Sunday, November 22, 2009
Casinos in United States Continue to fight to survive
4:11 AM | 
Posted by
coolvision
The casino industry in the United States has been suffering throughout the economic slowdown, and many industry specialits claim a bottom has been hit. While this may ring true for some locations, others are barely staying afloat through debt. Throughout the past few months, many casinos have seen defaulting loans, bankruptcy cases, and restructured corporate economies.
The worst affliction hit Atlantic City. Atlantic City casinos have been declaring bankruptcy, switching owner, and even getting contracts signed with unions to keep workers and fixed salaries. It has been stated that one of New Jersey's earliest casinos, Resorts Atlantic City, is changing ownership back to their lenders.
Casinos in Las Vegas have also taken a hit, though not as severe as Atlantic City. Las Vegas's third quarter results showed a 5.5% slip over the three month period, which was less harsh than their second quarter dip. Despite tough times, Las Vegas revenue is expected to recover over the next year.
Foxwoods Resort Casino, the biggest casino in the United States, has recently defaulted on a loan. Their last financial year provided them with hundreds of millions in profit, so many are left to wonder why a default had taken place. While the casino will not be disappearing from the market, it is likely that a restructured debt is on the horizon.
While most of the major casino ventures around the nation have been suffering, two forms of casinos have yet to take major hits to their income. Smaller casinos in the states that many people are unaware even have casinos have not suffered as bad, nor have the best online casinos USA. Both the lesser known casinos and the online casinos have stayed fairly consistent in their revenue, as is the case with those casinos in Missouri and the new Top game casinos online that are spread Internet.
The worst affliction hit Atlantic City. Atlantic City casinos have been declaring bankruptcy, switching owner, and even getting contracts signed with unions to keep workers and fixed salaries. It has been stated that one of New Jersey's earliest casinos, Resorts Atlantic City, is changing ownership back to their lenders.
Casinos in Las Vegas have also taken a hit, though not as severe as Atlantic City. Las Vegas's third quarter results showed a 5.5% slip over the three month period, which was less harsh than their second quarter dip. Despite tough times, Las Vegas revenue is expected to recover over the next year.
Foxwoods Resort Casino, the biggest casino in the United States, has recently defaulted on a loan. Their last financial year provided them with hundreds of millions in profit, so many are left to wonder why a default had taken place. While the casino will not be disappearing from the market, it is likely that a restructured debt is on the horizon.
While most of the major casino ventures around the nation have been suffering, two forms of casinos have yet to take major hits to their income. Smaller casinos in the states that many people are unaware even have casinos have not suffered as bad, nor have the best online casinos USA. Both the lesser known casinos and the online casinos have stayed fairly consistent in their revenue, as is the case with those casinos in Missouri and the new Top game casinos online that are spread Internet.
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