Chicago Tribune – Illinois gamblers cut back on their slot machine action in 2009.
In a study released Monday about slot-machine spending in four casino markets, the American Gaming Association said one-armed bandits in Illinois, Las Vegas and Atlantic City took in less revenue in 2009 than they did in 2008.
In Illinois, total slot machine “win,” or how much the devices keep from the gamblers, fell by 8.4 percent to $1.2 billion. Still, that’s not as bad as the 21.7 percent revenue drop that Illinois saw in 2008.
Fewer visits to Illinois casinos were a factor. In 2009, the state’s casinos had 14.4 million admissions, down 1.5 percent from 2008. But, again, the drop in 2008 was worse, off 11.4 percent.
Average slot machine spending per visit in Illinois was $86.97, down from $93.53.
Of the four markets in the study, only Iowa’s slot revenues saw an uptick, rising 0.2 percent.
But Illinois’ slot revenue numbers held up better in 2009 than those in Atlantic City and Las Vegas, which saw double-digit percentage drops.
Give and take: The Chicago-area bank with the highest Texas ratio has been rescued.
Chicago-based startup GreenChoice Bank has completed its purchase of 100-year-old Family Federal Savings of Illinois.
Before the deal, Family Federal had a Texas ratio of 737 percent. A Texas ratio weighs seriously overdue loans and foreclosed real estate against a bank’s capital and its reserves for potential loan losses; anything exceeding 100 percent is troublesome.
MDI Investments Inc. was the primary financial adviser on the $9 million deal. Newport Capital Bancorp LLC, a Newport Beach, Calif.-based bank-investment firm, also participated with GreenChoice on the capital infusion, and says Family Federal is now “well capitalized” and no longer “critically undercapitalized.” Loan Workout Advisers LLC advised Family Federal, including helping the bank find the right partner.
Now all GreenChoice has to do is execute.
