Vegas Says They Are Recession Proof

The folks in Las Vegas may want to rethink their position on the recession. The town is famed for their casinos and gambling, and they say that no matter what happens with the financial picture, people will always want to gamble. Well, that is true – but not necessarily in their town.

The town has shown a loss at many of their casinos and it seems that more people are turning to online casinos instead for their entertainment. With gas prices skyrocketing, many have found it cheaper to participate in gambling at the online casinos instead of making the drive to town.

The MGM Mirage reported losses of roughly $50 million compared to a year ago. This is shocking to many as they are the world’s second largest casino company, and if they are losing business to the online casinos, then the smaller companies that can ill afford to lose business are going to be facing some hard times.

Experts predict that not only is Las Vegas going to be seeing more and more of their business going the way of the online casinos, other cities are going to fare just as poorly. Atlantic City is already feeling the pinch as well, and it is expected that they will continue to.