Casino Blames Income Drop On Gamblers' Luck

[aslan]

Casino Blames Income Drop On Gamblers' Luck

POSTED: 9:35 am EDT August 1, 2008
UPDATED: 12:23 pm EDT August 1, 2008

UNCASVILLE, Conn. -- Mohegan Sun officials said the casino's net income in the third quarter dropped 89 percent compared with the same period last year, and they're placing some of the blame on gamblers' extraordinary luck.

The Mohegan Tribal Gaming Authority reported net income of $5 million Thursday for the three months ending June 30.

Mitchell Etess, Mohegan Sun's president and chief executive officer, said the casino had an extremely long streak of bad luck.

Gamblers played about $611 million at table games during the quarter, a 6.4 percent increase. The casino kept about 11.6 percent of that gambling money, nearly 5 percent less than it did during last year's quarter.

Table game revenues dropped more than 25 percent to $75.3 million in the third quarter from the year-ago period.

[21forme]

Sounds a little fishy, doesn't it? Unless there were some BIG jackpots paid...

[jack,jackson]

Originally Posted by aslan

Casino Blames Income Drop On Gamblers' Luck

POSTED: 9:35 am EDT August 1, 2008
UPDATED: 12:23 pm EDT August 1, 2008

UNCASVILLE, Conn. -- Mohegan Sun officials said the casino's net income in the third quarter dropped 89 percent compared with the same period last year, and they're placing some of the blame on gamblers' extraordinary luck.

The Mohegan Tribal Gaming Authority reported net income of $5 million Thursday for the three months ending June 30.

Mitchell Etess, Mohegan Sun's president and chief executive officer, said the casino had an extremely long streak of bad luck.

Gamblers played about $611 million at table games during the quarter, a 6.4 percent increase. The casino kept about 11.6 percent of that gambling money, nearly 5 percent less than it did during last year's quarter.

Table game revenues dropped more than 25 percent to $75.3 million in the third quarter from the year-ago period.

I suppose as the popularity of BJ continues, so does the Resources, and the "once was" ploppys, who played so poorly are being slowly converted into BS players over time. Provided that this is true, it would have a Profound effect on the Overall House edge. From about 5-10% to about 1%.

Though, this wouldnt be the entire reason for the Casino's drop, I do feel it play's a role.

[sagefr0g]

Originally Posted by aslan

Casino Blames Income Drop On Gamblers' Luck

POSTED: 9:35 am EDT August 1, 2008
UPDATED: 12:23 pm EDT August 1, 2008

UNCASVILLE, Conn. -- Mohegan Sun officials said the casino's net income in the third quarter dropped 89 percent compared with the same period last year, and they're placing some of the blame on gamblers' extraordinary luck.

The Mohegan Tribal Gaming Authority reported net income of $5 million Thursday for the three months ending June 30.

Mitchell Etess, Mohegan Sun's president and chief executive officer, said the casino had an extremely long streak of bad luck.

Gamblers played about $611 million at table games during the quarter, a 6.4 percent increase. The casino kept about 11.6 percent of that gambling money, nearly 5 percent less than it did during last year's quarter.

Table game revenues dropped more than 25 percent to $75.3 million in the third quarter from the year-ago period.

maybe a black swan incident. or like one.
http://www.fooledbyrandomness.com/GIF.pdf
could a team or a series of teams inflict near 25% of $100 million in three months?
i wonder how many standard deviations that would be.......

do you have a link for that story aslan?

[bjcount]

Originally Posted by sagefr0g

maybe a black swan incident. or like one.
http://www.fooledbyrandomness.com/GIF.pdf
could a team or a series of teams inflict near 25% of $100 million in three months?
i wonder how many standard deviations that would be.......

do you have a link for that story aslan?

So which newspaper is correct?
This one blames it on energy prices..

Mohegan, Conn. — "Far less profitable than we would have liked" is how Bruce Bozsum, chairman of the Mohegan tribe, described third quarter Mohegan Tribal Gaming Authority financial report this morning.

