recession

Dear Editor:

Dear Editor,

There is absolutely no hard evidence to support the assertion that the economic recession has brought about an increase in disordered gambling (“Problem gambling apparently rising as recession deepens, experts say;” May 11).

In fact, U.S. gaming revenues have dropped precipitously since last July, indicating that consumers across the country are tightening their belts.

Dear Editor,

Though the American Gaming Association does not take a position on gambling expansion, your readers should know that the argument in Nate Silver’s October Esquire article does not hold water.

Dear Editor:

It’s no secret that communities across the country are continuing to face tough economic circumstances, including reduced home prices and tax revenues. To imply, however, that these phenomena are somehow exclusive to communities with casinos, as Froma Harrop did in her recent column (“Casinos anything but a jackpot for states,” Nov. 15), is irresponsible and misleading.

It was a decade fraught with tremendous possibilities and challenges, one marked both by tragedy and triumph. Natural disasters, volatile politics, the rise of social networking and the fall of the global economy forever changed the way people throughout the world live and work. As the Aughts came to a close, the international gaming community emerged a larger, more diverse – and also a more guarded – industry than before.

There’s no way around it – this past year was tough. The down economy dealt most Americans challenges we haven’t faced in some time, if ever. For those of us in the commercial casino industry, that meant people had less money to spend on our products.  Our revenues in 2009 fell 5.5 percent from 2008 to $30.74 billion. This is the story told in the 2010 edition of AGA’s State of the States report.  But as challenging as the year was for most of us, that’s not the entire story.

Though, for many, the rising temperatures signal a time of relaxation, we in the gaming industry are working especially hard to make the most of the summer season.

Frank Fahrenkopf’s PowerPoint presentation from the 2009 East Coast Gaming Congress can be downloaded by clicking here.

Good afternoon.  I’m Frank Fahrenkopf, president and CEO of the American Gaming Association (AGA).  I’d like to extend my sincere appreciation to Monografie for inviting me to join you here today.

WASHINGTON – Though the economic recession reached a fever pitch in 2008, it had the second highest revenues on record for the U.S. commercial casino industry. According to a report released today from the American Gaming Association (AGA), gross gaming revenues topped $32.5 billion in 2008, a 4.7 percent drop from 2007’s record-breaking total.