Casino Revenue Slips in 3Q

LAS VEGAS (TheStreet) -- Casinos, apparently, might be one of the last sectors to emerge from the recession.

Revenue for U.S. casinos slipped 5.5% in the third quarter to $7.94 billion, according to the American Gaming Association.

Frank Fahrenkopf Jr., president and CEO of the industry group, said that while economists believe the country is moving past the economic devastation, that's not necessarily true for casinos or their customers.

This news comes as the casino industry meets in Vegas this week for the Global Gaming Expo. The conference itself is even more muted than the report, as exhibitors signed on for about 20% less space than last year.

Earlier today, Melco Crown Entertainment(MPEL Quote) said its loss widened in its third-quarter, despite a 70% surge in revenue from the opening of its City of Dreams casino in Macau.

Shares of casino operators and gaming technology companies are mixed in afternoon trading. Las Vegas Sands(LVS Quote) is up 2% to $18, Wynn Resorts(WYNN Quote) is sinking 2% to $67.13 and MGM Mirage(MGM Quote) is rising 3.8% to $11.60.

-- Reported by Jeanine Poggi in New York

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