Casino Montelago Becomes Latest Casualty In Las Vegas

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Casino Montelago at Lake Las Vegas will soon become the latest victim claimed by the poor economy in the US. The casino will close its doors for good on March 14th, unable to survive the crippling economy of the past couple of years.

The Ritz Carlton will close its doors at Lake Las Vegas on May 2nd, and officials from the casino say that their closure is directly related to the closing of the Ritz Carlton. The Ritz claims that the Henderson hotel was among the hardest hit by the economy.

Las Vegas casinos have had a miserable time creating revenue over the past couple of years. The city has been passed by Macau as the top gambling destination in the world, and other areas of the US are trying to capitalize while Las Vegas is down.

On the East Coast, Pennsylvania has made a strong push to become a major factor in the casino gambling industry. Pennsylvania lawmakers have recently legalized table games for their casinos, and for the first time ever, Pennsylvania slot revenue was higher in December than revenue at Atlantic City casinos.

The closing of Casino Montelago will cost over 150 people their jobs. Thousands of jobs have been lost in the past year in Las Vegas with many casinos scaling back their operations or closing their doors for good.

While US investors are backing away from casino properties, international investors may be looking to the US for expansion. Earlier this week, the Genting Group, based in Malaysia, expressed interest in buying existing casinos or opening new casinos in the US.

February 17, 2010
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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