Slots not filling fair coffers

Thursday, Jan. 27, 2000 | 9:45 a.m.

The casino topped the $125-per-machine mark only five days since the casino opened Aug. 26, and has not hit the mark since the State Fair closed in September, said State Fair Commission Chairman Tom Tinnin.

He would not give details of casino profits until the state attorney general rules whether that information is public record.

The casino is hampered by state law that prohibits prize giveaways and high stakes "progressive" jackpots, Tinnin said.

State law allows 300 slot machines at horse racing tracks, with 45.25 percent of the profit going to state taxes, improving racing handles and paying for programs for gambling addicts. What's left after that percent is taken out and jackpots are paid is known as net win.

The casino's lease calls for the fair to receive a base payment each month if the slots return a profit of less than $125 on an average day. If the average profits are higher, the fair gets a percentage that could mean millions of dollars.

The fair set aside a separate account for anticipated casino profits. To date, The Downs has paid three installments of $37,000 for the base lease, and no bonus payments.

Tinnin said he hopes a recent advertising blitz will draw more gamblers.

"I'm not doing double back-flips. But I'm not discouraged either," he said.

SunRay Park, a Farmington horse racing track, reported earlier this week that it is at least $3 million in debt - a combination of not enough racing fans and money bet during last year's 28-day meet and not enough gamblers playing the track's 300 slot machines.

Racing Commission administrator Paul Gordon said SunRay needs to make a daily profit of $170 per machine to pay off its debt, cover operating expenses and have a positive cash flow, but has been averaging about $150 a day per machine.