Gaming industry to prosper in 2005
The U.S. gaming industry is on track for good 2005 performance as gaming continues to increase as a form of leisure activity, reports Standard & Poor’s.
Las Vegas’ growth during 2004 is expected to continue during 2005 due to leveling-off of new hotel construction, despite the opening of Wynn Las Vegas and a couple of sizable expansions at Bellagio and Caesars and strong leisure travel. In addition, Las Vegas continues to grow in popularity as a host of conventions, and it is estimated by the Las Vegas Convention and Visitors Authority (LVCVA) that both the number of scheduled conventions and estimated convention attendees will increase by double digits compared to 2004. Convention nights represented about 30% of total annual room nights occupied during 2004.
In Atlantic City, gaming revenue grew 7% during 2004, S&P expects gaming revenue in to increase by approximately 5% during 2005. The new Borgata, Resorts and Tropicana are likely to also benefit.
The riverboats are expected to continue to experience relatively steady operating results given their local customer focus.
Finally, Native American gaming is expected to continue to expand faster than most other gaming segments due to the less mature markets in which these casinos are operating and ongoing openings of sizable expansions.
David
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