Colorado Casino Closes, Sixty Two People Lose Their Jobs
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Unfortunately, what happened in Colorado this past week might just be the beginning for the casino industry. A Colorado casino closed its doors for good thanks to constant losses over the past year.
The Wild Horse Casino in Cripple Creek is calling it quits. The casino had been suffering through losses for the past year, and this week they announced that they no longer could absorb the hit.
The casino had sixty two employees, all of which will receive their final paychecks on Saturday. That may be a moral victory, however, after they found out that they will be jobless with the casino closing.
“It’s sad. This casino has been a place for me to escape and relax. I know there are other options for me, but this was the casino I enjoyed coming to,’ said Byron Sklauter, a casino patron. The Wild Horse is just the latest example of what the economy has done to the casino industry.
In addition to the economy, smoking bans have been used as a reason for declining revenue numbers at casinos throughout the United States. Operators of the Wild Horse claim that a new smoking ban was part of the reason they had to close.
Colorado has recently expanded their casino offerings, leaving more competition for existing casinos. High gas prices have also played a part in the declining revenue. People are not traveling to these casinos with the same frequency that they used to.
Wynn Revenue Growing While Other Casino Companies Falter
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The casino gambling market in Macau has started to level off, and that is bad news for Las Vegas based casino companies who have invested millions of dollars into building casinos in Macau.
One company, however, that is still going strong despite the downward trend of the American economy, is Wynn Resorts. The company revealed their third quarter figures this week and the figures show a fourteen percent increase in revenue over the same period last year.
The majority of the revenue increase was fueled by Wynn’s Macau casino. The casino in Macau had a revenue jump of almost thirty seven percent. $474.8 million was generated from the Macau casino.
Wynn is fortunate its Macau casino is generating such high numbers. Other casino companies have seen their revenue figures drop in the third quarter. In Nevada, the Wynn Las Vegas casino revenue was down to $143 million from $150 million in the same period last year.
While the revenue numbers are encouraging, Steve Wynn cautioned investors about the future of the company. He explained that the focus of the company over the next few months will be to the newest property in the Wynn empire, the Encore. It will be opening in late December.