It’s a sad day when the market is starting to rejoice as the number of bankruptcy filings decreases. During the prosperous times, filing for bankruptcy with something out of the ordinary but in this current state of the market is starting to become more commonplace than one would hope. This is been a very difficult year for the hotel and casino industry as the economy continues to beat down the tourists. November however has been a very productive month throughout the casino industry. Flights to Las Vegas were up, and now the number of bankruptcies that have been filed have gone down.in fact, November showed the lowest number of bankruptcies filed for by businesses since February of 2009.
At this time it is still difficult to tell whether or not this slowing down a bankruptcies filed, especially in the casino industry will amount to any future progress. One month’s worth of data collection is not enough to determine whether or not the gambling industry is actually on the upswing.
Overall, the year on year numbers from November of 2008 through November of 2009 and showed an increase in bankruptcy filings of nearly 38.4%. Many other businesses have been affected by the casino and gambling industry has also taken a huge toll on the number of filings. Many casinos have begun restructuring and streamlining their companies as well as selling off shares of their loans which will eventually turn into debt in the next few years. The hope is that these companies will be able to escape the horrible recession and regain momentum once the economy picks back up. This year there have been nearly 400 Chapter 11 filings in which companies have tried to reorganize and streamline to make it through the difficult times. Station casinos is one of the companies that comes to mind when dealing with Chapter 11 bankruptcy. This gambling company has struggled throughout the year to find new investors in a better way to restructure the company.
