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US gambling revenues up 5.3 percent to $34 billion in 2007
The American Gaming Association's survey for 2007 shows that Americans spent more money [land] gambling during the year than on movie tickets or candy, but the steady growth of commercial casinos over the past decade could slow due to a slumping US economy and setbacks in new venue plans, reports Business Week.
Released by the AGA this week, the survey showed that U.S. commercial casino revenues were up 5.3 percent to $34.1 billion in 2007. By way of comparison, the report cites statistics from the National Confectioners Association and the Motion Picture Association of America, indicating that Americans spent $29 billion on candy and $9.6 billion on movie tickets in 2007.
Employment in casinos showed some shrinkage, too with jobs down by 2.3 percent, and staff cuts in Nevada, New Jersey and Illinois. Commercial casinos lost about 8 500 jobs in 2007, and employed fewer than 361 000 workers in 2007 compared with a figure of 369 000 in 2006, the AGA study found.
Revenues in New Jersey fell 5.7 percent to $4.9 billion last year as a consequence of competition in Philadelphia suburbs and a law limiting smoking to a portion of the casino floor. A more restrictive ban on smoking approved by the Atlantic City Council is expected to take effect in October, making it the largest gambling spot in the country to bar smoking across the casino floor.
Bids to open new American casinos were rejected in Massachusetts (see previous InfoPowa reports) and Kentucky, adding credence to perceptions that the rapid expansion of US land casinos has slowed.
"We're facing some difficult economic times," said American Gaming Association President Frank Fahrenkopf. "People said for years that we were recession-proof. I've been saying we're not recession-proof, we're recession-resistant. There's a lot of factors that go into it and I don't think you can point at any one," he said.
Fahrenkopf added that tight credit markets would likely not affect most of the $53 billion in commercial casino expansion planned and expected over the next few years.
The action at 41 racetrack casinos in 11 US states was more encouraging, the study found, with revenues up 46 percent from $3.6 billion, reaching $5.3 billion in gambling revenues in 2007, and employment growing 22 percent at those operations. Four of the top 10 racetrack casino markets opened new properties over the past 2 years.
The AGA report was compiled from data obtained from state regulatory agencies on 467 commercial casinos in 12 states. It did not attempt to track results at casinos run by American Indian tribes.
3 Top Bitcoin Poker Sites -
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Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
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MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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