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Ralph Northam said in an interview. Colonial Downs is not an aging track like Marylands Pimlico Race Course, which dates back nearly 150 years . Colonial Downs opened in 1997 after a lengthy debate in the state about where to put a new horse-racing track. The new Colonial Downs owners hope to run about 25 days of racing each year. It is not clear how many of the slot machine-style units the Racing Commission plans to allow at the track or at each off-track betting facility. The commission is scheduled to meet again next week, but no agenda has been posted.
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So if it accepts $1 million in wagers over 2 million spins, it would be expected to pay out $900,000, resulting in a casino gain of $100,000. Thus from the managements perspective, the price it charges is the 10 percent it expects to collect from gamblers over time. Individual players, however, will likely define price as the cost of the spin. For example, if a player bets $1, spins the reels and receives no payout, thatll be the price not 10 cents. So who is correct? Both, in a way. While the game has certainly collected $1 from the player, management knows that eventually 90 cents of that will be dispensed to other players. A player could never know this , however, given he will only be playing for an hour or two, during which he may hope a large payout will make up for his many losses and then some. And at this rate of play it could take years of playing a single slot machine for the casinos long-term advantage to become evident . Table games like black jack are not nearly as lucrative to the casino as slots.
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