Slot Machines at Gulf Stream Park are Hit with Slumps in Revenue
The Gulfstream Park Racing and Casino had a wonderful debut on November 15, 2006. The Park’s slot machines produced a total profit of $334,073.
Almost 5 months later, it was a different situation. On April 16, 2007, the Hallandale Beach racetrack casino achieved their worst showing, only earning around $56,924.
For the first 3 weeks of April 2007, the racing track earned around $131,800 in total profits. Each slot machine produces around $108, which is well below the $250 for the slot machines in the East Coast. Gambling industry analysts said that the performance of the racing track is disappointing and added that the performance of the casino casts doubts on whether it can effectively compete with the other slots casinos in Broward.
Gulfstream Park, Broward County’s first racing track casino, is currently competing for the market share against the Mardi Gras Racetrack and Gaming Center and The Isle Casino and Racing at Pompano Park. Another casino, the Dania Jai Alai Casino is scheduled to open next year.
Almost half of the slots profits go to the education needs of the students in Florida, the major reason why the slot machines were allowed in the pari-mutuels of Broward. Gulfstream Park produces around $12.4 million for the education system for its first 5 months.
Due to the slump, Gulfstream Park’s contribution dropped from $713,600 to $402,200, despite the fact that the racing track added 705 slot machines. The officials of Gulfstream Park commented that there have been some wrong steps have been taken, but they will be corrected soon.
Some of the reasons why Gulfstream Park is having a difficult time is that they did not start advertising until this month, the law prohibiting ATM Machines at racing tracks has turned off a lot of slots customers, the casino owned by the Seminole Tribe remains the biggest crowd drawer in South Florida.