Atlantic City’s casinos have done a great job by generating a huge $979 Million of casino revenue in the year 2016. This is highest since 2008. According to Nevada Gaming Abstract combined revenue for all biggest 273 casinos is over $979 million in 2016.
This is the highest revenue since year 2008, when gambling was on the top, but since then the road becomes a tougher one for all casino players in the state.
Some gambling analysts used to say that gambling isn’t a bad business and it will never die”, but the great recession proved it all. The real-estate business in Nevada and housing prices lost at least 40 percent of their value, which made an impact on casinos as well.
Since 2008, the housing prices were going down, everything seems to be on a decline mode including employment rate, which was going high, no major change in economy and lots of less footfall made Las Vegas a bad place.
Many other facts such as opening of new casinos in other parts of the world like Macau had a hit on Vegas.
Casinos in Vegas earned over $1.2 billion in the year 2007, which fell down to just $721 million in 2008 because of the economic slowdown.
Vegas Casino revenue back in 2007 was $2,297,481,525, which becomes just $721,181,848 in the following year of 2008.
Total revenue in 2009 was in minus (-$6,778,293,613) and it was minus (-$3,432,514,103) in 2010.
It was minus (-$3,996,656,422) in year 2011, when most of the sites/casino places reported their loss.
Vegas also witnessed some very tough moments in these years. Many big casinos including Trump Taj Mahal were closed due to bankruptcy. Another four casinos closed due to their tough economic time.
Vegas Casino Revenue since last five years:-