Should Any Business Be Guaranteed $1,000,000 A Day
The headline of the story in the local newspaper reads: "Mature Market blamed for revenue drop at Potawatomi". The story behind the headline points out that gambling revenue at the casino fell by 3% last year and quotes "experts" suggesting that there is no additional growth to be had in the gambling market in southeastern Wisconsin.
The implication of all of this is that a new casino in Kenosha would simply take revenue from the Milwaukee casino.
First, as I have said repeatedly, I think the Potawatomi Hotel and Casino is a great corporate citizen. I think their facility is outstanding and that there new hotel will be a huge success. That said, I do not understand why they should have a monopoly on gaming in southeastern Wisconsin.
In the last fiscal year, the casino won more than $352 million from gamblers! That is admittedly down from the $370 million the casino won in 2009 and the $363 million the casino won last year. Still, the casino won $352 million during the last fiscal year. $352 million.
That's an average of almost $1,000,000 a day!
I don't believe there are too many businesses in southeastern Wisconsin that generate anywhere close to $1,000,000 a day in revenue.
It's true that if a casino is built in Kenosha, it will probably take some business away from the Potawatomi casino. Just for the sake of argument, let's say that revenues at Potawatomi drop 30% ( a figure I think is probably way to large ) as a result of a new casino in Kenosha that will generate hundreds if not thousands of jobs. That's still almost $250 million in gambling revenue for the Potawatomi tribe.
I appreciate that the Potawatomi are invested in protecting their monopoly position on gambling in southeastern Wisconsin. Frankly, if WTMJ was the only radio station in the area, I know we'd be fighting hard to stop other radio stations from infringing on our turf. Still, this is America and competition usually makes everybody better.
During the 12 p.m. hour of Wednesday's radio program, we'll discuss whether a "flat" gambling market should be a basis for rejecting proposals to build a new casino in Kenosha?
Please feel free to share your thoughts in the Comments section - and be sure to check back latr to hear a replay of the segment.