Revenue from US Casinos Slips for Third Quarter

18 November 2009


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.

Related News

  • 05 October 2010

    Major Casinos Looking at Online Gambling

    There has been a lot written lately about the online gambling regulation in the U.S. this year. Proponents of legalizing and regulating internet gambling have seen positive and negative so far from Barney Frank’s H.R. 2267  passing a markup vote to the NFL changing its stance to California denying an effort to legalize online poker to now the major land base casino’s changing their tune about legalizing online gambling.

    Read full article
  • 13 July 2011

    American Gaming Association (AGA) to Propose Online Poker Bill

    The American Gaming Association (AGA) publically showed a cool response to Rep. Joe Barton (R-TX) federal online poker bill last week. In an address last week AGA chief Frank Fahrenkopf said his group was “not opposing [Barton’s bill], but we are not supporting it.” He said the AGA would throw its entire wait into a mystery bill.Fahrenkopf then said this mystery bill would differ from Barton’s proposal mainly in the way states are involved.

    Read full article
  • 22 September 2011

    AGA Releases An Online Gambling Code of Conduct

    The American Gaming Association (AGA) president Frank Fahrenkopf has two simple questions:”…‘How much and for how long?’ How much money that we don’t know about is being swindled from US consumers and how long will it take before we change laws to protect those consumers?” This is in response to the DOJ calling Full Tilt Poker a “global Ponzi scheme” after amending the civil lawsuit showing that more than 20 owners and shareholders were paid up

    Read full article