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Worst Year Ever for US Casino Gambling Revenue
LAS VEGAS, NEVADA --
Tightened budgets, loss of discretionary spending, and traveling cutbacks by consumers all contributed to another dismal report on US casino gambling revenue. The American Gaming Association says a total of gaming revenue from the twelve casino states declined almost five percent from last year.
Frank Fahrenkopf, AGA president, said it was the first drop in revenue over a previous figure since the association started tracking figures in 1999. Revenue went from $34.13 billion in 2007 to $32.54 billion in 2008.
Fahrenkopf says encouraging fourth-quarter signs last year, combined with stronger-than-expected first quarter results this year, have raised hope the gambling market may be ready to bounce back.
“It seems like we may have taken the worst of it, but we really won’t be in any position to judge until the second-quarter numbers are reported,” Fahrenkopf said.
Casino jobs dropped less than one percent, with income based on those jobs actually rising two percent, as layoffs in some regions were offset by new hires under expanding gaming laws in other states.
Peter Hart, an expert and pollster studying national trends, says the gambling industry is feeling the same effects as other recreational industries.
“The recession has caused Americans to reduce their spending on leisure activities across the board,” Hart said.
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