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There is more bad news for Nevada. Over the past three years the state has seen a notable decline in revenue and that is meaning more and more problems for the state. Since the recession, all states have had problems financially, but Nevada has seen them since a year before the recession. It has been since 2007 that Las Vegas’ economy has been on the decline. Part of the issue can be attributed to the fact that gambling is becoming more popular. At one time Las Vegas was considered to be the hub of US gambling. If you wanted to spend an exciting weekend of entertainment, wagering, drinking, shows and hotel stays, then Las Vegas was the nearest place to head off to. Now, things are quickly changing. Gambling centers are cropping up around the US and they are spreading the gambling market thinner and thinner among the world. That is bad news for casinos that once held a strong market share. Now they are having to share that with neighboring competitors.

Las Vegas’ problems stem partially from having one main economy. In a lot of ways Las Vegas is like Detroit Michigan. Detroit built is financial future on one main economy: auto manufacturing. It housed a number of large companies and manufacturing plants that were heavily reliant on the auto industry. One of the primary causes of the recession was the auto manufacturing bust. Dealerships were closing down and there were a wide range of problems for companies to deal with. When the auto manufacturing industry took its huge hit, Detroit plants closed down. That left millions of dollars missing from the state and local governments and it also left millions of residents without jobs. It was a hard time for everyone involved and experts are saying one of the biggest issues is that those jobs will never be replaced. It has caused the Detroit area to be a wasteland in a lot of ways and waiting for the next move to change its economic state. Las Vegas is the same in that it built its economy on one industry: gambling. That is making it difficult for the city to find recovery because it has no secondary market to rely on for a turn around. It has to revive the gambling market one way or another or face future disaster financially.

One of the biggest problems the recession created was the jobless rate. Record numbers were reached during the height of the recession and now, though it is months later, little improvement has been made. Some economies have seen their double-digit unemployment rates come down to single digits, but that is still not good enough news for many analysts. They believe that until the rate is closer to what its average was pre-recession, the economy of the US will still be in trouble. Despite the negative result of a high unemployment rate, there are still some nascent signs of improvement. One such improvement is from an unexpected source.

It seems that the very thing that is highly controversial to the market—gambling—is what is bringing the hope for new jobs. Take Pennsylvania, West Virginia and Delaware for example. The states just approved table games and that is opening up a new job market. More gambling tables means the need for more employees to manage them. Whether it is a dealer to manage a table, or just wait staff to handle the increase in patrons, it still means that there are more jobs on the horizon of the job market. One state that is creating a lot of jobs is Pennsylvania. Experts reported that over 4,400 jobs have been created due to the result of approving and allowing table games. The state admits its new need for clerks, dealers, security and managers to handle the substantial increase in business. The question is, is it all worth it?

A resounding “yes” is the answer. Analysts have estimated that slot machines in the state are scheduled to bring in over $116 million in tax-revenue dollars this month alone. Though that could be a record number due to the newness of the market, it still is indicative of an overall increase in revenue. Pennsylvania is not going to deny that increase in revenue, even if it is exaggerated due to the circumstances. If you add to that the advantage of having over four-thousand people out of the unemployment line, it means a great advantage for the residents overall.

Las Vegas casino operators are hoping for a market turnaround. Since the recession the city has taken a hard hit. At the height of the recession the city’s unemployment rate was well into the double digits. That left thousands of area residents in financial turmoil. According to reports from Clark County, approximately 15% of people were out of work and that adds up to about 125,000. The problem with an unemployment rate that high is that it causes other problems. First of all, it causes a growth in defaults on home loans. The number of defaults in mortgage loans were up to 60% at the height of the recession for the city of Las Vegas. The high unemployment rate also meant that the economy continued to suffer because people had no discretionary funds to fuel back into the economy. It caused a lot of problems for local businesses that also struggled.

Despite the bad news, the Las Vegas casino industry is still hopeful. For example, casinos are still building promotions and taking on big-dollar endeavors. City Center was one billion-dollar project. This was built on the Strip and it brought a myriad of positive changes to the market. Shopping centers, condonium complexes, convention centers and casinos were all built up in an effort to attract new customers into the market. Thus far City Center has not been as successful as hoped, but it is still a new project. Experts are hoping that as the market continues to regulate itself, City Center will grow into what its developers had in mind in the first place.

The coming months will be telling for the casino market in Las Vegas. City officials are hoping that all the combined efforts for advertising and promotions that bring customers in, will work. They are creating deep discounts and packages for tourists who are planning on visiting. With some great discounts, Las Vegas may still be able to turn around but even experts know that it will take time for that to happen. Watch out for the discounts and take advantage of them- it is a great time to get in on the fun of Las Vegas.

The world of gambling has had a lot of bad news in the past few years. Since the recession began back in 2008 there have been difficult times for every business and gambling is included. Casinos saw a huge downfall in revenues throughout the past two years and have yet to reach the numbers they were doing prior to the recessionary period. It is a difficult thing for a business to take a hit, but when the entire industry starts taking them in every US city, it nearly brought the market to a standstill. Though casino operators created specials, people were at a loss and cut discretionary spending out of their budgets altogether.

Now experts are chiming in with some good news. A recent Moody Investor Services study showed that the gambling market may be on the rise once again. So far Moody has deemed the industry as “stable”. Though it has yet to reach the numbers it did pre-recession, gambling is clearly on the rise once again. Part of the change can be attributed to the bottomed out unemployment rate. At the height of the recession the unemployment rate hit well over 10% in most large areas—smaller areas experienced an even more dreadful number of jobless residents. Now that that number is very slowly climbing it seems that people are once again returning to their old spending habits, and that luckily includes vacationing and gambling.

The Moody research is welcomed news to large cities that relied heavily on gambling like Las Vegas and Atlantic City. Their tourist numbers have been dramatically down since the recession first began. Armed with drastic specials and promotional rates, the markets are hoping to reinvigorate their own market base. It seems to be working—slowly but surely. Only time will tell how quickly numbers return to pre-recessionary levels, but this is a good sign that things are finally expected to turn around for the better. Las Vegas and Atlantic City are expecting the coming summer months to be high-traffic times once again and hoping that tourism is again on the rise. They are creating specials for families and as large a customer base as possible.