MGM Mirage Casino Revenue Dropping Along With The Economy

MGM Mirage announced their third quarter revenue numbers on Wednesday and if the rend they are following continues, they could be in financial trouble. The numbers declined once again, a sign that the economy is triggering less gambling in Las Vegas.

Other casino companies have already known what MGM found out on Wednesday, that consumers simply do not have the money to keep pumping into slot machines in Las Vegas. Gambling numbers for the city have been declining, and are now at a point of no return.

The net income of MGM from the same time last year is down sixty seven percent. Their net income dropped from $183.9 million to $61.3 million. That decrease was one of the worst of any company that has casinos in Sin City.

Table game betting at MGM's Las Vegas properties was down thirteen percent and slots betting on the Vegas Strip was equally unimpressive, dropping thirteen percent also. Hotel stays were down as well.

The casino industry has been among the hardest hit by the economic problems of the country. It used to be that Las Vegas did not have to worry about the state of the American economy. They had people coming in from overseas. Macau has put an end to that, however, causing the city to start feeling the same pain as others are experiencing.

October 29, 2008
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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