Casinos won't recover in 2010
S&P said it expects gaming revenue will be flat to slightly down in 2010, following a 10.6% drop in 2008 and a 12.3% decline for the 10 months ended October 31, 2009.
MGM, which relies heavily on the Las Vegas Strip, has the biggest credit risk, according to S&P. The report said Las Vegas Sands and Wynn Resorts, which have a more diversified portfolio and significant opportunities in the booming Macau enclave, are less of a risk. S&P believes the Macau market will grow between 10% and 15% in 2010.
Currently, Pennsylvania is the most relevant market to focus on, according tot he report, especially after it approved table games last week. Penn National Gaming, for one, operates a casino in the area.
S&P also noted that the expansion in gambling in Pennsylvania has put pressure on nearby Atlantic City. Slot revenue in Atlantic City has declined 10% every year since slot machines came to Pennsylvania in 2006.
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