Moody's issues Las Vegas, Atlantic City warnings

Moody's issues Las Vegas, Atlantic City warnings

Monday, September 23, 2013 Totally Gaming

Las Vegas and Atlantic City have been slow to recover from the effects of the recession according to a report from credit rating agency Moody's Investors Service, which said that a shift in casino tax revenues to new markets in places like Pennsylvania, Illinois and Ohio had contributed heavily to their ongoing decline. The paper predicts the declines will continue as more states promote gambling as a new source of revenue, which it said would inevitably result in a redrawing of the market share and tax revenue landscape.   

"The previously recession-proof Nevada gaming market has seen only a partial recovery since the recession," the report stated. It added that the state general fund could be in even more trouble if neighboring California legalises casino gambling.

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