While many states across the US are watching their casino industry fall apart, Colorado's are raking in the dough. Colorado casinos bucked the national trend and have increased revenue in 2009.
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Around the US, the casino industry has taken a tough hit. The economy has caused record declines in revenue for the better part of 2009, and not many states have seen an increase in revenue for last year.
Colorado, however, is one of those states where revenue has increased. The Colorado Division of Gaming released figures on Friday that indicate that Colorado casino revenue was up 2.6% from 2008. The increase was a product of expanded gambling in the state.
The recession in the US started back in 2008, and since then, revenue at a majority of casinos in the US has declined. Individual states have started to counter the declining revenue with new laws that have helped keep their casino industry from folding. Colorado is one of those states.
The betting limits at Colorado casinos have been increased, allowing to spend more than they were able to in past years. That change in law has balanced the revenue that has been lost due to the economy.
In 2009, there was a major distinction between revenue before the new laws took effect and after. In the first half of 2009, revenue was down 3.9% from the same period the previous year. Once the laws changed, revenue was up 9.2% in the second half of the year, compared with the previous year.
Before 2009, gamblers had a maximum bet of $5 that was allowed. The new law called for up to $100 limit on a wager. That change has revived a struggling industry and has officials looking forward to 2010.
Source: Casinogamblingweb.com - News added: 2010-01-25 at: 00:00:04