Net income for the authority was down 89 percent from the same period the previous year, a drop from $45.million to $5 million. Bozsum said the New England market is seeing some of the highest gas and energy costs in the nation, which is influencing how much gamblers are bringing to the table. Mitchell Etess, the authority's chief executive officer, said the economic woes in Connecticut are not nearly as bad as those seen in such other markets as Atlantic City.

[jimpenn]

Sounds like every Casino Financial I have read reported substantial loss. Forget the Indians and attempting to uncover paper trail. I believe it's just another part of strategy to stop the rapid approval of additional Indian casino's throughout country.

[aslan]

Originally Posted by sagefr0g

do you have a link for that story aslan?

http://www.wnbc.com/news/17060607/detail.html

[mdlbj]

pw0nd!!!

Originally Posted by aslan

Casino Blames Income Drop On Gamblers' Luck

POSTED: 9:35 am EDT August 1, 2008
UPDATED: 12:23 pm EDT August 1, 2008

UNCASVILLE, Conn. -- Mohegan Sun officials said the casino's net income in the third quarter dropped 89 percent compared with the same period last year, and they're placing some of the blame on gamblers' extraordinary luck.

The Mohegan Tribal Gaming Authority reported net income of $5 million Thursday for the three months ending June 30.

Mitchell Etess, Mohegan Sun's president and chief executive officer, said the casino had an extremely long streak of bad luck.

Gamblers played about $611 million at table games during the quarter, a 6.4 percent increase. The casino kept about 11.6 percent of that gambling money, nearly 5 percent less than it did during last year's quarter.

Table game revenues dropped more than 25 percent to $75.3 million in the third quarter from the year-ago period.

[Kasi]

Originally Posted by sagefr0g

could a team or a series of teams inflict near 25% of $100 million in three months?
i wonder how many standard deviations that would be.......
do you have a link for that story aslan?

Here's what I think that reporter meant to say.

The $hold, as a percentage increase in actual $'s of chips bought went up 6.4% from last year to this, from $611MM last year to $650MM this year. Gamblers did not "play" $611MM which makes it sound like wagering in last last year's quarter, they "bought-in" for $611MM of chips.

Last year's quarter revenue was $611MM of chips purchased *a hold % of .165 or $100.8MM of revenue. This years quarter was $650MM of chips bought but a hold % of only .116 for $75.4MM in revenue. That's the decrease of $25MM in revenue and the 5% drop he mentions.

So, actually, table-game people actually bought in for more dollars compared to last year.

And, likely, "table games" includes alot more games than BJ anyway. So, between how meaningless "hold" is and having all table games lumped together too, I just don't see how anybody can conclude anything from it.

[sagefr0g]

Originally Posted by Kasi

Here's what I think that reporter meant to say.

The $hold, as a percentage increase in actual $'s of chips bought went up 6.4% from last year to this, from $611MM last year to $650MM this year. Gamblers did not "play" $611MM which makes it sound like wagering in last last year's quarter, they "bought-in" for $611MM of chips.

Last year's quarter revenue was $611MM of chips purchased *a hold % of .165 or $100.8MM of revenue. This years quarter was $650MM of chips bought but a hold % of only .116 for $75.4MM in revenue. That's the decrease of $25MM in revenue and the 5% drop he mentions.

So, actually, table-game people actually bought in for more dollars compared to last year.

And, likely, "table games" includes alot more games than BJ anyway. So, between how meaningless "hold" is and having all table games lumped together too, I just don't see how anybody can conclude anything from it.

yeah like probably the wizard of odds couldn't even guesstimate it.
so but supposedly the casino bean counters could i guess.
thing was the casino gave the impression they thought they had been unlucky and the gamblers lucky. so i was thinking if they were being real and upfront about it then it would be like one of us warriors (moi for instance in my original sagefr0g vs ghostrider conflict) taking some deep standard deviation hit and bemoaning the fact.