Canadian Casino Industry Slows Down
Canada's casino industry is slowing down and some of the reasons are the rising dollar, high gas prices, smoking bans in casinos and online gambling.
Casino Windsor had just laid off three hundred twenty nine employees and that is eight percent of the work force in the casino.
Casino revenues were dropping steadily for 2006 and continue to slow down after the smoking ban was enacted last June.
Spokeswoman of Casino Windsor, Holly Ward, said that smoking ban is just one of the reason for the short revenues. Other factors include the gas prices, the tight border security and the casinos in Detroit.
Most of the gambling patrons at the Casino Windsor casino came from the Detroit which now houses three casinos.
According to the research of Moody's Investors Service Inc., the smoking ban in Ontario gives a major boost to Detroit casinos.
But according to Bill Rutsey, president and chief executive officer of the Canadian Gaming Association, the biggest threat to the Canadian gambling industry is the online gambling.
Canadians are spending three hundred million dollars annually on online gambling and it is expecting to grow up to one billion in the next eight years.
Online gambling is illegal in Canada and discussions to crack down on online gambling or regulate the industry are underway.