[QUOTE=Me;5972279]
Ok folks,
Let’s talk about the parent company Penn National Gaming.
The recent referendum up in Maine was a shocker. All of the new casino’s were voted down. They were all-especially the slots at tracks expected to pass easily. These casinos were to be run by Indian tribes. The only one that did pass was table games for Hollywood casino in Bangor. Thus PNGI was the big victor up in Maine.
Once was a time I didn’t like Frank Stronach very much. Thought he wasn’t good for racing. I was thrilled to hear he got the Maryland tracks. PNGI changed my mind about him. That organization has done nothing but be a detriment to racing wherever they go.
On a recent trip to Pittsburgh I had the pleasure of visiting The Meadows. The place has beautiful surrounding farms looks like a little piece of Lexington. Many new businesses in the area. Fine homes. In short, the place is and looks quite prosperous.
Where is the prosperity that was supposed to come to the capitol region? Grantville itself is still the same hardscrabble little place it’s always been. Most of the farms are for sale and not selling. Look like they haven’t seen a coat of paint in 30 years. About 75% or more of the population in the town live in trailers. You’d have thought they’d have done a little better in the home town of their flagship track.
Stalls are only given to people from out of state. There are people in there that have been living here for 7 and 8 years and still won’t change there truck license plates for fear of being thought of as a local and losing stalls. This while there are empty stalls in every barn? WTF? Yeah, locals getting stalls is like winning the lottery but faraway folks are invited in there. That’s right invited. I’ve had them tell me they got letters inviting them to apply.
You may find reasons or excuses for this policy of theirs but the consequence of it is that much of the money generated by it goes out of town. Central Pennsylvania is getting no benefit and all the negatives from having this obscene casino.
After the politicians were promised everything in return for voting this place in this is what’s happened.
Also, speaking of money, check this out:
http://aflcio.org/corporatewatch/paywatch/ceou/database.cfm?tkr=PENN%20NATIONAL%20GAMING&pg=1&CFID=111141570&CFTOKEN=62460429
Peter Carlino the chairman raked in a whopping $9,469,277 in total compensation last year. The few shareholders that I’ve met and showed this to are appalled. All while fighting tooth and nail any and all efforts of worker organizing or unionization there.
Additionally, while the economy still struggles along this place continues to post record profits every month. Where are all the new jobs that were supposed to come with this? Where is the promised prosperity for central PA?
For this I recommend 2 things
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No more racinos. Folks in other states learn from our mistakes. This is not going to save horse racing. Fight against any and all expansion of gambling in your states. Worst part of it is when they get as profitable as this they have more to throw at politicians. Next thing you know your statehouse is working for casino interests.
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Politicians of Pennsylvania, for their broken promises and unmatched corporate greed I’d recommend the imposition of a windfall profits tax on the state’s casinos. Clobber them good. Tax them till they cry:yes:[/QUOTE]
An update on this one:
Peter M. Carlino
Chairman and Chief Executive Officer
PENN NATIONAL GAMING INC
Ticker: PENN
Headquarters: WYOMISSING, PA
Industry: Amusement And Recreation Services
In 2011, Peter M. Carlino received $11,978,334 in total compensation. By comparison, the average worker made $34,053 in 2011. Peter M. Carlino made 352 times the average worker’s pay. See how other workers compared.
Share
CEO Pay Breakdown
2011
Salary $1,702,745
Bonus $0
Value of Stock Awards $2,332,228
Value of Option Awards $4,966,050
Non-Equity Incentive Plan Compensation $2,556,981
Change in Pension Value and Deferred Compensation Earnings $0
All Other Compensation $420,330
Total $11,978,334
courtesy paywatch.org
Seems Mr Carlino got his pay raised 2 million dollars since I last posted his out of control pay. Any horsemen see any significant increases in their income this year?
