Big trouble for small casinos, industry head says
November 18, 2008
LAS VEGAS (AP) ” The president and chief executive of the American Gaming Association says that while all casino companies are facing problems because of a rough economy, smaller operators nationwide are less likely to survive.
Frank Fahrenkopf Jr. told reporters on Tuesday that the same is true for companies that support casinos, like slot manufacturers and other suppliers.
Fahrenkopf says U.S. casinos took in $8.4 billion in revenue during the third quarter of this year, down 4.6 percent from the same period one year ago.
He says that while individual markets face different issues ” hurricanes in Mississippi and Louisiana or smoking bans in Illinois and Colorado, for example ” the industry is facing “unprecedented” larger problems with trouble borrowing money and consumers spending less.