Moody's: Fiscal cliff threatens gambling industry
By HANNAH DREIER, Associated Press
Updated 4:56 pm, Monday, December 17, 2012
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FontLAS VEGAS (AP) — The gambling industry will be among the hardest hit if the White House and Congress fail to avoid the so-called fiscal cliff, one of the top U.S. credit rating agencies said Monday.
Moody's Investors Service said the gambling, automobile, newspaper and lodging industries would suffer disproportionately if budget negotiations stall.
The across-the-board spending cuts and tax increases scheduled to begin Jan. 1 could undercut U.S. economic growth and cause the economy to contract, the report said. This in turn would undermine consumer confidence and limit disposable income.
Casinos could see profits decline by as much as 10 percent as more gamblers stayed home.
Read more: http://www.seattlepi.com/news/article/Moody-s-Fiscal-cliff-threatens-gambling-industry-4124876.php#ixzz2FPGYmWww
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