The casino and gambling industry in the United States has been hit hard by the recession that has affected the entire country. The past two to three years have seen one of the worst economic climates in recent history. A near banking collapse and a housing bubble burst caused the economy to nose dive. Unemployment is reaching near record highs as well as foreclosure rates. Of course, when the economy tanks one of the hardest hit industries is tourism. Casinos fall into this category. There simply isn’t enough money to spend on traveling and gambling. Not to mention those who have lost their jobs or are afraid their jobs may disappear are not going to spend on much of anything.
The economy in the United States is showing very small signs of a rebound (very small). However, the casino and casino resort industry is predicted to be one of the last to feel the affects of this or any rebound. Those in the gaming industry have been hit with enough hard times and are desperate for any sign of hope. They almost got one a couple of months ago. Gaming analysts predicted that the upcoming year would see a stabilization of the casino and gaming industry. This was welcome news to those who had suffered nothing but losses for two years. A leveling off was indeed a glimmer of hope. Recently, Moody’s Investors Service gave the gaming industry a little more hope. They predicted that the industry would grow by one to two percent.
The gaming analyst voiced caution, though. They do not feel that all the casino and casino resort markets will share this growth evenly. They give their best hope to newer and emerging markets like Pennsylvania. Established markets like Las Vegas and Atlantic City will face a slower growth. This is contributed to an over saturation of gambling and hotel space. In any case, any positive news is welcome, and hopefully, this is a new beginning for the U.S. gaming industry.
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