{"id":11362,"date":"2013-08-22T10:11:17","date_gmt":"2013-08-22T18:11:17","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=11362"},"modified":"2013-08-22T10:11:17","modified_gmt":"2013-08-22T18:11:17","slug":"troubling-trend-in-mississippi-caesars-pleads-poverty","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/troubling-trend-in-mississippi-caesars-pleads-poverty\/","title":{"rendered":"Troubling trend in Mississippi; Caesars pleads poverty"},"content":{"rendered":"

Evidence of casino saturation in the U.S. (and economic malaise) continues to mount. Following a 6% dropoff in Mississippi<\/strong> casino revenues for July, the Biloxi Sun-Herald<\/em>‘s Mary Perez<\/strong> was moved to examine a larger trend<\/a>. Here’s what she found in terms of July winnings at the Bayou State’s Gulf Coast<\/strong> casinos:<\/p>\n

2008<\/strong>: $249 million<\/p>\n

2009<\/strong>: $225 million<\/p>\n

2010<\/strong>: $224 million<\/p>\n

2011<\/strong>: $211 million<\/p>\n

2012<\/strong>: $205 million<\/p>\n

2013<\/strong>: $192 million<\/p>\n

That’s a 22% fall if you’re keeping score at home. Yes, the latest numbers can be excused somewhat by a 7% increase in revenue in Louisiana<\/strong>, where the gambling product is getting newer and better. But, in a time of putative economic recovery, the casino industry posts month after depressing month of diminishing returns here, there and elsewhere. Gaming’s much-vaunted elasticity has turned into a droopy waistband. I don’t have any solutions (who does?) but casinos are inarguably fighting over a diminishing pot of money and that scenario shows no signs of abating.<\/p>\n

Even if Gary Loveman<\/strong> tried to sell Harrah’s Reno<\/strong>, he’d have trouble finding \"\"takers. It’s priced to move: $9 million. Mind you, Washoe County<\/strong> values the property at $16 million, which provoked the unusual spectacle of Caesars Entertainment protesting that its casino-hotel wasn’t worth nearly as much. The kicker is that (according to Caesars), you’d have to sink another $19 million into bringing the place up to date. Such are the consequences of Loveman’s reign of malign neglect. The chances of anyone ponying up essentially $28 million for a tired casino in a challenged market look pretty darn slim … although Tilman Fertitta<\/strong> always likes a challenge. Maybe Loveman should give him a call, make an offer Tilman can’t refuse.<\/p>\n","protected":false},"excerpt":{"rendered":"

Evidence of casino saturation in the U.S. (and economic malaise) continues to mount. Following a 6% dropoff in Mississippi casino revenues for July, the Biloxi Sun-Herald‘s Mary Perez was moved to examine a larger trend. Here’s what she found in … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[28,14,7,84,35,79],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11362"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=11362"}],"version-history":[{"count":1,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11362\/revisions"}],"predecessor-version":[{"id":11364,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/11362\/revisions\/11364"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=11362"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=11362"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=11362"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}