Tribal Casinos Continue to Report Decline in Revenue

Written by Michelle | Tuesday, December 30th, 2008

If you have been reading the news lately on any of the Vegas or Atlantic City Casinos and their slots revenue, you will have come across a staggering number of articles discussing the swift decline in revenue each of the casinos has experienced over the last year. The drop in revenue is not limited to any particular state and has been seen right across the nation, from the Arizona Tribal Casinos to Sin City. With the end of 2008 quickly approaching, the Q4 reports for many of the Indian casinos are unravelling, and lady luck was defiantly not on the side of the casino this year.

The Seneca Nation of Indians Gaming has reported a substantial drop in net income which includes the Salamanca and Buffalo Casinos which reported a decline of over $17 million this year. Total revenue for the Seneca Nation Gaming from all gaming and services totalled $632 million. Earlier in October the casinos began cost cutting with over 200 employees laid off during the month of December, and other large projects including expansions temporarily put on the back burner. The start of their 2009 fiscal year doesn’t look optimistic either with increasing concerns over the current economy and a 4.7 decrease in slot handle, not to mention the 15% decrease in play at their table games.

The southern states are also experiencing the same financial woes, with Mississippi First Nation Casinos also showing negative reports. Although their Q4 reports have not been completed as of yet, the Mississippi Gaming Commission isn’t showing any optimism with numbers expected to be far below what the Q3 reports stated let alone the fact that their overall revenue for 2008 was 6% less then it was during the 2007 Fiscal year by September.

Are the online casinos experiencing the same financial effects as the land based casino? Apparently not! Or at least not to the same extent as the brick and mortar. This could be attributed to the ability to play slots online at home, which of course means players don’t need to spend the extra money for travelling to a casino or accommodations. Another possibility could be the promotions and attractions the online casinos are providing their players that aren’t available at Vegas.

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