Gambling Industry Not Recession Proof We Learn

Submitted by Jagajeet Chiba on

Written by :

Jagajeet Chiba

Published on :

The top story in 2008 according to CasinoCity.com, the thinking that the casino industry is "recession proof" is no longer true and, unfortunately, that has been the biggest news of 2008.

The numbers are not pretty. Nevada gaming revenues fell 22.3 percent in October, the single largest monthly drop in state history and the 10th straight month gaming revenues have fallen in Nevada. For the year, gaming revenues are down 8.3 percent statewide. Casinos statewide won just under $905 million during October, compared with $1.165 billion in October 2007, according to figures released Wednesday by the Gaming Control Board. The figure was the lowest statewide one-month total since April 2005. On the Strip, gaming revenues were $475 million, a drop of 25.8 percent compared with $639.9 million a year ago.

Just last week, the bleak economy restrained Las Vegas Sands Corp.'s share growth along with the rest of the gaming sectors.

Shares of Las Vegas Sands slid 61 cents, or 8.1 percent, to $6.89 in afternoon trading - off 93 percent since peaking a year ago at a 52-week high of $105.38.

MGM Mirage Inc., which owns 10 casinos on the Las Vegas Strip, has laid off about 3,200 workers here since October 2007. Harrah's Entertainment has cut 1,800 workers since January. And Deutsche Bank analyst Bill Lerner told investors in a note on Monday that he is tracking more delayed projects in Las Vegas than ever before.

Jagajeet Chiba, Gambling911.com        

Related Content

Real App Names FanDuel Its First Official and Exclusive Sportsbook and Prediction Market Partner

Real App Names FanDuel Its First Official and Exclusive Sportsbook and Prediction Market Partner

Partnership integrates FanDuel odds and contextual markets into Real’s live experience and creates a new way for FanDuel to connect with the next generation of sports fans.
Bitcoin Isn't as Anonymous as Players Think in 2026

Bitcoin Isn't as Anonymous as Players Think in 2026

Bitcoin transactions aren't anonymous, they're pseudonymous. Here's what that distinction actually means for anyone moving money through crypto in 2026.
Gambler Media Examines What iGaming Brands Should Stop Investing in for Online Visibility

Gambler Media Examines What iGaming Brands Should Stop Investing in for Online Visibility

New analysis argues that search volume alone is becoming a weaker measure of value as gambling brands compete for visibility across search, AI and specialist media.
White Label Sportsbook Solutions: Features, Costs and Providers

White Label Sportsbook Solutions: Features, Costs and Providers

Starting a sportsbook is far more involved than the front end and odds feed. Trading, risk management, payments, player accounts, compliance tools, settlement systems and a product that can withstand large traffic spikes without any issues are all required.