Mississippi, Nevada, And New Jersey Gaming Industries Under Fire
Louisiana, Massachusetts, Nevada, and New Jersey were the states where the casino gambling industry was born in the US. In recent years, these four states have been facing the prospect of increased competition that could crumble the empires that have been built.
The problems began for these states back in 2008, at the height of the economic recession. The global economy was struggling, and many foreign countries had started to loosen their laws regarding casino gambling. Online gambling also started becoming an integral part of the industry at this time.
Nevada and New Jersey were the first to start experiencing the losses in their gaming industries, but the recession was just the start of the problems for these states. Due to the recession, lawmakers in other states around the country started looking for ways to bring new revenue into the state budgets. gambling became the answer in many jurisdictions.
The trickle down effect began, with gamblers heading to casinos closer to home. That left Las Vegas and Atlantic City searching for ideas and renovation projects that would help lure gamblers back. Unfortunately, renovation and new development projects came to a crashing halt when the financial institutions locked down on issuing new lines of credit.
For Mississippi and Louisiana, two states who already had lagged behind Nevada and New Jersey, the recession caused even more damage. Without the clout that the latter states enjoyed, gaming revenue started to drop in record numbers in the Gulf Coast region.
"The Gulf Coast will have the toughest time recovering from the recession, because gamblers now have too many options," said Gaming Analyst Steve Schwartz. "It is likely that Mississippi and Louisiana will have the same type of gaming revenue figures in future years as states new to the industry, such as Pennsylvania and Florida."
Another factor contributing to revenue decline is the emergence of the Macau casino industry. Macau casinos, many of which were developed by US gaming companies, has reached astronomical levels in recent months. It has become commonplace over the past year for Macau casinos to see revenue increases upwards of fifty percent.
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