While investors have shown great eagerness to leap back on gaming stocks, as each piece of decent news is met with a snappy spurt of buying, a noted gambling expert says the casino market in Las Vegas is also down for the foreseeable future. Rachael Rothman of Wedbush told her clients that growth in supply of Vegas rooms will mean a rise in customers could be needed only for casinos to wreck even.Rothman says demand for rooms must increase a minimum of 10 percent once a year for the following three years simply to keep profits even.
Gaming analysts have also speculated that customers who've changed their habits through the recession could also be hesitant to go back to the older methods of entertainment.
"Regional gambling has used the chance presented by limited budgets to entice patrons who might otherwise gone to a destination resort," says OCA gambling authority Sherman Bradley. "Now, lots of those players may find permanent advantages to playing towards home, because the gaming oftentimes is virtually the same, without the expenses of Vegas.
"Add within the ease of playing at online casinos, and the anticipated passage of the Barney Frank bill, and insist may remain limited even after economic recovery has begun."
Las Vegas is adding thousands more rooms with the development of CityCenter and smaller resorts at the Strip. While rooms are currently occupied at a high rate, casinos was discounting prices to maintain traffic high.
Published on July 17, 2009 by VirginiaMaddox
Read More... [Source: Las Vegas Casinos in the News]
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