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Many Gambling Companies Try their Luck on the Stock Market 2006-05-10
A new report has shown that gambling revenue in Nevada increased 3 percent in March from a year earlier. There is great strength in the local markets at land based casinos, and also great strength at online casinos, as both industries see a correlation in increasing revenue and popularity. The state of Nevada confirmed these results.
Gambling revenue in Nevada, known as gaming win, increased to $1.06 billion from $1.03 billion a year ago. Gambling on the Las Vegas strip increased from 6.2 percent to $546.1 million. This data is all supplied by the Nevada Gaming Control Board.
In online gambling news, the industry was a $12 billion dollar a year venture in 2005 and shows no signs of slowing down as new online casinos are popping up, despite the new controversies about regulation that are mulled over in the United States Congress and other court jurisdictions worldwide.
The increase in gambling revenue results reflect the "continuation of the strong results we have seen over the last 20 months and the opening of the Wynnn property," according to Frank Streshley, an analyst at the Nevada Gaming Control Board.
Wynn Resorts is traded publicly on the Nasdaq stock exchange under the ticker symbol WYNN and opened its casino on the Las Vegas strip in April last year. Other properties on the strip the center of casino action in Vegas include the MGM Mirage and Caesars Palace.
All of these land based casinos are seeing great times, along with the online casino explosion which has been dominated with a poker craze covered by major media outlets worldwide, as well as an increase in the popularity of online slot machines, blackjack, and other more traditional casino games too.
(By Cindy)