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Vegas Gaming Profits Nose-dives
by:Earl
Monday, March 17, 2003
University of Nevada, Reno, study done for the Nevada Resort Association has revealed that “The performance of the Nevada gaming industry in recent years has been grim by almost any measure, and few signs exist of a turnaround any time soon.” While the Nineties saw a boom along the Las Vegas Strip, since 1998 business has “eroded notably.” Total gaming revenues are “nearly flat,” profits are down “dramatically.” and returns are “tumbling.”
The university report even concludes “Nevada no longer can rely on its gaming industry to be the major contributor of tax dollars.”
The study also verifies previous findings that Nevada “... has the narrowest tax base in the country,” said Mandalay Resort Group Senior Vice President Mike Sloan, a member of the Governor's Task Force Study on Tax Policy. Sloan added that Nevada’s fiscal crisis “... can't be based on one segment that is an increasingly narrow segment of the economy.”
The study went on to indicate that “The trend of tumbling profits and falling return on investment is likely to continue through the decade,” writes Smith.
The report generally confirms that Vegas has an overabundance of resort casinos. Internet gambling, on the other hand, is on the rise and may soon be made completely legal in the United States.
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