March 14, 2011
Revenues from gaming have dropped for the first time since 1998. There has been growth over the last few years. However, there was a 1% drop nationwide at tribal owned casinos. California was the hardest hit at a 5.3% loss. California's tribal gaming revenue is a quarter of the nation's total.
Thursday was the release of a report that also showed card rooms in California have also dropped. The loss was close to 4%. Alan Meister, the economist behind the study, stated that the California market is not casino saturated. However it is maturing. He also predicts that when the economy recovers, so will the casinos.
California tribal casinos have shown growth and expansion. Nine of these casinos conducted renovations or expansions in 2010.
The loss of gaming revenue is something that online gaming lobbyists may use to support their cause. This could result as a way to reach new markets worldwide. Annually $13 million is spent a year by Californians on online poker.
Return to California Casinos.