The labor market is also showing signs of cooling. The US Bureau of Labor Statistics reported Thursday that the country added only 263K new jobs last month. The number of Americans filing first-time unemployment benefits is also at a five-week high.<\/p>\n
\nIf unemployment benefits continue to climb, it could be a sign that employers are laying off workers as consumers pull back on spending and the economy grinds to a halt. Other data published this week shows that job openings plummeted to the lowest level since early in the pandemic, indicating that employers are putting hiring on the back burner,” <\/strong>commented Fox Business <\/i>reporter Megan Henney.<\/p>\n<\/blockquote>\n Additional state GGR reports in the coming days and weeks will tell whether the US gaming industry might also look to curb overhead as play wanes.<\/p>\n
Casinos Not Recession Proof<\/b><\/h2>\n The feds are working to prevent a recession, though many believe the country is already amid one after experiencing two consecutive quarters of negative gross domestic product (GDP).<\/p>\n
The thinking that casinos are recession-proof began back in the early 1990s when Las Vegas and Atlantic City casinos continued to thrive amid a recession. But casinos being recession-proof has since been debunked.<\/p>\n
A 2012 study conducted in the Netherlands at Radboud University found that US commercial gambling revenue between 1959 to 2010 was closely correlated to economic growth.<\/p>\n
\nCasino gambling expenditures show positive growth during expansions and no growth during recessions. Hence, the loss in income during recessions affects casino gambling,” <\/strong>wrote researchers Csilla Horv\u00e1th and Richard Paap.<\/p>\n<\/blockquote>\nCasinos certainly aren’t pandemic-proof. But COVID-19 showed the industry’s resiliency.<\/p>\n
Commercial casinos won $43.65 billion in 2019 in what was a record at the time. It was short-lived, as commercial gambling soared to $53 billion last year. The industry is on track to break the revenue record in 2022, but the final quarter lingers.<\/p>\n","protected":false},"excerpt":{"rendered":"
Maryland casino revenue at the state’s six commercial properties fell nearly 4% in September, as players lost $159.3 million to the houses. Maryland is typically among the first states to release its monthly gross gaming revenue (GGR) reports. And with casinos in the Old Line State winning 3.7% fewer gaming dollars in September 2022 compared […]<\/p>\n","protected":false},"author":25,"featured_media":236250,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,81881],"tags":[82124,82180],"acf":[],"yoast_head":"\n
Maryland Casino Revenue Cools in September, Win Down Four Percent<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n