11/29/2007 12:00AM

Gulfstream cuts number of slots

EmailGulfstream Park is scaling back the number of slot machines in its grandstand in an effort to boost the machines' anemic revenue figures, according to a story in the Miami Herald.

Owned by Magna Entertainment Corp., Gulfstream Park plans to reduce the number of slot machines from 1,200 to 800 by getting rid of poorly performing machines, according to the story. The slot-machine portion of the grandstand is being renovated to accommodate the changes, which will result in a larger area for simulcast patrons to play the races.

According to Florida regulators, Gulfstream's machines have averaged $81 per day in revenue since the beginning of the fiscal year in July, far below Magna's estimates. Magna said the poor performance contributed to a third-quarter loss of $49.8 million this year.

Magna and Gulfstream officials did not return phone calls Thursday.

During the renovation, Gulfstream has been operating approximately 500 machines. The renovation is expected to be completed in mid-December, at which point Magna expects to operate 800 machines permanently.