XL Center Gambling Lounge Deficit | The Boneyard

XL Center Gambling Lounge Deficit

The article mentions that they projected a loss in year one and there has been no advertising yet because of the operator change up. So there is likely still upside.

I hope it manages to do well. It's a nice addition to XL and makes it unique as a venue (outside of the casinos obviously).
 
I wonder how much the facelift/renovations to XL will have an impact on not only the Sportsbook but also the profit of the XL as a whole. What they expect doesn’t always translate to reality. Having said that, I hope it does well.
 
UCONNJACK said:
New XL Center Gambling Lounge running a deficit. Might be a gamble that doesn’t pay off.

pechanga.net

New XL Center sports gambling lounge on pace for six-figure deficit in first year

A long-awaited sports betting lounge that opened on the western edge of the XL Center in downtown Hartford could end the fiscal year in June with a deficit as high as $750,000.
pechanga.net pechanga.net
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Haha nicely done.

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Well, clearly the CDRA will need to charge UConn more to offset the new loss.

It's good to see that their record of losing money in every single venture they undertake continues. I mean it's important for organizations to have consistency.... :rolleyes:
 
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They made the most sterile looking sports bar in america inside one of the most dated, sterile sporting venues in america. Anyone involved that expected churning a profit should be fired.
 
Either people are winning or overhead is just too high

Also, startup businesses do tend to lose money, especially in the first year or two or three. You make it to year 5, you start to roll in the dough
 
DSquiz said:
The article mentions that they projected a loss in year one and there has been no advertising yet because of the operator change up. So there is likely still upside.

I hope it manages to do well. It's a nice addition to XL and makes it unique as a venue (outside of the casinos obviously).
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@DSquiz If you’re who I think you are, we had a beer together after the Gonzaga game in Seattle. (Though you might not remember because it definitely wasn’t your first beer that day)
 
Letsgohuskies11 said:
Can you bet on UConn games in it? Otherwise dont really get it., easy to just gamble on your phone. It's a cool place but found it super cramped.
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Can you bet on UConn games if you're in CT? I thought you couldn't. That's the rule in MA.
 
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Watched the GT game from there on Sunday - only some of my group had tickets. Decent place, but the food is just concession food and there is no reason to go there if there isn't a UCONN game. Hard to see how it would be a big success.
 
CL82 said:
Haha nicely done.

View attachment 95373

Well, clearly the CDRA will need to charge UConn more to offset the new loss.

It's good to see that their record of losing money in every single venture they undertake continues. I mean it's important for organizations to have consistency.... :rolleyes:
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Only the CRDA.

Look at the billions invested in new construction in Vegas over the past ~18 years. Ask your "how many casinos lose money"?

Logically, something like this happening should be nearly impossible but somehow these clowns are pulling it off.
 
05Alum said:
They made the most sterile looking sports bar in america inside one of the most dated, sterile sporting venues in america. Anyone involved that expected churning a profit should be fired.
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It’s as I mentioned in a different post. Connecticut is the land of steady habits, no creativity or imagination so what would one expect with a lame betting venue in a dilapidated mall. Add seats in Gampel and get rid of playing in Hartford. It’s a joke that Hartford needs to maintain the city’s vibrancy. I wonder what that author defines as vibrancy.
 
Letsgohuskies11 said:
Yeah im pretty sure you cant, like 99% sure. Dont really fully understand the rationale of that but.
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You can’t bet on any CT colleges. I believe the rationale is it would potentially incent point shaving or be easier to approach and entice players with some type of illegal actions
 
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FfldCntyFan said:
Only the CRDA.

Look at the billions invested in new construction in Vegas over the past ~18 years. Ask your "how many casinos lose money"?
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Many. Check it out.
 
the food sucks, the beer is expensive, and it’s easier to just bet on your phone.

the sportsbooks at the casinos have the same problem. went for march madness when they first opened and will never go back.

I don’t understand how these venues don’t realize that having passable food is table stakes. especially at the type of place where people would sit for hours if given the appropriate accommodations.
 
ucinnc said:
@DSquiz If you’re who I think you are, we had a beer together after the Gonzaga game in Seattle. (Though you might not remember because it definitely wasn’t your first beer that day)
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Yep that's me, hi! Fun time, though gotta remember to not skip dinner next time, especially when people are buying rounds haha.
 
kobebeanbryant said:
the food sucks, the beer is expensive, and it’s easier to just bet on your phone.

the sportsbooks at the casinos have the same problem. went for march madness when they first opened and will never go back.

I don’t understand how these venues don’t realize that having passable food is table stakes. especially at the type of place where people would sit for hours if given the appropriate accommodations.
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Very expensive place yes. Gave it a try during Feast Week, the food was garbage. Can be totally improved if they focused on things people actually care about.
 
My two cents? You have to do SOMETHING well. The space isn’t special or comfortable if you want to spend a weekend day watching and betting. The food isn’t special.

My suggestion would be betting specials. Profit boosts. Parlay specials. Free bets. All things I get daily on my app that they don’t offer. Come up with odds or contests or specials you can’t get on an app.

You’re never attracting a couple on a date. So pander to alcoholics and degenerate gamblers. Know your audience.
 
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willie99 said:
Either people are winning or overhead is just too high

Also, startup businesses do tend to lose money, especially in the first year or two or three. You make it to year 5, you start to roll in the dough
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On the other hand venues like this are going to draw a lot of interest initially, which will fade over time as "newness" wears off, both literally and figuratively.
 
Deepster said:
You can’t bet on any CT colleges. I believe the rationale is it would potentially incent point shaving or be easier to approach and entice players with some type of illegal actions
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Makes 0 sense. A CT resident can drive to NY/MA and incite point shaving and approach players at a number of colleges there.
 
It used to be a thing in Vegas, that you couldn't bet on UNLV games. But now you can. The truth is legal betting makes it easier to ID when something fishy is going on. It should be allowed. But if it was, the XL Sportsbook would be even deeper in the red.
 
Letsgohuskies11 said:
Makes 0 sense. A CT resident can drive to NY/MA and incite point shaving and approach players at a number of colleges there.
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They have the same rules in VA. I guess it also makes it harder to keep the players themselves from betting on their own games.
 
HuskyWarrior611 said:
They have the same rules in VA. I guess it also makes it harder to keep the players themselves from betting on their own games.
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it honestly might be everywhere. Professional athletes could bet on themselves though.
 
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