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There is more bad news for the US gambling market and this time it involved Louisiana. It’s no secret that states are suffering due to the recession. Deficits are high and budgets are short. One thing that legislators were hoping for was gambling to make a strong show and help turn everything around. Though gambling is a billion dollar business, it has yet to change things the way it was hoped. In Louisiana the numbers are showing a decline when it comes to gambling. Last year casinos brought in $199.8 million and this year that number declined to $193.4 million. The overall decrease was up to 2.4 percent. The millions in decline are horrible news for a market that is suffering. Overall gambling is one of the few viable million-dollar revenue streams that could potentially bring the communities involved out of the financial slump.

Gaming analysts are attributing the decline in revenue to an overall lack of traveling throughout the states. US residents have cut back seriously on their spending since the recession. No one knows when things will return to normal either. There is a longstanding love affair between gamblers and casinos that is taking its own hits as a market. No longer is gambling a surefire money maker for companies. Part of the reason is because of the recession and the problems that people are having with gambling and affording it. It seems that in an effort to meet budgetary requirements, people are opting to eliminate gambling from their monthly spending habits. Though casinos are fighting with all their efforts, it seems that more and more states are losing out. Residents have yet to return to the gambling habits of old and that is cutting back on a good chunk of profits. Though casinos continue to build promotions and specials to bring gamers in, it is going to take a few more months for things to level out. It is still unknown whether or not the leveling off will return gambling numbers to what they were pre-recession. Only time will tell whether or not gambling returns to former numbers, or if other offshore gambling companies win out. Hopefully casinos in the US are able to turn things around sooner than later.

Poor Las Vegas is still suffering financially. The numbers are in the Las Vegas has still not gained as much revenue as needed to return to pre-recessionary revenue. A few short years ago Las Vegas was considered to be the number one gambling location in the US. For years it held that reputation. Of course Atlantic City came in to challenge it, but together those two locations traded off the number one spot time and time again. Unfortunately Las Vegas isn’t hitting the same amount of profit it did in past years and it scrambling to change its package deals and promotions to try to increase customers. The thing about gambling today is that there are so many options, that customers are spreading themselves thin. No longer is Las Vegas the only option for gambling. Now, there are more and more land-based casinos being built and online casinos are a viable option for outstanding gambling. Customers know this and are using these additional options to bring in the dollars they need. It’s splitting the market and entities that had a substantial market share, no longer can rely on that to get them through their monthly budgets.

The numbers Las Vegas calculated showed that its revenues are still down by 7.6% from the same time last year. Most of the decline is attributed to the recession, but now that it is over, the area is looking how to revive its numbers. If you look at promotions in the city you are going to find a huge range of specials and bonuses. These package deals offered are set to attract a larger customer base and bring them in again to Las Vegas. Due to people still being on the verge of their own financial recovery though, it seems that it is taking time for people to get back into gambling or at least getting back to their old gambling habits. People are still being conservative with their money and holding off on jumping back into gambling at the rates they were gambling pre-recession. Las Vegas is hoping for a full recovery, but the signs are showing that it will take a few more months, maybe years for a full turnaround to happen.

The Hard Rock Hotel posted its lowest revenues since 2004 despite opening new rooms and other amenities during the year, according to a filing Monday with the Securities and Exchange Commission. Net revenues in 2009 decreased 1.7 percent, to $161.5 million from $164.3 million in 2008. With all the new additions to the resort, only one plausible answer for the decrease in dollars is possible, the nation’s struggling economy.  The Hard Rock has been making changes nearly around the clock to attract new guests.  The revenue decline came despite last year’s opening of the 492-room Paradise Tower, the 375-room HRH Tower, new meeting space, a larger concert venue and other amenities.

Hotel revenues declined 10.1 percent and casino revenues fell 18.3 percent. In fact, it seems that the additions in hotel space were a waste of money. The availability of more rooms and the continued poor economy drove down occupancy rates to 88.2 percent last year from 91.7 percent in 2008. And with more vacancies, demand for rooms goes down.  When this happens so do room rates.  Average daily room rates declined to $134 per night from $190 per night. A major measuring stick in the casino industry is that of cash flow.  Cash flow, defined as earnings before interest, taxes, depreciation and amortization, dropped to $23.4 million for 2009 from $41.1 million for 2008. The property’s long-term debt increased to $1.2 billion on Dec. 31, from $1.03 billion in 2008. The property increased employment to help staff the $750 million expansion, which was largely completed by the end of December.

The hotel-casino employed 1,362 full-time workers and had 1,011 people on call on Dec. 31, the federal filing shows. That compares with 1,176 full-time employees and 488 on-call staff employed at the end of 2008. The property is a joint venture between New York-based hotel company Morgans Hotel Group and private equity firm DLJ Merchant Banking Partners, an affiliate of Credit Suisse. Morgans owns 12.8 percent and manages the property. The filing said a search for a new top executive has begun to replace Randy Kwasniewski. Kwasniewski was found dead in his Summerlin home March 9 from a self-inflicted gunshot wound to the head. He had overseen the Hard Rock’s daily operations as president and chief operating officer since Morgans bought the property in February 2007.