Tuesday, October 22

Billions Being Bet at Jake’s 58

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Jake’s 58, the hotel and casino in Islandia, is humming along with about $1 billion played every three months, far outpacing previous years.

The casino in filings with the New York State Gaming Commission said it’s now attracting more than $300 million a month in bets. Jake’s 58 first topped $300 million in one month this January and hasn’t fallen below that mark since.

The casino wins a little more than $600 a day per video gaming machine, but with 1,000 of these machines, that’s more than $600,000 a day.

Jake’s 58 said about $323 million was played in September, including $1.7 million in free games or credits. Gamblers won back about $302 million, leaving the casino with a net win of a little more than $19 million.

Jake’s 58 has processed about $2 billion in bets over six months since April, including about $9.7 million in free credits or less than half a percent of the total.

The casino in April indicated $333 million was wagered, followed by $340 million in May, $321 million in June, $339 million in July and $341 in August, the hottest month for the casino and its second hottest ever since March when $245 million was wagered.

The casino’s net win for the past six months ranged from $18.3 million in June to $20 million in April or about $114 million from April to September.

The casino, which operates 1,000 video gaming machines, said since April it paid about 45 percent of its net winnings or $51.4 million to the New York State Education fund.

Another $11.4 million or 10 percent of winnings since April, the start of its fiscal year, went to costs for the gaming floor and administration.

Meanwhile, $51.4 million or 45 percent of winnings went to agent commission to the casino, compensation for operating the facility, which also covers some expenses.


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