Gamblers Cut Back And Casinos Struggle In 3rd Qtr

OSKAR GARCIA

LAS VEGAS (AP) — Gamblers are wagering less than a year ago, visiting casinos less often and holding back on extras when they do, continuing trends that left the industry struggling in the third quarter.

Industry leader Harrah's Entertainment Inc. lost $1.6 billion, including a $1.33 billion drop in the value of its assets. Boyd Gaming Corp. said its profit fell will wait at least three years before finishing building its $4.8 billion Echelon casino, which looms empty over the Las Vegas Strip. Stocks plunged across the industry.

At Wynn Resorts Ltd., where lower spending by leisure travelers and businesses pushed down profit for the second quarter in a row, billionaire CEO Steve Wynn said his company won't expand in the U.S. until the business environment improves.

"The landscape in Las Vegas is troubling and it's rife with uncertainty," said Wynn, whose company is based across the Strip from the Echelon. "It's tough to understand what's going on; my 40 years in Las Vegas is not serving me very well at the moment."

Wynn Resorts said its net income fell 33 percent to $34.2 million, or 28 cents per share, for the period that ended Sept. 30. That's down from $51.2 million, or 49 cents per share, a year earlier.