Nevada gaming revenue down 2.9 percent in October

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Nevada gaming revenue down 2.9 percent in October

Gaming revenue from Nevada casinos dropped nearly 3 percent in October, the state reported today. The Gaming Control Board said casinos won ...

Source: Nevada gaming revenue down 2.9 percent in October

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[jay]

I am far from a doom and gloom guy..... but I think gaming and table revenue will get worse before it gets better.
I live in Calgary Canada. The Oil Capital of Canada. We have all the Canadian head offices for the major O&G companies. Oil is hovering around $40/barrel. This is down 60% from where it was this time last year. The company I work for is a fully integrated O&G - we do refining, pipelines, conventional extraction, oilsands, thermal, retail gas etc. From a employment base of 11,000 we have layed off 1400 people (about 12%) - there are currently 34,000 professionals looking for work. The rest of us are just thankful for a job.
The nice thing about working for an O&G company is the bonus's - typically these range from 20-30% of a years salary + substantial raises 4-5% that kick in every April. Last April we received 50% of our expected bonus, but no raises, and this year there will be none of either. The car dealerships would line up outside the O&G communities doors around bonus time, you see targeted marketing at that time by custom suit tailors, travel companies promoting all inclusive vacations, and of course gratituis trips to Vegas etc - this year you can expect those markets to be flat or in negative territory.
This will extend through Texas, Midwest, etc. I got called up by a head hunter asking me to look at a job at one of the mid-sized Oil companies. They were looking for someone to turn around their IT department for higher efficencies. A quick review of the company and they had dropped from 2100 people to just under 500, their stock had gone from $20ish to $1.20. I doubt they will surrvive through the year if oil remains at $40. Those who are fracking in the mid-west don't have infrastrucutre such as pipes and storage tanks, so they are paying high logistics charges for rail car shipping to oil containment yards in Kentucky, while the gulf coast continues to take in super-tanker loads into the refinerys (contributing to the glut). The economics I hear on them is that they need $55 to break even - the problem is that they have leases to pay so they need to continue or accelerate production (at a loss) just to keep the cash flow. If this goes longer or deeper than expected you are going to see a spat of bankrupcies.
I would typically get to vegas twice a year for an IT conference, then there was Vmworld in Sanfrancisco, Cisco Live in Sandiego, etc. Two professional training weeks - there goes my company funded NYC and Boston trips. I would also get to go to executive briefing centers to get fast tracked on emerging technologies. None of this will happen in 2016.
This means less gets spent on airlines (and I wasn't flying coach) - 80% of airline revenue comes from 5% of the passengers who fly premium. The all inclusives, the vegas rooms, and general hotel industry will suffer. At this point I would rather dump 4K into my old car than get into a new-lease and take on a liability even though the out of pocket may be the same. The trickle down effect will hit everywhere and discretionary spend in places like Vegas will suffer.
I don't like polution but the climate change conference in Paris is going to increase the pressure on carbon-capture and trade. Higher prices at the pumps, higher cost of fuel for the planes, higher cost of energy in general as coal falls further out of favor. Ohio is already part of the rust belt. If coal demand goes down - this will hasten a resssion.
I really hope I am wrong !!!
 

[jay]

Here is another article about the decline of the Loonie (The Canadian dollar).
https://ca.news.yahoo.com/where-canadian-tourists-gone-weak-loonie-keeps-them-215057412.html
I bank with TD - and follow the online threads of some of their economists. One of them is pretty sure that the C$ is heading towards 0.71 of the USD.
In 2000 the C$ was 0.65c to the USD.
In 2007 the C$ was 0.80c to the USD
In 2009 the C$ was 1.10 to the USD
In 2010-2014 the C$ was mostly on par.