Casino's not recession Proof
6th October, 2008
The global economey is struggling at present, with some industries finding it hard to cope. History shows, however, that in general the gambling industry hasn't ever been majorly effected by economic downturns. However this has not been the case with the most recent credit crunch with many casinos having seen a drop in player numbers and revenues.
Foxwoods Resort Casino and Mohegan Sun have struggled of recent as customer spending decreases.
Tony Sheridan, president of the Chamber of Commerce of Eastern Connecticut said in a statement, "Our assumption that casinos are not subject to the economy as a whole, are recession-proof, was simply wrong,""Without question."
Mitchell Etess, Mohegan Sun's chief executive said, "I would hope that as the economy improves and people become more comfortable with their economic position, overall you'll start to see some solid increases. Then you'll see more normal increases."
Several of the super size Las Vegas casino's have reported a slow down in revenue as the situation has grown to a international problem. However the online industry is not expected to be greatly effected. Many see playing online a cheaper and easier alternative to visiting a land based casino.
By Jamie
