Moody's: Established gambling markets faltering - New York News

Moody's: Established gambling markets faltering

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By HANNAH DREIER  Associated Press

LAS VEGAS (AP) -- Moody's Investors Service says established gambling towns like Las Vegas and Atlantic City are hurting as more states enter the market.

The credit rating agency issued a report this week saying casino tax revenues are shifting away from Nevada, Indiana and New Jersey to new markets in places like Illinois and Ohio.

The recession crushed gambling revenues across the county, and casino towns have been slow to recover. Revenue has remained flat in Las Vegas and has continued to slide in Atlantic City.

Pennsylvania has a casino market a quarter the size of Nevada's and now collects more gambling taxes than any other state. Pennsylvania collected $1.5 billion in revenue last year.

Moody's predicts these trends will continue as more states harness gambling as a new source of revenue.

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