Nevada Casino Revenue Dropping Along With Stock Prices

The state of Nevada built themselves on the premise that Americans and foreigners alike can come to their state in hopes of walking away rich. It is the basis premise that drives all casinos.

In today's economy, however, people are starting to show that the chance of becoming rich is not good enough anymore. people are looking for guarantees after the stock market continues to crash daily.

The state of Nevada released their revenue figures for the month of August and the results are not good. Revenue was down over eight percent from the same time last year. The Las Vegas Strip revenue numbers fell over seven percent.

Things have only gotten worse in the country since August, so the casino operators are bracing for the worst for the last quarter of the year. "We expect the Strip could have a more difficult fourth quarter as flight capacity is reduced and consumer spending worsens," said Celeste Mellet Brown, an analyst for Morgan Stanley.

Not only has revenue dropped for casinos in Nevada, but stock prices have also been falling fast. Earlier this week, Wynn Resorts Ltd reached the lowest point in the past two years. They rebounded yesterday, but clearly casino operators are worried about the current economic conditions.

October 9, 2008
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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