Report: Indian Casinos Revenue up Slightly in 2011

By: AP Email

Posted: Wed 4:04 AM, Feb 27, 2013

HARTFORD, Conn. (AP) - A report says Indian casinos posted higher revenue in 2011 despite a weak economy.

The study, "Casino City's Indian Gaming Industry Report," released Wednesday, says that revenue rose 3 percent, to $27.4 billion.

Indian casinos account for about 43 percent of total casino gambling revenue, just slightly less than 45 percent for commercial casinos. Race track casinos account for the rest.

Indian gambling was slowing before the start of the recession in late 2007 due to legislation, regulations and court decisions. Alan Meister, the industry report's author, says restrictions include the types of games offered by Indian casinos, the states where gambling is permitted and other limits.

The report says the outlook for Indian gambling looks healthy because the economy is expected to continue improving, restoring consumer spending.

In addition, many tribes are upgrading, expanding and replacing casinos.

Sprint Sues to Stop Dish Clearwire Buyout

US Business News

Dolce and Gabbana Convicted of Tax Evasion
A Milan court has convicted the designers Domenico Dolce and Stefano Gabbana of tax evasion. The court sentenced them both to one year and eight months in jail.
Wal-Mart Plays Catch-Up With Amazon
Wal-Mart is creating a vast logistics system that includes building warehouses for Web orders, but also uses workers in stores to mail items to customers.
Icahn Raises Dell Stake, Urges Tender Offer
Carl Icahn called for Dell to launch a tender offer for up to $16 billion of its shares, and he also bought about 72 million shares, making him the second-largest holder in the company.
Fired Founder Blasts Men's Wearhouse
Men's Wearhouse terminated its founder and public face, George Zimmer, from his position as executive chairman. A reason wasn't given, but Mr. Zimmer released a statement saying he was being silenced after expressing concerns about the company's direction.
GM Sticks to China Growth Plan
General Motors is sticking to a goal of quadrupling its share of the Chinese market for luxury vehicles by the end of this decade even as it acknowledged a slowdown in the market and increasing risks there.
Hermès Files Suit Against LVMH
The fashion company is seeking to cancel derivative transactions through which its rival built up a stake.
Kodak Reshapes Pact With Creditors
Eastman Kodak reached a deal, subject to bankruptcy-court approval, that would allow it to repay some creditors in cash instead of equity in the company.
Brazil Regulator Questions Meat Packer JBS on Derivatives
Brazil's securities regulator has expressed concerns about how JBS, the world's largest meat packer, uses derivatives.
Dish Drops Sprint Pursuit
Dish Network said it won't submit a new offer for Sprint Nextel by its Tuesday deadline, a move that appears to clear the way for the third largest U.S. wireless carrier to be bought by SoftBank of Japan.
FedEx Reins In Expectations
FedEx's earnings were weighed down by restructuring charges in the latest quarter, and the shipping company reined in expectations amid weakness in its international business.