Moody's: Established gambling markets faltering

Moody's: Established gambling markets faltering

Posted: Updated:

By HANNAH DREIER  Associated Press

LAS VEGAS (AP) -- Moody's Investors Service says established gambling towns like Las Vegas and Atlantic City are hurting as more states enter the market.

The credit rating agency issued a report this week saying casino tax revenues are shifting away from Nevada, Indiana and New Jersey to new markets in places like Illinois and Ohio.

The recession crushed gambling revenues across the county, and casino towns have been slow to recover. Revenue has remained flat in Las Vegas and has continued to slide in Atlantic City.

Pennsylvania has a casino market a quarter the size of Nevada's and now collects more gambling taxes than any other state. Pennsylvania collected $1.5 billion in revenue last year.

Moody's predicts these trends will continue as more states harness gambling as a new source of revenue.

  • Your MoneyMore>>

  • Facebook tries satire label

    Facebook tries satire label

    Tuesday, August 19 2014 10:32 PM EDT2014-08-20 02:32:56 GMT
    We've all fallen for at least one joke in our lives, probably some internet hoax meant to get a rise out of people. But now Facebook is trying to stop the spread of those fake jokes and stories. When you get the day's headlines from your social media news feed, it can be a challenge to figure out what might be made up or what might be the shocking truth.
    We've all fallen for at least one joke in our lives, probably some internet hoax meant to get a rise out of people. But now Facebook is trying to stop the spread of those fake jokes and stories. When you get the day's headlines from your social media news feed, it can be a challenge to figure out what might be made up or what might be the shocking truth.
  • Report: Facebook, Google want your kids

    Report: Facebook, Google want your kids

    Tuesday, August 19 2014 10:22 PM EDT2014-08-20 02:22:36 GMT
    Kids already spend plenty of time on computers and smart phones. Now Google reportedly wants to get youngsters set up with their own Gmail and YouTube accounts. Some parents told us they aren't thrilled with the idea. Currently, Internet companies such as Google and Facebook do not offer their services to children under 13, but many youngsters and their parents find a workaround.
    Kids already spend plenty of time on computers and smart phones. Now Google reportedly wants to get youngsters set up with their own Gmail and YouTube accounts. Some parents told us they aren't thrilled with the idea. Currently, Internet companies such as Google and Facebook do not offer their services to children under 13, but many youngsters and their parents find a workaround.
  • NJ weighs gambling outside Atlantic City

    NJ weighs gambling outside Atlantic City

    Tuesday, August 19 2014 3:32 PM EDT2014-08-19 19:32:06 GMT
    Momentum to shift some gambling away from Atlantic City increased Tuesday as a state senator introduced plans for a constitutional amendment that would put slot machines at New Jersey's four horse racing tracks, a business group increased its planning for an anticipated full-blown casino at the Meadowlands sports complex and the state gave final approval for the Showboat to shut down.
    Momentum to shift some gambling away from Atlantic City increased Tuesday as a state senator introduced plans for a constitutional amendment that would put slot machines at New Jersey's four horse racing tracks, a business group increased its planning for an anticipated full-blown casino at the Meadowlands sports complex and the state gave final approval for the Showboat to shut down.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices