Super Bowl hits Las Vegas profits
14th April, 2008
Casinos in the Las Vegas strip lost $7.4 million (£3.7 million) as a result of some savvy betting by US sports enthusiasts, it has emerged.
Super Bowl Sunday saw underdogs the New York Giants beat the New England Patriots in what was described by commentators as one of the biggest upsets in Super Bowl history.
And the hit to Vegas bookmakers comes on the heels of an ongoing drought in the sector - largely fuelled by the economic downturn - which saw year-on-year casino takings fall by three per cent in February.
According to the Gaming Control Board, gambling volumes for mainstay games fell across the board, down $61 million for slots and $3 million for blackjack.
Bear Stearns stock analyst Joe Greff issued a research note describing gaming revenues as "soft" but saying they were "not as bad as expected".
"Still, with room rates down this quarter and gaming revenue declining, it is clear that Las Vegas is feeling the impact of a difficult economic environment," he concluded.
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