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Gambling and the Recession
The old adage that casino revenues are not affected by a recession is being severely tested by the economic turmoil of the times. Perhaps so many people now feel they gambled with their 401ks that there's no point in gambling with real cash. Las Vegas resorts, as well as casinos around the world and on the Internet, are feeling the pinch as people spend less on this leisure activity. Of course it won't last, we'll be back to the slots and tables before long. In the meantime, keep up with gambling and recession news here at ReadyBetGo!
Gambling and the Recession
Gambling Revenues Fall Nationwide
Wednesday, September 23, 2009
Recession-weary Americans aren't gambling the way they used to -- and that could be a problem for many U.S. states already struggling with record budget gaps due to the weak economy.
Greektown Casino profits up for thrid month in a row
For the third month in a row, Greektown Casino-Hotel posted record monthly profits and revenue, announced casino officials today. Projected EBITDAR (Earnings before Interest, Taxes, Depreciation, Amortization, and Restructuring Expenses) for July 2009 is $7.3 million -- the highest July on record for the property when taking into account the differing yearly tax rates.
Station Casinos file for bankruptcy
Station Casinos on Tuesday filed for Chapter 11 protection after reaching an impasse in months-long negotiations with creditors on a plan to restructure the gaming company's $5.7 billion debt load.
Pinnacle casino operations profits up
The sale of stock in a rival casino operator helped Las Vegas-based Pinnacle Entertainment reverse a second-quarter loss from a year ago. The regional casino operator reported a profit of $4.7 million, or 8 cents per share, for the quarter ended June 30. A year ago, the company lost $18.1 million, or 30 cents a share.
Investors still betting on slot machine giant IGT
The Reno-based slot machine giant said Thursday its profits declined 39 percent in the quarter that ended June 30. Revenues fell 23 percent and the number of slot machines shipped to casinos decreased 31 percent. Investors, however, are looking toward the future and not the past when it concerns International Game Technology.
Playtech shares drop dramatically
Playtech, which teamed up with bookmaker William Hill last October to create William Hill Online (WHO), blamed the setback on integration between the two businesses taking longer than thought.