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Casino Gaming Sector Surprises Wall Street Analysts
NEW YORK, NY --
The US casino gaming sector impressed Wall Street analysts and investors this afternoon despite a slowing economy and fears of a possible recession. According to a report by the American Gaming Association, US citizens continued gambling in record numbers bringing total 2007 revenues to over $34 billion dollars nationally.
The news helped stocks in the sector rise 2% as day-traders capitalized on the report. Wall Street traders had been very pessimistic about the industry amid several 1st and 2nd quarter 2008 profit warnings by big name players in the industry.
Despite the good news for investors, workers in the industry did not fare as well. According to the survey, casino jobs were down almost 3% due mainly to the rise in electronic gaming equipment, and automated dealers and cash-machines.
According to Ken Stacey, the owner of a small-recruiting firm based in Las Vegas, "We have seen a very sharp decline in the number of available job openings in area-casinos, many of the workers are being asked to work part-time, or take a pay-reduction."
The American Gaming Association survey used data from state regulatory agencies on 468 commercially licensed casinos in 12 states. They did not attempt to track revenues at facilities operated by American Indian tribes such as the Seminoles, who are generating almost a billion per year in Broward County, FL alone.
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