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Louisiana casinos eye competition, gas prices19 May 2008LOUISIANA -- As reported by the Shreveport Times: "Although riverboat casino revenue for the first quarter of 2008 is up 4 percent over the last quarter of 2007, industry experts contend high gasoline prices and competition from Oklahoma will impact future earnings. "Casino executives, on the other hand, are optimistic revenue will stay steady but have instituted specials and new programming to attract more guests. "In the first quarter of 2008, combined revenue from the five riverboat casinos in Shreveport- Bossier City amounted to $189.2 million, compared to the last quarter of 2007, when revenue was $181.8 million. "Revenue tumbled from December to January by more than $10 million, going from $66.9 million to $56.5 million, but that has been the normal trend the past few years. "...Economist Loren Scott, president of an economic consulting firm in Baton Rouge, said casinos should be wary because a recession tends to impact the gambling industry since most of its revenue comes from discretionary income. "...Scott said the greater threat to the local casino industry is the expansion of tribal casinos in Oklahoma..." |