There is no doubt that 2009 was a terrible year for many businesses and many employees. The declining economy hit everyone right n the gut and has caused people to rethink their futures and plan more carefully for the next possible crash. The casino industry has fallen in the same way that the entire tourism has and left many companies to file for bankruptcy, close their doors and walk away.

In fact, some of the top Las Vegas Casinos saw a hit of nearly $6.8 billion in 2009 for a net loss. According to the Gaming Control Board of Las Vegas Gambling, this was the biggest hit over a fiscal year that they had ever witnessed throughout the state of Nevada. To put everything into context, the last major event that caused a lack of tourism and travel was that of the September 11th attacks that crippled many businesses in that year. Even with that tragedy, the las vegas casinos only lost $33 million in net for that fiscal year.

This proves to many that the state of the economy right now is dramatically different than previous years. The state of Nevada is still taking their share of taxes from the casinos as they rake in nearly $778 million in gambling taxes and fees. This past fiscal year saw the decline in month to month revenues in double digits in nine out of twelve months throughout the year. Gaming Control Board Chief, Frank Streshley stated, “The time period included the two most difficult periods ever experienced by the gaming industry.”

Clark County took the biggest hit on their casinos as there were 149 casinos which grossed over $1 million throughout the year, but had been responsible for $6.8 billion of the $19.2 billion in total annual revenues. These casinos had hopefully seen the last of the decline or at least are prepared to scale back in order to increase their profit margin and slowly gain back speed and customers for the casino industry.

Tags: casino, gambling, online