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Gaming
Revenue On The Rise
Elected officials
may push to have revenues earmarked
By
Allison Jean Eaton
Bulletin Staff Writer
COMPTON – The
city’s casino gamble is paying off big.
Total gaming revenues earned during fiscal year 2007-08 from Crystal
Casino and Hotel are up more than $200,000 over last year’s amount,
said City Manager Charles Evans.
During the previous fiscal year, the city took in roughly $700,000,
while this year it took in $913,532, he said.
According to the July 18, 2006 Gaming Commission agenda, the total
revenue earned in fiscal year 2005-06 was $597,297.
This continued increase over the last several years is attributed to
the new ownership. Celebrity Casinos Inc., which also owns Hollywood
Park Casino, purchased the casino, then named Crystal Park, from Pinnacle
Entertainment Inc. in early 2006.
Located on the Gardena (91) Freeway near the 710 Freeway, the nine-story,
225-room casino hotel opened in 1999. It was the first casino hotel
in Los Angeles County and is a venue for a range of entertainment and
special events.
Since taking over, the company has completed myriad renovations including
interior redecorating, new signage and a sharp new coat of exterior
paint. Patronage has spiked with new promotions, extra jackpots and
tournaments, said Celebrity President and CEO Mark Kelegian.
Gaming revenues go directly into the city’s general fund and
are not earmarked, said Evans.
This is cause for concern, said Mayor Eric J. Perrodin and Councilwoman
Yvonne Arceneaux earlier this month. Both worry the city might become
too reliant on the revenue coming in.
“I don’t want us to get dependent on that money,” said
Perrodin. “I
feel that that money should be in a special account for special projects
and things that just might come up.
“Gambling is so fickle,” the mayor continued. “You
never know what’s going to happen…With gas prices and unemployment,
we might not get $900,000” next year.
Arceneaux said she has always been “anti-gambling” because
of frequent fluctuations in the industry.
“It’s just an unpredictable industry, and if you base your
general fund budget on it, you’re on sinking sand,” she
said.
The mayor suggested that in upcoming fiscal years, the city set aside
those funds.
Evans said that the Council at any time can direct city staff to bring
back a resolution to begin earmarking the funds.
The Council last month approved a $194 million budget, up more than
20 percent from last year’s.
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