U.S. Casino Revenue Tanks in 2009

NEW YORK (TheStreet) -- U.S. casinos are on a losing streak, as gaming revenue tumbled 5.7% in 2009 across the country.

The 12 states that have legal gambling pulled in $30.7 billion, according to a preliminary estimate by the American Gaming Association. This follows a 4.8% decline in 2008.

The figured doesn't come as much of a surprise, as casino after casino reported lackluster earnings reports last month.

The biggest revenue declines in 2009 came from Atlantic City, which sank 13% to $3.9 billion; Nevada, which plunged 10% to $10.39 billion; and Connecticut, which fell 8% to $1.45 billion.

Some regional gaming hubs, however, managed to pick up some gains. Pennsylvania, which is in the process of implementing table games, spiked 22% to $1.96 billion, while New York grew 8% to $1.02 billion.

Still, aside from a handful of advancers, there is no question that the casino industry continues to struggle, which is why many companies are looking overseas for growth.

Macau, by comparison, reported a 10% spike in gaming revenue in 2009 to $15.1 billion.

Not surprisingly, Las Vegas Sands (LVS) and Wynn Resorts(WYNN) have thereby taken advantage of the opportunities in Macau, completing initial public offerings of their assets in the country late last year.

MGM Mirage is also in the process of undergoing an IPO for its Macau assets, which is expected to be completed by the end of the third quarter.

-- Reported by Jeanine Poggi in New York.

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