US Casinos hitting back from recession

US Casinos hitting back from recession

Staff Writer
May 15, 2012

US Casinos hitting back from recession
The casinos of the United States have been dwindling since the recession hit last year with many reaching a decline in the revenues from regular business operation. Despite the downfall of 2011, the overall revenues have been slowly increasing since the start of 2012 and the nation’s commercial casinos have continued on a slow and steady rise to the top again. Revenues have increased by 3 percent, with jobs holding strong and a lack of employee cuts, according the reports that were released last Wednesday.
The annual report which was produced by the American Gaming Association had made a note of the almost 500 non-Indian casinos as well as other gambling halls and establishments that had paid $8 billion in state and local taxes to the government. This amount was measured of a 4.5 percent increase from 2010, significance from the downfall of the casinos during the recession.
The year of 2011 helped to rake in $35.6 billion for the national casinos. Alongside these figures it was also measured that a number of jobs had increased with an additional 339,000 added as a result of the casinos. This was however measured as a decline of 0.5 percent from the year prior. Casino workers have also seen their pay decrease by 3 percent however, resulting in $12.9 billion in wages, benefits and also tips.
“While it may be slow, the recovery of the national commercial casino industry is well under way,” said Frank Fahrenkopf Jr., the AGA's president. “The state of the industry is good; the prospects for its future are solid.”
The released report also stated that a survey found a quarter of casino patrons did not partake in regular gambling and were reported as stating that they rarely or never gamble. Most indicate that the casinos provide a better service of non-gambling attractions than some of the other fine restaurants, spas, nightclubs and also big name entertainment establishments.
Despite the large increase, Las Vegas remains the powerhouse achieving a $6 billion in revenue for 2011.
The markets for the locations of the new casinos also posted large gains for the first years of casino operation. Maryland, Kansas and New York had all posted the biggest gains for their first years.
Atlantic City had however managed a drop in revenue of 7 percent. Whilst the casinos took in $3.3 billion, this was a decrease in $5.6 billion when compared to 2006, a year which saw Pennsylvania open and start to siphon off customers from the businesses in New Jersey. Atlantic City has also lost its perfect as the second largest gambling market in the state of Pennsylvania.
Casinos in the United States are slowly on the rise and it is expected that 2013 will see further increases.
Source: Stardem



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