Economy Hurting Las Vegas Casino Operators, Share Prices Drop

Las Vegas casinos have been through some difficult times before. They are beginning to worry about the state of the current economy in the United States, much like other industries are.

On Tuesday, stock prices fell hard for casino operators, and the economy is being blamed. Operators are laying off workers at an alarming rate.

MGM Mirage hit their employees the hardest. They claim that they have laid off 440 workers. The levels at which these employees worked varied.

"Trends in Las Vegas and across the U.S. have been softer this year, as both gaming and non gaming revenues have been impacted by a difficult economic environment," said Bill Lerner, Deutsche Bank Gaming Analyst.

Casino companies are practically begging people to come visit their resorts. Room rates on the Las Vegas Strip have been dropped to nineteen percent at some locations.

Most casino operators saw their stock prices drop between two and six percent on Tuesday. The economy is playing a major part in the decrease in revenue for casinos nationwide.

April 16, 2008
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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