SEARCH NEWS:

 

Casino CFO: Gaming Market Back on Track

LAS VEGAS – As reported by the Dow Jones: "A host of chief financial officers from the major Las Vegas casino operators said things were getting back to normal in Las Vegas after two years of challenges.

"The aftermath of the events of Sept. 11, 2001, the outbreak of severe acute respiratory syndrome, the war in Iraq and a weak national economy all led to a downturn in both international and U.S. travel.

"`Everything that could go wrong did go wrong' said Mandalay Resort Group (NYSE:MBG) CFO Glenn Schaeffer. He said room rates in Las Vegas go up about 5% a year unless there is a catastrophe. Las Vegas is returning to that normal mode, he added.

"…MGM Mirage CFO Jim Murren said Las Vegas is picking up convention business at the expense of such Southwest cities as Phoenix, Dallas and Houston.

"Harrah's Entertainment Inc. CFO Charles Atwood said that convention traffic replaces wholesale, or complimentary rooms, with that demand adding strength to room pricing…"

< Gaming News