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Wednesday, November 4, 2009
More casinos on the way near PA

After getting voted down three times over the past 20 years, Ohio gambling-hall advocates yesterday finally won a voter majority (53%) for four "resort-style casinos", to be owned by gambling investor Dan Gilbert (Cleveland, Cincinnati), and Harrisburg-based Penn National Gaming (Columbus, Toledo). 

The deal will boost profits at Penn National and at slot-machine makers, Janney Capital Markets gambling and hotel analyst Brian McGill told investors in a note today. The four casinos are likely to install a total of 20,000 machines.The state is also considering "gaming at racetracks," and "proposed constittuoinal amendments to allow 15 casinos throughout the state," which could double the betting-machine totals.

If each state ends up with its own casinos, that's less profits for Atlantic City and for Pennsylvania resorts. Unless more people take up gambling.

 

Posted by Joseph N. DiStefano @ 2:22 PM  Permalink | Post a comment
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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column, which is printed in the business pages of The Philadelphia Inquirer every Sunday, Tuesday, Wednesday, Thursday and Friday. Joe has worked at the Inquirer, mostly, since 1988. He has also written for Bloomberg and Gannett, authored the book Comcasted, majored in economics at Penn, and fathered six children. Reach Joe at 215-854-5194 and JoeD@phillynews.com

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