Yet another revision may be necessary for how well casinos fare during times of economic crisis. It was once believed that casinos always fared well during recessions and depressions. The reasoning was simple. When people become desperate for money, they are more willing to take a chance hit it big. Desperation tends to get the better hand of logic in times of need. This belief, until recently was also upheld by the data. However, that myth was sort debunked during this most recent recession. Instead of the steady growth that most casinos enjoy, regardless of the financial climate, casinos all across the nation were suffering sharp declines month after month. People simply did not have the disposable income to spend at the casinos and also gas prices spiked so high that people could not afford to travel to top casino destinations like Las Vegas.
However, one can argue that even though casinos, individually were suffering from a lack of revenue, this was still a time of enormous growth for the casino industry. All across the nation state after state decided it was time to get into the gambling business as a means of boosting revenue and creating new jobs. Although many casino markets, including the Las Vegas, struggled to make a profit from month to month, there are certainly a lot more casinos in this country now than there were before the recession started. The recession is not yet over and I am sure that there will be even more casinos on the way.