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Gambling Revenue Declines Ending as Casinos Level Off
LAS VEGAS, NEVADA --
Gaming experts are saying that the long plummet financially for land-based casino operators made be over, but they caution it's a long hard road back. Analysts including Keith Foley of Moody's say the drop in gambling revenue for the casinos may have finally hit bottom.
Gaming revenue remained the same this March and April compared to the same months last year. It was the first time in three years figures did not drop against the previous year.
Nevada figures showed state gambling income to be off this April from last year by almost six percent, showing that the resort casino industry is still waiting for discretionary income to rebuild in the US. Local casino operations helped to pick up the slack, as destination casinos trailed neighborhood gambling venues in generating better revenue results.
"We believe severe year-over-year declines in monthly U.S. gaming revenue are nearing an end," Foley told investors in a research note. "As revenue bottoms out, we expect gaming company operating profits will stabilize by the end of 2010."
Moody's raised its rating of the gaming industry, calling casino futures stable rather than negative. Moody's noted that credit conditions for the gambling industry are unlikely to change in the near future.
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