Revenue from US Casinos Slips for Third Quarter

18 November 2009

Newspaper

This shows all of us just how bad the economy has gotten. I think at times the government does not want us to know everything, and I am sure they don’t. This article from the Associated Press scares me. It should wake us up as to just how bad things are.

LAS VEGAS – LAS VEGAS (AP) — U.S. commercial casinos took in $7.94 billion in revenue during the third quarter, 5.5 percent less than a year earlier, the head of the American Gaming Association said Tuesday.

Frank Fahrenkopf Jr., president and CEO of the industry group, said that while economists believe the country is moving beyond one of the worst recessions in history, that’s not a practical reality for many casinos or their customers.

“Main Street is still feeling the heart, in fact, of the economic downturn,” Fahrenkopf said. “The same has to be said very clearly for the gaming industry.

“I don’t think there’s any doubt that this has been the most challenging year that the industry has faced,” Fahrenkopf said.

Fahrenkopf spoke at the Global Gaming Expo, a top industry conference in Las Vegas that itself is manifesting the industry’s weakness. Fahrenkopf said exhibitors signed on for roughly 20 percent less space than last year. Attendance figures were not immediately available, though Fahrenkopf said organizers hoped 25,000 people would come to the four-day gathering, compared with 26,500 last year.

Read the whole story here.