As the economic recovery gains ground, more people are willing to spend and take chances with their money. With indicators showing unemployment is slowly falling, individuals are more confident in the future and gross domestic product is slowly but surely creeping up, a jump in spending is likely.
Many are taking advantage of the recovery by treating themselves to vacations or jaunts to the casino, luxuries most people gave up when the recession was at its height. As individuals finally get the new jobs and pay raises they were hoping for, along with increased confidence the economy will continue to pick up, they are increasingly willing to spend on these non-necessities. This could create a boom for the hospitality and casino industries.
Casinos see more visitors
Smaller gambling havens are doing fairly well, according to reports. The Associated Press reported that revenues at Arizona casinos have held steady and are close to matching the numbers seen last year. And according to the Southeast Missourian, the Missouri Gambling Commission released a report showing more people visited a brand-new local casino in June than in May, showing more people may be feeling confident about the current economic situation.
However, one major indication that the gaming industry is alive and growing can be seen in the number of tourists who have visited Las Vegas, the nation's gambling capital, in recent months. The recession devastated the area in recent years - the housing market collapsed, travelers bypassed the region and job growth came to a halt. According to The New York Times, tourism Las Vegas is surging, something that could have significant repercussions for the hospitality and gaming industries. More than 39.7 million people visited the area in 2012, and the total revenue received by casinos, hotels and entertainment companies reached $15.3 billion - only $500 million less than the revenue seen in 2007 before the recession fully took hold.
Preparing for more business
As a growing number of people become comfortable with their financial positions, casinos may see a steady increase in visitors, meaning they'll need to improve their cash counting processes. Management teams may have foregone new equipment when the recession was at its height and few people were willing to gamble, but as the economic situation improves, they will need to upgrade to one of the fastest money and ticket counters on the market. By investing in a high-quality and high-speed cash counter, backroom processes can be improved.
August 15, 2013