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Moody’s raises outlook for U.S. gaming market

Moody‘s Investors Service changed its overall outlook of the U.S. gaming industry from a negative to a stable rating, saying it expects states to increase revenue over the next 12 to 18 months.

In a report to investors, Moody‘s Senior Vice President Keith Foley said gaming industry cash flow will increase 3 percent to 4 percent over the same time frame.

Moody‘s said 18 U.S. states with casinos reported a 4.1 percent increase in monthly gaming revenue during May, following a 4 percent increase in April. In May, every state but New Jersey and Connecticut saw improvement. New casinos in Maryland, Ohio and Louisiana contributed to the increases in those states.

Foley said monthly gaming revenue from June is within Moody‘s revised revenue projection of flat to 2 percent increases.

"Our revenue and cash flow forecast incorporates our view that consumers, who remain under pressure from weak growth in disposable personal income, will continue to limit their spending to items that are more essential than gaming," Foley said.

Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Find @howardstutz on Twitter.

 

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