's not a shock given the estimates.
The loan repayment is not a huge deal because of how it is structure and who holds it, but it's not a shock given the estimates.
http://www.bizjournals.com/columbus...e-arena-s-financial-outlook-still-cloudy.html
Assuming the casino profits continue to disappoint, hopefully they can come up with a better alternative to finance the Arena. Apparently there isn't enough money at present to replace the seats in the upper bowl like they recently did with the lower bowl.
Assuming the casino profits continue to disappoint, hopefully they can come up with a better alternative to finance the Arena. Apparently there isn't enough money at present to replace the seats in the upper bowl like they recently did with the lower bowl.
SuperGenius
For Duty & Humanity!
- Mar 18, 2008
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The article lost me with the title mentioning "public buyout" which isn't what this is. Too bad journalists can't acknowledge things for what they are without going for buzzwords to elicit a reaction.
There's a shortfall, but no one involved seems particularly concerned, particularly Nationwide. Hard to worry about it too much.
I didn't see any mention of the $12 million expected to be generated by the All-Star Game alone this week. No mention of the millions coming from the NCAA men's basketball tournament nor the Women's Final Four either. Just the typical "the Dispatch is for it, so we're against it" media pissing matches.
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http://www.dispatch.com/content/sto...ockey-fan-battles-public-arena-ownership.html
What a hypocrite - this Beard guy rails against public ownership of the arena, but he and his family sure seem to be enjoying events Nationwide offers to the community, like the ASG.
What a hypocrite - this Beard guy rails against public ownership of the arena, but he and his family sure seem to be enjoying events Nationwide offers to the community, like the ASG.
I didn't see any mention of the $12 million expected to be generated by the All-Star Game alone this week. No mention of the millions coming from the NCAA men's basketball tournament nor the Women's Final Four either. Just the typical "the Dispatch is for it, so we're against it" media pissing matches.
Lee - I'm confused here. What's the pissing match? That they didn't report expected revenue for March and 2017 (or is it 2018)?
Double-Shift Lasse
Just post better
In fairness, you can enjoy something without public ownership. Movie theaters, Disney World, laser tag, many golf courses.
.....and many enjoyable pursuits in life are found in publicly-owned facilities, the vast majority of which I had no say on whether they were built, purchased, etc.
If you don't like the decisions made by your elected officials, vote them out. What Beard is trying to do is a bunch of bologna.
Double-Shift Lasse
Just post better
No disputing that (which I thought should be obvious). My point is simply he's not being hypocritical for enjoying events in the arena and not wanting it to be publicly owned.
Personally, I think he's a tool and a publicity *****.
SuperGenius
For Duty & Humanity!
- Mar 18, 2008
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I was able to share my thoughts with Beard and his two supporters on the way in the arena. I was impolite.
I was curious when I got home so I dug around and then noticed his facebook post showing the VIP tickets and his happiness over being able to attend. I'm glad the Dispatch found out as well and got it into a piece.
I get where you're coming from DSL, but of all weekends, this weekend showed the benefits of the arena and district. Seemed like poor timing, at best. If short-sighted jokers like these ran the town, none of this weekend happens.
I was curious when I got home so I dug around and then noticed his facebook post showing the VIP tickets and his happiness over being able to attend. I'm glad the Dispatch found out as well and got it into a piece.
I get where you're coming from DSL, but of all weekends, this weekend showed the benefits of the arena and district. Seemed like poor timing, at best. If short-sighted jokers like these ran the town, none of this weekend happens.
He may not be a hypocrite, but without the Arena deal there's a very real possibility he doesn't get to enjoy the festivities last weekend. I think that was the original point Sanderson was making.
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