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Charles Town Races & Slots

Charles Town Races & Slots is doing really well for itself, and has an expansion plan in the works so that they start doing even better. The racetrack is adding a second parking garage, a new hotel, and 800 more slot machines. They are getting more and more business every day, and thinks are looking very sunny for them. However, some fear that this is about to change.

With the advent of slot machines coming in to Pennsylvania, Charles Town could start to see a drop in slot machine revenue. Two other tracks in West Virginia have already faced layoffs due to the reduced revenue, and if West Virginia wants to stay in the slot machine and gambling game, they are going to have to add table games to compete.

John Finamore, SVP of Regional Operations for Penn National Gaming, Inc., owner of Charles Town Races & Slots said that if Maryland decides to approve slot machines then Charles Town will be facing the same losses as the other tracks. He said that they are losing business and slot revenue, as well as jobs due to the slot machine approval. He said that their customers from Maryland make up roughly 38% of the track’s slot machine revenue.

They have about 14% of their customers coming from PA, so although they will see some decrease in revenue, they won’t feel it as badly as the others. Maryland’s legalizing slot machines on top of that will hurt them. Finnamore said, “Yes, Penn National’s revenue stands to lose, but all the constituents stand to lose.” He of course is referring to the amount of slot machine revenue that will come out of the state if their revenues start dropping. He thinks table games are the only things that will save them at this point.

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