Georgia Gaming Market Assessment - Pennsylvania Treasury

for 1,700 cars. The first phase opened with two restaurants and a bar in the property, with plans
for phase two construction to expand the gaming area and build a parking garage. A hotel and
entertainment center are planned in future phases but they have not been included in the analysis.
Sugar House received approval by the state in May 2011 to add an additional 10 table games and
expects the tables to be operational Q4 2011. There is not a long history of performance since
the facility only opened in September 2010, but through April 2011, the casino has had total
revenue of $132 million since inception. Sugar House’s performance is shown in the table
below.
Sugarhouse Historical Performance
Year Slot
Revenue
Slots Win Per Slot Tables Table Revenue Win Per Table Total Revenue WPP
2010 $37,076,304 1,601 $227.06 41 $17,118,033 $2,762.53 $54,194,337 $288.15
Jan 2011 $10,095,673 1,602 $203.34 43 $4,427,258 $3,321.27 $14,522,930 $251.92
Feb 2011 $13,365,212 1,602 $297.96 43 $5,220,463 $4,335.93 $18,585,674 $356.87
Mar 2011 $14,930,000 1,602 $300.65 43 $6,432,608 $4,825.66 $23,903,589 $414.56
Apr 2011 $14,540,310 1,602 $302.54 43 $6,218,937 $4,820.88 $20,759,247 $372.03
Jan-Apr 2010 $0 N/A N/A 0 $0 $0.00 $0 N/A
Jan-Apr 2011 $55,472,176 1,602 $288.91 43 $22,299,265 $4,325.94 $77,771,441 $348.85
% Change 10-11 N/A N/A N/A N/A N/A N/A N/A N/A
Source: Pennsylvania Gaming Control Board; Innovation Group
Foxwoods Philadelphia License Status
In Late 2010, The PGCB revoked the category one, Philadelphia based gaming license from
Philadelphia Entertainment and Development Partners (PEDP). Originally, PEDP was a joint
venture between a group of local developers and the Mashantucket Pequot Indians d.b.a.
Foxwoods Development Corporation. After 24 months of dealings and discussions with multiple
operating partners, including Wynn Resorts and Caesars Entertainment, the license was stripped
from PEDP due to the lack of a cohesive operating and financing plan.
PEDP has since sued the PGCB in the Commonwealth Courts to force the board to return the
license pending solvent financing plans. The viability of the license will now reside in the state
courts instead of the binding decision by the PGCB.
In early 2011, the Pennsylvania State legislature started the process of considering legislation,
which if enacted, would reopen the bidding process for the Philadelphia-based category two
License. The House Gaming Oversight committees held hearings in late January 2010 to start
drafting new legislation, which would include the following provisions:
1. The license can be located anywhere in the state with the caveat that does not break
existing quotas of two casinos the Philadelphia Market and one in the Pittsburgh market.
2. The minimum starting price for the license will be $66.5 million
The Innovation Group Project #054-11 August 2011 Page 23