The casino gambling industry in the US is changing, and it is causing concern for many of the biggest gaming operators in
Caesars had a fourth quarter loss of $196.7 million. That figure represented a sharp decline from the same period the previous year, when the company had a profit of $295.6 million. Atlantic City casinos are the main cause for concern for Caesars.
"Caesars revenue will be directly tied for the next couple of years to their Atlantic City properties," said Gaming Analyst Steve Schwartz. "If the AC casino industry can rebound from the recession, Caesars will likely see their revenue numbers jump. They also will be helped by the recent resurgence of Las Vegas."
Sin City casinos have started to see a turnaround in revenue after many months of revenue decreases. Las Vegas casinos can see the light at the end of the tunnel, but they still have a long way to go to fully recover from the recession of 2008.
Nevada has lost its title as gambling capital of the world to Macau. Asian gamblers, once prevalent in the Las Vegas gaming scene, have begun to go to Macau to get their casino fix. That has hurt the city that once relied on Asian high rollers to drive their revenue.
Caesars has several new projects in the works that may offset the problems they are experiencing at their Atlantic City properties. In Ohio, Caesars has signed on to develop and run casinos in Cleveland and Cincinnati that are owned by Cleveland Cavaliers owner Dan Gilbert.
February 25, 2011
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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