Was the Rivers Casino A Lemon of an Investment?

During an assessment hearing one of the Rivers Casino’s owners, seeking to have the facility’s assessment lowered, commented that the Casino has been a “terrible investment”.  He lamented that the Casino has not met initial revenue projections and will be adversely affected when casinos begin popping up in neighboring Ohio. However, despite its disappointing performance to date, the Rivers has enjoyed a pickup in revenue recently as have most of the other casinos across the Commonwealth. 

 

 

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Pittsburgh’s Casino Posts Strong Gains in 2011

To say that the Rivers Casino in Pittsburgh had a tumultuous start is an understatement.  As we have documented in previous Policy Briefs, since it won the gaming license for Pittsburgh the casino has undergone an ownership change, a reduction in its credit rating, and its revenues have come in been well below pre-opening projections.  But after beginning operations in mid-2009 and now having experienced two full years of slots operation–and one full year of table games– has Pittsburgh’s gaming parlor risen to its hoped for potential? 

 

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Numbers Improve at Rivers Casino

As the second full year of operations came to a close, the Rivers Casino received some good news in the form of an upgrade in its credit rating by Moody’s Investors Service.  An upcoming decision by Standard & Poor’s is also expected to raise the Casino’s credit rating.  While the rating improvement from Caa3 to Caa2 will help the Rivers’ cost of borrowing, Moody’s remains cautious about the Casino’s long-term future because of high debt levels.

 

 

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