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LFP,
You may want to re-read the story, Fraser Downs Casino itself isn't losing money, rather the "Great Canadian Gaming Corporation" (GCGC) lost money last quarter. The report in the Surrey paper may be slightly wrong as the Globe and Mail reported that the write-down in Lithuania was actually closer to $9 million (which coincidentally is pretty much what they lost in the last quarter).
GCGC has spent huge at Fraser Downs (drop by you will be impressed) in the last couple years and as a result it had high initial expenses. Now that the major building is over all the company has to do is work its way out of debt. Something that will take more time than expected due to the preference of serious gamblers to go to locations with "table games" over those with only slots.
As for Fraser Downs, it is still making money, just not as much as expected. If you do the math it looks like the facility generated somewhere around $ 32 million profit (since the 10% profit sharing was $3.2 million) in lieu of the $40 million they expected to make.
To summarize, no the casino isn't losing money, it just isn't making an ungodly profit instead it is just making money hand-over-fist 
Cheers
It does seem diffilcult to believe that a casino is losing money. But it does go on to say, "it also lost money on seasonal winter shutdowns at Fraser Downs and its other racetrack properties. Point taken and corrected. How much have you dropped there?
The seasonal closing is when the track closes for three/four months in the summer. Similarly in Ontario the thoroughbreds close for much of the winter. That reduces their income as the lack of live racing decreases the number of bodies through the doors. Last year when the live racing was elsewhere they only had a tiny casino going while they finished the full size one, and the off-track facilities were undersized at that point as well.
As for me at the track, I am up on the season and as for my handle....that’s a state secret As you guessed I go regularly and have my own carrel (seat with a personal t.v) that I rent for the year....it used to be pretty close to where Mel parks for the season. I haven’t seen as much of him recently, but then I haven’t been to the track as much this year.
A lot of the casino ills are due to the growing numbers of them. The business is not unlike any other retail type business, since they are all fighting for the same customer group. Some will simply fold up if they can't compete.
Good! I hope they all go broke! They attract criminal activity, and produce gambling addicts. They sucked my son's whole inheritance from him. They will take money from anyone over the age of 18, regardless of their ability to spend that money. As far as I'm concerned, I hope all the Casinos go broke (fat chance, as long as there are people willing to support them), and the Cash Money and Money Marts type of stores in general who I believe as well, who survive through the misfortunes and stupidity and ignorance of others.
Not unlike any other retail business? Hogwash! They're very different in that you leave your money there and take nothing home. That's not how retail works. disgusting in my books.
Edited By Siteowner GiGi is referring to our 2006 posting that you can find below linked.
http://www.kimrichter.com/Blog/2...aser-
downs.html
It's great to see that old postings are viewed as well and those issues are still controversial! ---LFP EDITOR---
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