Will Oil Price Drop Help Bingos and Gaming?

It's summertime, the hottest season for gambling tourism, but the U.S. casinos country-wide are feeling the customers' finance pinch. The casinos in the country, especially those on the Las Vegas Strip and in Atlantic City, consider the summer period their bread and butter, but the record oil prices took the blame this year for the ever declining gambling revenue throughout the U.S. gambling establishments. Most recently, the Las Vegas casinos alone reported a 16.4% revenue decline in May, compared to the same month last year, while statewide the drop in gambling revenue increased to 15.2%. The combined gambling revenue at the Atlantic City casinos also fell, the gambling venues in A.C. dropped down 11% in June, compared to the same month an year ago.

For the complete story, please see Will oil price drop revive the U.S. casinos and gambling revenue?, OGPaper, July 27, 2008.