Casino News

Casinos "speculate to accumulate"

2008-06-11 16:05:48

Casinos are spending money in an effort to stay ahead of the economic downturn affecting the gaming industry, an expert has revealed.

Phil Martin of Casino Review magazine referred to Foxwoods and Mohegan Sun as two notable examples of gambling operators taking risks to keep their profits up.

The Connecticut resorts are among the biggest in the US, but are both trying to expand, despite experiencing declining revenues.

"It just shows that even the people who usually make the money from gambling are having to gamble on it as well and speculate to accumulate," Mr Martin said.

Mohegan Sun and Foxwoods are tribal-owned casinos, but major corporations are reportedly suffering decreasing revenues too.

Wynn Resorts, MGM Mirage and Harrah's Entertainment are just a few of the big players to be hit by economic problems in the US, while Nevada Gaming Commission Control Board statistics show a 1.52 per cent revenue decrease between March 2007 and March 2008.