US Gambling Industry in Slump
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The US gambling industry has not been spared from the recent economic slowdown, according to industry reports. According to a study released by the American Gaming Association, US casinos saw a near 5% drop in revenue in 2008.
According to the AGA, this is the first annual decline in national casino revenue since the Association began tracking the statistic in 1999.
The good news, as it were: 2007 was a record year for casinos, so the drop is a bit deceiving. The bad news: a continued economic downturn will likely accelerate the negative trend for casinos in 2009.
Not all states witnessed a reversal in gambling revenue; while Illinois saw a 21% drop and Colorado saw 12%+ lopped off its annual take, Pennsylvania saw a 50% jump, due to the increasing development of ‘racinos’ (horse race tracks with other gambling devices installed).
