Struggling Casino's Closing
10th December, 2008
The UK doesn't have many major land based casino's but those still around are struggling. Several have been forced to shut in recent months due to a cut back in consumer spending, smoking bans and increase government taxation.
Many consumer reliant industries are struggling in the current climate, however this isn't the only reason many casino's have been forced to shut. Casino's have been subject to high government taxation, smoking bans and the introduction of online gambling.
There are no super casino sites in the UK, like those found in Las Vegas, but even these are feeling the pinch. Gala Coral has been dealt blow after blow in recent years but claims no more cut back will be necessary to stay a float. Figures this week showed a pre-tax loss of $591 million for the year, to bring its debt to $6.55 billion.
Several bingo halls have been forced shut and now casino's are also struggling.
Genting Stanley are the largest operator in the UK but said in a statement, “The loss from casino operations in the current nine-month period was mainly due to a combination of lower business volume, lower luck factor, write-offs due to closure of casinos, bad debts and higher gaming duties pursuant to the change in gaming duty rate from April 2007.”
By Jamie
