Morowitz Gaming Advisors, LLC Releases Results of 2007 Racino Slot Compilation

ATLANTIC CITY, N.J., Feb. 25 /PRNewswire/ -- Morowitz Gaming Advisors, LLC
has completed its 2007 racino compilation. The following table depicts 2006
and 2007 results for the top five U.S. racinos.

2007 2006
Slot Slot
Capa- Capa-
State Racino Slot Revenue city W/D/S Slot Revenue city W/D/S

W.Va. Charles Town $463,367,816 4,765 $266 $448,022,595 4,121 $298
N.Y. Empire City $394,326,303 5,206 $208 $49,933,132 566 $242
R.I. Twin River $369,748,501 4,237 $239 $329,364,359 3,583 $252
Pa. Harrah's Chester $284,794,173 2,667 $293
Pa. Philadelphia Park $283,858,974 2,230 $349 $9,912,893 85 $318

Source: Morowitz Gaming Advisors, LLC research, various state agencies

Highlights of the compilation are as follows:
-- The largest racino in the U.S. is Charles Town Races and Slots, a Penn
Gaming property located in West Virginia
-- Three of the five largest grossing racinos were in their first full
calendar year of operations (Empire City, Harrah's Chester, and
Philadelphia Park) and another (Twin River) had just undergone a
major refurbishment and expansion.
-- All of the five top grossing racinos are located in the northeast
corridor, serving the Washington, Baltimore, Philadelphia, New York,
Providence, and Boston markets.
-- Nine of the top ten grossing racinos are located in the northeast
corridor.
-- U.S. racino slot revenues grew by 44.5% in 2007 while slot capacity
grew by 47.8%.
-- The largest racino in the U.S. (Charles Town) grossed $463.4 million
while the smallest (Blue Ribbon Downs, Oklahoma) grossed just $4.5
million.
-- Daily win per slot averaged $226 while median daily win per slot was
$208.
-- Despite enormous growth in capacity, daily win per slot declined
slightly to $226 from $231 in 2006, implying incremental daily win per
slot of $215.

The following table depicts key statistics from the compilation.

2007 2006

2007 Growth in Slot Revenues 44.5%
2007 Growth in Slot Capacity 47.8%
Largest $463,367,816 $448,022,595
Smallest $4,493,756 $1,100,358
Average $131,852,472 $103,363,668
Median $94,520,495 $65,148,591
Lowest Daily Win Per Slot $49 $54
Highest Daily Win Per Slot $413 $386
Average Daily Win Per Slot $226 $231
Median Daily Win Per Slot $208 $224

Source: Morowitz Gaming Advisors, LLC research, various state agencies

Cory Morowitz, Chairman and Managing Member of Morowitz Gaming Advisors,
had the following comments regarding the compilation: "The results of our
compilation indicate the strength of the racino industry along the northeast
corridor but they also highlight an important point. Racinos are in almost all
cases positioned as convenience oriented gaming centric operations. The
principal drivers of revenue at these facilities are proximity to population
and gaming capacity. This is why nine of the ten largest racinos are located
along the northeast corridor. While these facilities generate relatively large
amounts of revenue, they are also burdened by high tax rates. As a result, the
capital investment and jobs creation associated with these facilities is very
low compared to destination casinos such as those in Las Vegas and Atlantic
City."
Morowitz Gaming Advisors, LLC will include the full results of the
compilation (all U.S. racinos) in its next newsletter, the award winning
Morowitz Quarterly. For questions contact Cory Morowitz at 609-652-6472.
http://www.morowitzgaming.com
SOURCE Morowitz Gaming Advisors, LLC

Cory Morowitz of Morowitz Gaming Advisors, LLC, +1-609-652-6472