There is a lot of speculation right now as to whether or not the gambling industry can take some of the hard hits it has been with the struggling economy. Las Vegas, Nevada is arguably the Western hemisphere’s mecca of gambling and gaming, and with that in mind it’s also been one of the most-watched areas.
Over the past year Vegas has had its fair share of issues. From staff strikes to legal issues, and even celebrities causing chaos inside the casinos, there has been no shortage of hurdles for their businesses to overcome. However, it seems as though they’re staying afloat nonetheless.
Recently MGM, one of the biggest Vegas gambling companies in the industry, confirmed that they have obtained licenses and rights to expand to the U.S. state of Massachusetts. The gaming giant is scheduled to build an $800 million resort casino in Springfield, Mass. It’s going to be among the first of its kind for the U.S. outside Vegas. However, the company might just need it as a boost to get them out of the slump their reports have indicated they’re in financially. MGM recently reported that their third quarter revenue is down by $40 million from last year.
However, with the economy beginning to strengthen again, it seems likely (according to financial experts) that the casino and gambling industry in Vegas will rebound as things stabilize. Based on past economic trends of similar environments in which the gambling industry experienced spikes of up to 6%, the speculation and hope for an increasing revenue overall is palpable. While not all casinos tended to increase their revenue in these situations, those in the gambling capital of the West certainly did well enough for themselves.
With so many factors still up in the air, the immediate and long term future of the gambling industry and casinos in Las Vegas are still both up in the air. However, the hope for a better market is certainly present, and all seems to be moving ahead as normal, with everyone betting on a better tomorrow.