Vegas lights outshine US slowdown
15th January, 2008
Las Vegas is bucking the trend when it comes to America's economic slowdown, new figures have suggested.
With the US housing price crash and the global credit crunch leading to tumbling profit forecasts and sales figures, some analysts had predicted that the country's gambling sector would take a hit.
But according to Deutsche Bank, commercial casino revenue has grown an average of 17 per cent over the past four recessions - notching up significant gains even in times in geopolitical uncertainty such as 9/11.
Experts say demand for sector is so elastic because during times of hardship people are invariably more attracted to the lure of free money, especially through pot-luck casino games such as roulette.
And while the trend is most noticeable in the gambling mecha that is Las Vegas, regional figures also seem to back up the phenomenon.
The city of Detroit - about as far away from sin city as you can get without leaving the country - this week reported taking in casino revenues of $1.3 billion (£660 million) in 2007, up 2.4 per cent on the previous year.
