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Casino Mogul Steve Wynn: Gambling Industry Is 'Not Healthy'

Comments Are In Contrast To Those Of American Gaming Association

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How is the gambling industry faring right now? Apparently that just depends on who you ask.

Las Vegas casino boss Steve Wynn reportedly said last week when he was in Carson City, Nevada that the business, not referring to his specifically, is “not healthy.”

“Right now, the gaming industry has a serious health problem,” Wynn said

He reportedly was meeting with Nevada officials to discuss some business matters.

“We are just up here today to try and share insights as we see the gaming industry,” Wynn added in passing. “We want them to know what the real outlook of the industry is and that understanding will lead them to proper decisions going forward.”

Wynn’s comments, mainly directed at Nevada but still referring to the industry at large, came not long before the American Gaming Association, which Wynn Resorts is not part of, released its annual report. In the report, the AGA said that commercial casinos in the United States took in $37.34 billion from gamblers in 2012, which was the second highest mark all-time.

Unlike Wynn, the AGA said the industry is healthy.

“After three years of increasing growth and positive signs in all sectors of the industry, it’s clear that we have weathered the recession,” Frank Fahrenkopf, president and CEO of the AGA said in a statement. He added in a conference call Monday that the “present and future look bright for the U.S. commercial gaming industry.”

It seems likely to assume that both Wynn and Fahrenkopf agree on the fact that growth for the brick-and-mortar casino industry will come outside of Nevada. An online gambling industry is also on its way, as that could be a source of increased gambling revenues.

Wynn is currently eying new casinos in Philadelphia and the Boston area.

Reporting on Wynn last week via Press of Atlantic City.

 
 
 
 

Comments

LisaJax
over 9 years ago

Oh, hey Steve, the gambling industry is doing just fine. You're just whining about you not getting more of a share anymore. (Check out Pennsylvania's recent revenue results.) Quit your bitching and be happy with the billions you've taken from senior citizens and the other numb-nuts who play your ridiculous machines!

 
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Steven14
over 9 years ago

I have some issues with the positive tone of the AGA's report on the casino industry in 2012. There was good news in that 85% of our citizens approve of casino gaming now. But the Country has not recovered from the recession. We still have unacceptable unemployment levels, and if it weren't for the Fed keeping interest rates artificially low, we would be in a major recession. Gaming has grown in revenue because of new states adding casinos or slot parlors. They are keeping up with their neighbors, who were siphoning off voluntary tax dollars from their citizens.
Negative perceptions, like crime and organized crime, have previously scared many states from considering casinos as a meaningful way to spur tourism, jobs, taxes and construction. Now these perceptions are better understood, having followed even family type development in communities like Orlando, with Disney, Epcot, Universal Studios and others; developing higher FBI Crime stats than Atlantic City or Las Vegas.
The growth experienced last year was primarily due to new capacity in Ohio, Maryland, Illinois,Pennsylvania, New York and Kansas. Mature markets like Delaware and Atlantic City experienced declines in spite of new capacity in AC, with the addition of Revel. However in spite of new properties opening in the US, and revenues increasing by 5%, the casino industry still suffered from a reduction in jobs, as reported by the AGA.

 
Reply
 

Steven14
over 9 years ago

I have some issues with the positive tone of the AGA's report on the casino industry in 2012. There was good news in that 85% of our citizens approve of casino gaming now. But the Country has not recovered from the recession. We still have unacceptable unemployment levels, and if it weren't for the Fed keeping interest rates artificially low, we would be in a major recession. Gaming has grown in revenue because of new states adding casinos or slot parlors. They are keeping up with their neighbors, who were siphoning off voluntary tax dollars from their citizens.
Negative perceptions, like crime and organized crime, have previously scared many states from considering casinos as a meaningful way to spur tourism, jobs, taxes and construction. Now these perceptions are better understood, having followed even family type development in communities like Orlando, with Disney, Epcot, Universal Studios and others; developing higher FBI Crime stats than Atlantic City or Las Vegas.
The growth experienced last year was primarily due to new capacity in Ohio, Maryland, Illinois,Pennsylvania, New York and Kansas. Mature markets like Delaware and Atlantic City experienced declines in spite of new capacity in AC, with the addition of Revel. However in spite of new properties opening in the US, and revenues increasing by 5%, the casino industry still suffered from a reduction in jobs, as reported by the AGA.

 
Reply