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Video Gambling's Death Killing Businesses In South Carolina

"Richard Davis and David Cook are selling their bars. Eddie Holt is struggling to keep his restaurant and bar alive.

"…`I would still be here if I hadn't lost the backbone of the business, which paid my overhead and my salary,' said Davis, who is selling his Village Bar and Grill in Myrtle Beach. Since the state's video gambling ban took effect on July 1, he had to lay off several people.

"…Gambling machines averaged $22,000 each in income according to state figures. That's a big boost for a small business.

"That's led some bar owners to seek buyers to seek buyers, said Chris Davis, president of Coastal Business Brokers in Myrtle Beach.

"Poker helped cover overhead costs and some business owners depended on it, taking out loans on equipment or for locations or expansions based on the expected revenue.

"…Despite the decreased values, the brokers do not see any long-term negatives from the expected business closings. The empty spaces may encourage new entrepreneurs and open up new opportunities for other businesses.

"…Some of the surviving bars and restaurants are seeing more business. James Mulvanerton, owner of Magoo's, said he's already noticing a slight increase in business because his customers have more money to spend on food and drink since they aren't throwing coins down a machine…"

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