Around the US, it was not uncommon to see double digit revenue declines at casinos in 2010. Mississippi casinos did not fare that bad, only falling three
The economy in the US has been slowly improving over the past six months, and many analysts believe that it will take until at least late 2011 before the casinos see a full recovery from the recession. The past two years have been filled with heartache for the casinos.
In 2010, gamblers lost $2.39 billion at Mississippi. While that figure may seem large, it is three percent less than gamblers lost the previous year. That is not good news considering the worst of the economic recession was felt in 2009. Still, gamblers were slow to return to casinos once the economy started improving.
"Gamblers were concerned in early 2010 that the economy was again going to tank, so instead of going to the casinos, people saved their extra funds in case of another catastrophe," said Gaming Analyst Steve Schwartz. "Now, people are starting to realize that the improvement will likely continue, and they have started spending again."
The spending is being seen in all industries, not just casino gambling. The more than US residents spend in other areas, the more money that will be created to spend at the casinos. Analysts expect that by 2012 the industry will be back on its feet, although by then, competition may be fierce.
Many states have added casinos in the past couple of years to combat budget shortcomings. Dozens of states now have some form of casino gambling, and several have moved in the direction of Atlantic City and Las Vegas and legalized full scale casino resorts.
If the end of 2010 is any indication for Mississippi casinos, the return to normalcy still is far off. In December, revenue at Mississippi casinos was $184.6 million. That figure compares unfavorably to the $185 million in revenue from December of 2009.
January 22, 2011
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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