With the United States mired in the worst economic downturn since the Great Depression every level of government is looking for a revenue boost. Many have turned to the idea of casino expansion as way to create a quick jolt to the economy.
More and more gambling venues are showing up everyday, thus putting a heavy strain on existing casinos to stay afloat. In fact, places like Atlantic City, New Jersey are facing huge problems from new casinos in neighboring states like Pennsylvania.
Even casino giants are feeling the heat.
According to just released financial reports, Harrah’s Entertainment has posted a $274 million second quarter drop in revenue for the period ending June 30, 2010.
Harrah’s profits were down a little over 2% from the same period of 2009. The gaming enterprise has seen a steady decline in profit for last three years or so.
The casino business, once thought to be recession-proof, continues to grow even amidst economic hardship in the industry.
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