American Casino Gambling Industry Escapes Revenue Slumps
The Crown gambling company, publicly owned by James Packer, is bracing itself like many other casino gambling companies in the US, following recent economic slumps in the industry. Over the past two weeks, the casino gambling industry of America has witnessed the world renowned Tropicana Casino in Las Vegas file for bankruptcy, in addition to four other major gambling giants who have reported declined earnings. Boyd Gaming has reported an earnings decrease of 11%.
According to market analysts, these occurrences prove the industry’s capability of recession, despite that for many years it has been considered recession proof by its major players. However, some analysts admit they Crown may have some of its financial interests at American casinos protected from future downfalls, due to them targeting local players as opposed to business from foreigners. Similarly, if a situation in which casino gamblers would discontinue traveling to Las Vegas would occur, Crown would still be able to draw local business from its three casinos located on the outskirts of Las Vegas and Pittsburgh, Pennsylvania.
Aristocrat Leisure has also reported that a declining US economy is reason for the declined interest in gambling, and as such the market is expected to see a reduction of over 20% in revenues. Some major gambling operations to have already seen their profits fall by 30% include the Las Vegas resort Circus Circus, Mandalay Bay, MGM Mirage and the Bellagio.
This could be explained by the significant rise in fuel prices, which has prevented many from going on their annual or monthly casino gambling vacations. The result of all this is now expected to attract more casino gamblers to the online market.