Third Quarter Revenue Numbers Not Good For Casino Operators
The casino industry is now just like every other industry in the country. They are feeling the full effects of an economy that has taken a nosedive and is threatening the financial future of the United States.
Third quarter revenue numbers have been released and if the casino companies were not panicking before, they certainly will be doing so now. Figures were down over twenty five percent for most companies.
High fuel and food prices and the downward spiral of the stock market has caused people to simply cut back on their gambling habits. There is not the extra money that there used to be for entertainment.
Casinos have been doing their best to come up with ways to lure people to the casinos, but no matter what the gimmick, people are simply not coming out in the numbers that they used to.
One casino in Florida actually gave away a trip to outer space for a lucky winner. That promotion, while intriguing, did not help the fact that people still did not have the money to go to the casino and gamble.
Some of the major casino companies have reported high revenue drops in the third quarter. The Las Vegas Sands Corp. have seen shares drop over thirty percent. Pinnacle Entertainment also dropped over thirty percent.
Trump Entertainment Resorts Inc. fell even further than the other two. Trump fell over forty percent, and Ameristar Casino Inc. did not fare much better.
September 30, 2008
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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