Casino News

UK casino industry 'should survive recession'

2008-12-29 15:22:16

The casino industry in the UK should be able to survive the ongoing recession, according to one expert.

Hugh Sorrill, deputy editor of Casino Review, pointed to the shutting down of Casino Red in Huddersfield as an example of how difficult the current economic situation is for the sector, but stated his belief that most venues will be able to weather the storm.

"There may be one or two more closures but they have been through this before and they will probably hang on," he remarked.

His view of the US casino market was less positive, however, suggesting that the credit crunch has had a much larger impact on the ability of major operators to start up new projects.

According to Fitch Ratings, $2.3 billion (£1.8 million) worth of debt obligations from US casino operators have already been defaulted, while the world's largest casino owner Harrah's Entertainment is close to following suit.