Saturday, September 15, 2012

Tribal casinos report record profits

Sandia Casino
The sluggish economy isn't keeping New Mexicans away from the casinos. The state's tribal gambling palaces are on track for record profits this year. In the first six months of 2012:

Sandia Casino's take was $91 million before taxes
Laguna Pueblo's Route 66 Casino banked $50 million
Isleta's Hard Rock raked in about $45 million
Santa Ana Casino pulled in about $38 million.

The net win is based off earnings on just slot machines and do not include table games. In all, New Mexico's 14 tribes have made nearly $30 million more this year than they did in the first six months of last year. Tribal casinos bordering Albuquerque will soon be getting some stiffer competition. The Downs at Albuquerque, which has not been much of an operation, is building a new casino with 600 slots on the state fairgrounds closer to the intersection of Central Avenue and Louisiana Boulevard NE. New Mexico's five racetrack casinos, commonly called racinos, combined made about $250 million on their slots last year. Racinos pay a tax rate of 26 percent...more

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