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PA Slots Suffering

Economic turmoil in the United States is being felt acutely in the casino gambling industry. With the housing market in crisis, Wall Street on shaky ground, bankruptcy filings hitting record highs, and people wondering if they will be able to feed their families, it’s not surprising that they are finding less and less funds to play the slots, or their other gambling diversions of choice. Reports released this week showed that slot machine revenues are tanking in Atlantic City and Las Vegas, two of the gambling capitals of the country, But it’s not just these top-tier vacation spots that are feeling the burn.

Slot machines in the state of Pennsylvania are also suffering greatly. A report issued this week by the state Gaming Board showed that income from the Keystone State’s fruit machines dropped a full fifteen percent in the month of September, a percentage higher than losses in Nevada or New Jersey. During the same month last year, the devices brought in one hundred fifty-six million. This year, they only generated one hundred thirty-three dollars in proceeds.

The trend towards slot machine crisis should start convincing people to give up the tired old myth that the gambling industry is recession-proof, said Eugene Martin Christiansen. Christiansen is the Chief Executive Officer of Christiansen Capital Advisors, LLC. He says that no other sector of the entertainment industry has taken as much of a hit from the economic downturn than the casino gambling industry, which he says is being “slaughtered” by the recession.

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