Speaking of the Meadows, which Millennium was pointing to proudly as an indication of what could be achieved in NH, revenues in October are down 30% since July

Immed Release: Millennium Gaming Meadows Casino Worst Performer in PA

Contact: Jim Rubens (603) 359-3300

Millennium Gaming, the Las Vegas company seeking to open a casino at Rockingham Park in Salem, has touted the performance of its Meadows casino outside Pittsburgh as evidence for its claimed superior management capabilities.

However, the most recent Pennsylvania Gaming Control Board reporting data show otherwise:

July-September slots revenue at the Meadows dropped by 13 percent compared to the same quarter last year. This is the worst year-over year slots performance at any of Pennsylvania’s ten casinos.

Over the July-September quarter, Millennium’s slots netted the second lowest win per day (WPD) per slot machine of any of the ten PA casinos.

Among the nine PA casinos now offering table games (which opened to the public in July), Millennium is generating the lowest revenues per table for the most recently reported month, August, 2010.

Of the nine operating PA casinos, for the fiscal year ended June 30, 2010, Millennium’s Meadows was the second poorest performing, according to the critical WPD/slot metric, $195.

For the year ended June 30, Millennium’s Meadows total slots win dropped by 1.3 percent, despite a doubling of the number of slot machines (from 1824 to an average of 3,666 machines).

This Pennsylvania data is further important evidence for casino market saturation and reason for deep skepticism about Millennium’s ability to perform as promised.

As recently as March, 2009, Millennium was promising $367 WPD/slot at its then-proposed 3,000 machine Rockingham Park casino. As recently as January, 2009, Hudson casino consultant Clyde Barrow testified (see page iv) to the legislature that a 4,000 machine Hudson casino could produce $373 WPD/slot.

In March, 2009, GSCAEG testified to the legislature that a $200-215 WPD/slot for 3,000 machines at Rockingham would be a reasonable high-range projection. GSCAEG was far closer to the mark than the casino consultants whose record is one of wildly exaggerated revenue promises.