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December 18, 2012
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Moody's: Fiscal cliff threatens gambling industry

LAS VEGAS - The gambling industry will be among the hardest hit if the White House and Congress fail to avoid the so-called fiscal cliff, one of the top U.S. credit rating agencies said Monday.

Moody's Investors Service said the gambling, automobile, newspaper and lodging industries would suffer disproportionately if budget negotiations stall.

The across-the-board spending cuts and tax increases scheduled to begin Jan. 1 could undercut U.S. economic growth and cause the economy to contract, the report said. This in turn would undermine consumer confidence and limit disposable income.

Casinos could see profits decline by as much as 10 …

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The Nevada Appeal Updated Dec 18, 2012 02:32AM Published Dec 18, 2012 02:32AM Copyright 2012 The Nevada Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.