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Harrah's Leads Third Quarter US Casino Revenue Debacle

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The casino industry in the US received a refresher course on Tuesday of just how bad the economy has hurt the industry. Third quarter revenue figures were released by many of the top gaming companies based in the US, and the results were not good.

Harrah's Entertainment had the worst news of all the companies. Harrah's claims that they lost $1.05 billion in the third quarter of 2009. That is compared with the $349.6 million revenue from the same period in 2008.

Wynn Resorts also posted a revenue decline from one year to the next. The Wynn decline was thirty-three percent, falling from $51.2 million in the third quarter of 2008, to $34.2 million in the same period of 2009. Wynn has been riding a wave of momentum recently thanks to a $1.6 billion initial public offering in Asia.

Boyd Gaming had revenue decline by twenty-six percent in the third quarter. The $6.3 million earned was less than the $8.7 million that was earned in the third quarter last year. Boyd has had revenue declines in each of the last eight quarters.

The lodging aspect of the industry is where these major companies are feeling the worst effects. The big casinos in Las Vegas and Atlantic City have been unable to keep anywhere near maximum capacity in their hotels.

Atlantic City casino revenue has declined in double digits for much of the past year. Las Vegas revenue is also down. Competition is growing across the US, further hurting the two major gambling destinations.

Many states have started to expand their casino gambling laws in order to help bridge budget gaps. In the Northeast, Pennsylvania, Connecticut, and New York have all expanded their casino gambling options. Massachusetts is considering doing so as well.

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