Vegas And Atlantic City Losing Revenues To Competing U.S. States
When thinking of gambling in the U.S. we automatically think of Las Vegas and Atlantic City which have a long history of gambling. Until now they also enjoyed the advantage of attracting most of the gambling dollars.
This however is changing according to credit rating agency Moody’s Investors Service who reported that casino tax revenues are shifting away from these gambling Meccas and are now being shifted towards other states like Illinois and Ohio.
It is no secret that the U.S. economic slowdown in the past few years has had a significant negative impact on industries like casinos. Revenues from casinos in Las Vegas have remained unchanged while in Atlantic City the situation is even worse with revenues continuing to decline.
An example of just how far revenues from Nevada have dropped is that of the state of Pennsylvania. This state collected the most in gambling taxes with over $1,5 billion despite the fact that it is only a quarter of the size of Nevada.
Needless to say the more the US gambling market opens up the size of the gambling pie gets smaller and smaller. Nevada does however have a distinct ace in the hole as it is one of three states that has legalized online gambling and is already offering real money online poker to Nevada residents.