Are Americans getting too worried about money to gamble?
The Wall Street Journal reported last week that gambling revenue and hotel prices are down in Las Vegas. The number of visitors is off only slightly, and the convention trade is still strong, but trips are shorter and people are spending less.
That’s apparently why MGM Mirage is laying off 400 middle-management employees. An MGM spokesman told the Associated Press that guests are spending less on hotels, entertainment and gambling.
In Connecticut, the AP reports that Foxwoods casino saw an $8.3 million drop in slot revenue in March 2008, compared with March 2007. Foxwoods blamed “higher gas prices and growing concerns of a recession,” among other things.
While business is clearly off for casinos, the Philadelphi Inquirer suggests that economic uncertainty pushes some people to gamble more.
Some of those people might take up an offer from the Atlantic City Hilton Casino Resort, which is letting people sell their gold in one of its ballrooms.
There goes grandma’s ring, right down the slot machine.