A study by the UNLV Center for Gaming Research, made public over the weekend, found that Nevada casino debt rose 18-fold to $51.2 billion during the period from 1984 to 2011.
According to Dave Schwartz, the Center’s director, the casinos have owed more in long-term debt than they collectively earn in revenue each year.
"This says that the growth that we saw and the investment that we saw in the middle of the decade was quite different from what we saw in the middle of the 90’s," Schwartz was quoted as saying.
Contributing to the debt increase were the privatizations of Harrah’s Entertainment and Station Casinos Inc. Another factor was the financing needed for the creation of CityCenter by MGM Resorts International.
GamingToday’s Micah Roberts went right back to the Oracle for a new Preakness pick and Jay Rood came up with his selection once he knew Union Rags was not headed to Pimlico.
An Internet gambling bill being considered by New Jersey lawmakers could allow Atlantic City’s casinos to take bets from people in other states or countries, although key details remain to be worked out.
The nation’s commercial casinos continued their slow-but-steady comeback from the recession last year, with revenues up 3 percent nationwide and jobs holding nearly steady, according to a report released Wednesday.
Revel, the $2.4 billion casino resort widely seen as Atlantic City’s best hope of survival, trailed most of its competition in its first month of operation, placing 8th out of the city’s 12 casinos.
New signs are up to direct visitors, the sidewalks have been power-washed, crosswalks have been freshly painted and 1,600 people have been hired to inaugurate the Horseshoe Casino Cleveland on Monday.
