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California Predicted to be Gambling Capital

SACRAMENTO, California – As reported by the L.A. Times: "A state once skeptical of wagering is in the midst of a gambling boom that could double casino revenue in coming years.

"In time, according to gambling industry officials and economists, the Golden State almost surely will pass Nevada as the nation's biggest gambling venue.

"…For now, California's gambling industry remains considerably smaller than Nevada's, which has 220,000 slots and generates more than $9 billion in annual revenue.

"Moreover, Indian casinos, which are sprinkled throughout the state, are not likely ever to be concentrated in one area that would rival the Las Vegas Strip as a tourist attraction or gambling center.

"…'We're very bullish on California. The market is there. The demand is there,' said Scott Nielson, executive vice president of Station Casinos Inc. of Las Vegas. The company has the contract to manage Thunder Valley, the highest-grossing casino in California, owned by the 255-member United Auburn Indian Community.

"…Given California's population, the take from tribal casinos could double in the next few years, said Bill Eadington, director of the Center for the Study of Gambling and Commercial Gaming at the University of Nevada, Reno.

"…No one really knows how much the market will bear, but economists who have studied the matter, and gambling companies that want to invest money, agree that California is nowhere close to saturated. Unlike Nevada, which relies primarily on tourists from other states, California has a huge population of its own for casinos to serve…"

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