Maybe people are just getting their fill of gambling in the stock market. Casinos
in Atlantic City, N.J., and
Las Vegas are reporting big drops in revenue. How about the gaming operations near you?
Bloomberg said:
Casino revenue in Atlantic City posted the biggest monthly decline since gambling started there in 1978 because soaring fuel and food costs left U.S. consumers with less money for entertainment. In September, gambling proceeds fell 15 percent to $356 million, exceeding the previous record of an almost 14 percent decline set in January 1994. Revenue from tables at the city's 11 casinos slid 6.2 percent, while slot-machine play dropped 19 percent.
At the same time, voters in several states will have their say next month about whether to allow casinos.
Reuters reports:
Poker players may be hedging their bets as the economy slides, but U.S. states are still asking voters to loosen restrictions on gambling in order to raise revenue and help stem growing budget deficits.
Voters are set to decide next month on gambling referendums in Colorado, Maryland, Missouri and Ohio that range from ending loss limits to opening new territories for casinos.
"The November ballot initiatives probably have a better chance than ever of passing, simply because of high voter turnout," said Nicholas Danna, equity analyst at Sterne Agee, referring to the U.S. presidential contest.
"Also, in tougher times gaming either gets approved or gets expanded," he said.
