Casinos Gamble on Economic Survival

Morale is low with debts piling up in the casino business, according to recent reports.

The Nevada Gaming Control Board stated last week that revenue at state casinos were down 22% in October, compared to last year's figures. This is the latest update in a steady 10 month decline on what appears to be a growing trend in the face of worldwide recession.

Las Vegas itself, the self-proclaimed capital of sin and gambling alike, has reported a 26% decrease in revenues, while lesser players such as Washington state saying they are down 30%. Kansas was faced with the unpleasant task of refunding a hefty $25 million deposit after plans to build a giant casino report fell through.

Unemployment rolling snake eyes...
With casinos laying off employees and sometimes even closing on certain days to save money, corporate executives are predicting that there are unlikely to be any new projects for at least the next five years. Bankruptcy and permanent closures have been the unfortunate developments of late.

350 employees have been laid off at Oasis Casino and a massive 1,000 from MGM Mirage now face uncertainty in a business built on risks.

Catalyst for change?
In a move, which smacks of desperation, lobbyists are now looking to lower the gambling age from 21 to 18. So far the Nevada Gaming Control Board neither "supports or opposes" the idea and states it will take it to legislature. "Family first" President-elect Obama is bound to just adore that idea.

Looks like what happens in Vegas isn't staying in Vegas anymore, kids. Somehow I think it may be time for a new slogan, don't you agree?