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-- see you know and Darrell -- live the country's newest and now one of its biggest casinos.
Is opening today it's going to be a big tax generator as well Jeff Flock is in Hanover Merrill Lynch.
With more on that tell us about it -- I huge.
Contributor but at this hour -- and we are.
Really cheered and it's a real treat to be able to talk with a man who developed this David court issue is in some sense the I don't know the sultan of urban redevelopment and redevelopment all -- this country want to get to that in a moment but first take it won't be over here you just met this fellow he just one net.
-- You wonder how much 64064000.
-- and what playing blackjack.
-- -- -- -- -- It's never done live nearby yes -- and Pasadena and how much did you start went 300 dollars.
Didn't start with 63000 he started with 300 dollars -- I don't -- this is fewer profits for you that's all right we want the people who win.
And this guy's great talking about winning first of all let's take a look at the pictures from when this -- table games opened it but this at the table games here.
This is one of the -- this gentleman one and they were only slots up to this point.
You open -- table games last night talk about winners.
Huge winners with gambling.
If we take a look at the top states Pennsylvania over a billion and a half dollars in tax revenue thanks to gambling.
Million New York State almost 600.
The million dollars a year this is a huge generator.
Yes it is if you take -- and live.
And this is three table games we send the state of marrow whatever million dollars again.
A million dollars it to this day into the state education fund that's where it's directed to go.
And that'll rise to about a million to.
We'll be over 400 million a year.
You've got a hundred walk me through this because this is a fascinating I mean this just goes on and on you're you're the biggest.
On the East Coast now.
Table games and -- overnight and then to 4000 slot machines also chosen.
-- this is the third largest commercial casino in the United States.
When you put together.
Our table games.
With the new live table games with the electronic table games but the slot machines.
With the entertainment.
There's only a couple might -- United States it's a chicken in this is attacks.
That no one seems to mind I mean your business you know we didn't know you can't.
Talk about tax increases these days in the congress it's that -- political third rail for everyone.
But nobody you're not complaining about paying the tax and what is your tax rate -- by the way on the slots at 67%.
Of the grows with no deductions.
I'm 67 cents out of every dollar that somebody spends here goes directly to the state.
Correct invited to the education fund we're basically hard wired -- Are we beginning to run out of real estate here though I mean we take a look at the numbers on what people are doing in terms again when we took a little downturn.
During a recession but it's -- back up.
Gambling continues to grow how -- can this get.
-- it's a great question.
There will reach a point of saturation were over saturation.
State by state.
Native Americans are adding casinos.
And the end of the day there's only so many gambling dollars to go around.
We're very fortunate position.
At Merrill and I were in the middle.
Very rich -- With two fabulous highways.
So we have 78 million people but most places -- -- the pro at finding venues in and I want to take a look at.
In the talk about the -- each company's everyone has been to a quarter should development somewhere in the country to put the map while.
Of where you have been in the US everywhere I mean from Louisville lives.
Well who would I mean there's no there's no -- -- -- not that's.
Am and I got to ask you about this economy right now you obviously talk about gambles you've taken some gambles in here today.
And not all of them win.
How do you feel about this economy right now that's a hard question.
And I worry about the economy I know the stock market is up and that's great.
But -- the underlying fundamentals.
There to sustain it you know what I'm not sure what what happens with the gambling.
It's basically a night out for people it's an entertainment.
We're not quite as sensitive as you might think.
To the ups and downs and they can't see as much of a fall off during recessions -- you know like I worry about.
The national economy I do worry about the national economy from a man who should know David Cornish.
Chairman and president of the -- companies.
You've been somewhere that he is develops.
And perhaps you come to -- -- biggest on the East Coast casino.
Thank Aaron -- jet black men -- Merrill Lynch thanks dad.
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