Will oil price drop revive the U.S. casinos and gambling revenue?
It’s summertime, the hottest season for gambling tourism, but the U.S. casinos country-wide are feeling the customers’ finance pinch. The casinos in the country, especially those on the Las Vegas Strip and in Atlantic City, consider the summer period their bread and butter, but the record oil prices took the blame this year for the ever declining gambling revenue throughout the U.S. gambling establishments. Most recently, the Las Vegas casinos alone reported a 16.4% revenue decline in May, compared to the same month last year, while statewide the drop in gambling revenue increased to 15.2%. The combined gambling revenue at the Atlantic City casinos also fell, the gambling venues in A.C. dropped down 11% in June, compared to the same month an year ago. When asked for explanation, most casino managers cite the soaring gas prices as the major factor in the gambling revenue decline. But good news may be just around the corner. On Friday the price of U.S. crude oil dropped down to 7-week lo
