Financial Roller Coaster of Casinos Worldwide in 2009

The last twelve months have been difficult for everyone financially, but none more so than the American Casino industry. When times are tough people tend to cut back on luxuries and two of the top luxuries to go are holidays and gambling! 

People in the tourism trade in Vegas would rather erase the past twelve months from their memory as the economic downturn has hit them hard.

“In 28 years in the industry I have never seen anything like it,” says Bobby Baldwin, chief design and construction officer of the MGM Mirage. 

As you walk around the city you can see the effect with empty restaurants and rooms advertised at amazingly cheap prices. It is hard not to notice the looks of gloom on many of the hotel and casino managers faces. It is not all bad news in the neon strip as this week sees the opening of the new MGM CityCenter project. At a cost of $8.5 billion to develop and build, it has brought much to the city during its construction and it is hoped that this new hotel and casino will hit the spot with visitors. 

The good news for us is that there has never been a better time to make your way to Vegas and have the holiday of a lifetime at a drastically reduced cost! Visitors can snap up bargain rate rooms and suites and the best tables in restaurants for a fraction of the price. 

The ironic thing is that although the casinos in the USA are suffering from the financial jitters, on the other side of the world in the Asian version of Vegas, Macau, the financial outlook is brightening! A press release by the Gambling Inspection and Coordination Bureau has announced that the casino’s in Macau have seen a revenue rise of 22.3%. 

This third quarter rise means that the revenue for casinos in Macau has reached $3.8 billion. Perhaps due to the success, the Macau government has just recently decided to adjust its policy concerning gambling in the region. Announcements that the government is going to limit the number of gambling tables and also raise the age limit for casinos from 18 to 21 does not seem to have lowered the celebratory mood. 

Forecasts for the fourth quarter are expected to result in continued growth. Much of the success that Macau has experienced is due to the tight gambling restrictions imposed by China and most other Asian countries. This means that Macau is really the best option for any would be casino visitors. This year Macau saw a positive result to visitor numbers due to the Chinese government relaxing visa restrictions to allow people from different areas to enter Macau more frequently. This visa relaxation is stopping now and the previous restriction of Chinese citizens only being allowed to visit once every 2 months. 

2009 is definitely a year that will be remembered by casino owners, some will have good recollections but others unfortunately will feel that lady luck abandoned them for a spell. Let’s hope that she returns to the strip soon and the Vegas lights brighten again to their previous glory.

If you can’t make it to Vegas or Macau, take advantage of poker cashback and promotions from RakeTheRake and let the good times roll!

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