Illinois Gambling Hurts Las Vegas



Expanded Gambling in Illinois is hurting business for more established gambling towns like Las Vegas and Atlantic City, according to Moody's Investors Service.
 
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.

(Copyright 2013 by The Associated Press. All rights reserved.)

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Locations : Atlantic CityIllinoisIndianaLas VegasNevadaNew JerseyOhioPennsylvania
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