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Castle Rock Casino responds to consultant reports - KOAM TV 7

Castle Rock Casino responds to consultant reports

Updated:
Topeka, KS -

Attached below is Castle Rock Casino responds to the June 10th consultant reports. 

Response to Consultant Reports

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Gaming board hears from consultants on casino proposals

(AP) - A Kansas gaming board tasked with choosing one of three proposals to recommend as a state-owned casino has heard from consultants this week about how much revenue each is projected to bring in.

The Lottery Gaming Facility Review Board will pick one later this month to suggest to the state Racing and Gaming Commission, which will make a final decision soon after.

The board on Wednesday listened to hours of testimony from consultants in how much each proposed facility could generate for their geographic areas and state coffers once they become fully operational in 2019. Several representatives from various gaming analytics and economic consulting groups spoke before the board.

"You may see some variance in projections. Let me assure you, this is typical of the business," Will Cummings of Cummings Associates said. "I see them all as very attractive applicants."

Michael Greene with Union Gaming Analytics adds that any of the proposed casinos would have to compete with the nearly 30 in northeast Oklahoma, which he referred to as "a saturated market."

The largest of the three proposals is the Castle Rock Casino Resort. It would be built less than a mile from where the Kansas, Missouri and Oklahoma borders meet on U.S. Route 400.

Union predicts the casino's slot machines and table games will generate $47.8 million in gross gaming revenue in 2019. They anticipate the casino would pay $12.9 million in taxes that year - $11.5 million to the state and $1.4 million to local governments.

But Cummings anticipates Castle Rock will earn more in gross gaming revenue with $59.9 million.

The second proposal calls for a casino named Kansas Crossing near the Missouri border. Union expects it will generate around $39 million in gross gaming revenue and more than $10 million in state and local taxes combined.

Cummings projects less revenue by Kansas Crossing at $36.6 million.

The third proposal is Camptown Casino, which is proposed for an area just north of Pittsburg. Union predicts that it would generate $43.9 million in gross gaming revenue, with $11.8 million in total tax revenue. Cummings put the revenue figure for the proposed casino at around $34.6 million.
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