Harrah's Reports Massive Decline In Casino Revenue In Third Quarter

Casino News - October 28th, 2009 - Written by Glen

The 2009 Fiscal year has been rough for most casino companies around the world, with many turning to bankruptcy or worse. The most recent sigh of recession was uttered from the lips of Harrah's, the largest casino operator in the world by revenue. Their margin of error has grown massive, leaving much to slip within the cracks that will soon become a chasm of fiscal loss.

The third quarter ended on September 30th, and Harrah's reported a depressing decline in revenue. Despite the World Series of Poker's massive turn out, Harrah's still lost over $1 billion dollars over the three months. The value of all of their assets has, reportedly, diminished by over $1.3 billion dollars.

Many casino companies are beginning to grasp at straws in a desperate attempt to stay afloat. Wynn Resorts, Boyd Gaming, and MGM Grand, three major casino companies within America, have also reported losses, thus causing stocks to plummet. Foreign investment, particularly in Macau, is a proposed solution to these problems, though even this may not be enough to save the companies, rather it may simply put them on life support.

The major gambling hubs in America are suffering more so due to the fact that private, usually Native American, casinos have been springing up all over the states as many of the states are turning toward their own forms of legalized gambling in order to boost revenue. Atlantic City casinos took the brunt of this change, as many of the neighboring states have already begun to launch casino enterprises en masse.

As operating and energy costs continue to grow, and hotel rooms and table games remain empty, these casinos are hit with even harder times than before. Bankruptcy and failed projects are becoming commonplace, with several of the older casinos in Vegas having already gone belly up. Atlantic City will be faced with troubling times should they fail to turn around their fortunes, though a string of luck could reinvigorate the economy, thus pumping voluntary spending back to previously attained limits.

Even if land based casinos are beginning to drop off in revenue and popularity, USA Players Casinos continue to grow and thrive at an exponential rate

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