The Online Casino Gambling Blog

 The recession is hitting us all hard even casinos and it’s been going on a lot longer than most people have noticed. The 2007/2008 fiscal year ended on June 30 2008 with a 69% decrease in profits, the last time the casino world saw profits this low was in 2002. However lowered profits in 2002 were attributed to the lower tourism rates after the September 11th terrorist attacks in 2001, while this year’s deficit can only be linked to a downturn in the national economy. During the first five months of the 08/09 fiscal year experts have noted a 23.3% in October 2008 alone.
Experts in the field claim simply the expense of doing business has risen in the last year. Casinos have taken to lowering room rates and increasing incentives to entice people to gamble and this has done much in the way of decreasing profits this year. In the 07/08 fiscal year the cost of taking out loans also rose which contributed to the decrease in profits as interest rates rose 26% a total of $2.1 million.

A 69% decrease in profits may seem like a huge deficit however Las Vegas casinos still raked in twenty-five billion dollars this year so while this may be a big loss you can rest assured that land based casinos aren’t going anywhere any time soon. Not to mention despite the decline in land based casino profits a whole slew of new online casinos popped up in the 07/08 fiscal year that have quickly begun turning a profit so never fear you’ll always be able to gamble somewhere.

Tags: Landbased Casinos, Recession