A new handout is being circulated by the Vote No Table Games organization. Much of what is said is misinformation, misrepresented facts, and untruths that are anonymously quoted and lack any substantive citation.
We are proud to have the facts on the side of voting “YES” on table games.
MYTH: Penn National’s net revenues from CTRS in 2008 was $477 million. In the past six yrs PN’s net revenues from CTRS totaled a staggering $2 billion, 632 million.
FACT: The $477 million represents gross revenue before Charles Town Races & Slots pays one dime of expenses including: $267 million in revenue taxes; $36 million in payroll; $3 million in property taxes; plus marketing expenses, utilities, and other operational expenses adding in the hundreds of millions of dollars. Our net income is a fraction of that gross revenue amount and from that net income CTRS reinvests substantially all of it in the property. For instance, between 2008 and 2009 alone Penn National spent over $30 million in building a new hotel and installing a kitchen in the barn area for the horsemen. Since Penn National acquired CTRS, every bit of free cash flow generated has been reinvested in the facility, totaling over $300 million so far.
MYTH: Penn National’s future is away from Charles Town. Presently it operates 24 gambling facilities in 13 states and is expanding rapidly. PN is bidding on the unfinished Fontainbleu casino in Las Vegas.
FACT: Penn National Gaming has reinvested over $300 million into the CTRS facility since 1996 to ensure a better racing and entertainment experience for its customers. Penn National Gaming is a strong, well financed gaming company which currently has 19 facilities in 15 jurisdictions. The company will continue to review new opportunities as they arise, as is our responsibility to our shareholders.
MYTH: Penn National was involved in the effort to get slots passed in Maryland in 2008. Penn National this February applied for a slots license in Maryland. Expect PN to support the effort to get casinos in Maryland. Maryland is struggling with a $1 billion deficit; expect them to add casinos to slots.
FACT: Penn National Gaming was involved in an effort to allow slots in Maryland as passage was imminent. The license Penn National Gaming sought and was awarded is in Cecil County, Maryland – the farthest location from Charles Town Races & Slots – competing with Delaware and Philadelphia – not West Virginia.
FACT: If Charles Town Races & Slots does not have a competitive edge with table games, it will risk losing customers to two locations that have been approved for slots – Baltimore and Anne Arundel, Maryland. Over 8,000 slot machines will come online in these two locations.
MYTH: County residents need to come to grips with the fact that gambling revenues at
CTRS are on their way down (Penn National has). Maryland will see to that.
FACT: It is no secret that the economy is down nationally. Charles Town, Jefferson County, West Virginia, and Maryland were not immune to this economic downturn. Table games at Charles Town Races & Slots will protect the current jobs and revenue in Jefferson County, while adding to both at the same time.
MYTH: The explosive expansion of gambling in the region and the nation will do the same to our county. Ten states are near bankruptcy; Nevada is one of them. The Foxwoods casino, located in Ledyard, Connecticut, is the largest casino in North America; it’s near bankruptcy. In both cases skyrocketing expansion of gambling is cited as their undoing.
FACT: Charles Town Races & Slots and Penn National Gaming have a strong, twelve year track record of being a good neighbor in Jefferson County; there’s no reason to look to other states or gaming companies. West Virginia’s financial health is actually better relative to many other non-gaming dependent states such as California. Penn National Gaming has invested over $300 million to keep CTRS competitive. Table games are essential to ensure our ability to compete in the future so that we don’t become one of the examples cited above.
MYTH: Penn National is not subject to a county or municipal ordinance; they answer only to the Lottery Commission.
FACT: Penn National Gaming and Charles Town Races & Slots has a 12-year track record of complying with all laws and regulations. Gaming is one of the most regulated industries in the country and Charles Town Races & Slots is proud of its record of compliance with all local, state, and federal regulations.
MYTH: “What people don’t realize is that casinos are essentially nothing more than huge bars. Gamblers get as much to drink as they want free of charge 24 hours a day. Casinos admit they use alcohol as a tool.” – a quote from a police officer.
FACT: “The anecdotal theories that crime will increase can be frustrating at times, especially for someone in law enforcement, when the statistics and actual experience clearly point in a different direction.” – Sheriff Bobby Shirley, Jefferson County, Spirit of Jefferson, 12/3/09
CTRS is happy to stand on its 12-year actual record and facts as presented by Sheriff Shirley, versus innuendo and an anonymous “quote”.
MYTH: Penn National says that 90% of their workforce lives in the Eastern Panhandle but they are unwilling to say what % live in Jefferson County.
FACT: Approximately 60% of Charles Town Races & Slots employees live in Jefferson County, a fact of which we are very proud. This has been public information on the campaign website, http://www.yesforjeffersoncounty.com since the campaign launched and has been quoted in numerous newspaper articles and public forums.
MYTH: How is this year’s deal better than the ’07 deal? In ’07 the county would have received $2.10. Now it would get $3.15.
FACT: “The money for Jefferson County has been doubled from 2.5 percent of gross table revenue to 5 percent ... I believe that is a fair percentage and I am now in favor of table games.” – Delegate John Doyle, Herald Mail, 11/28/09
In addition to the current $10 million provided in local taxes, based on WV Lottery Commission projections, table games will generate another $6.4 million locally ($4 million directly to schools). In addition, increases in slots revenue would add another $1 million bringing the total local tax contribution from CTRS to approximately $17.5 million annually.