Gas or gamble? Economy forces some to choose - USA Today- Cash Plus Money Loan
Bill Lerner, senior gaming and lodging analyst at Deutsche Bank Securities, says the weak economy has affected gaming industry revenue and profits more than anticipated. Occupancy at the Venetian in Las Vegas, owned by Las Vegas Sands, (LVS) dropped from 99% in last year’s first quarter to 91% in this year’s first quarter. The weak economy caused Las Vegas hotel and motel occupancy to drop from 88% during the first two months last year to 87% during the same months this year, says Kevin Bagger of the Las Vegas Convention and Visitors Authority. Trump Entertainment Resorts said slot revenue for the fourth quarter dropped 7% to $13 million, compared with a 14% decline at other Atlantic City casinos. Tropicana Entertainment, which owns the Tropicana casinos in Las Vegas and Atlantic City, on Monday filed for Chapter 11 bankruptcy protection. Find Out More
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