Connecticut Casino Industry Has Game But Can It Withstand Inflation?

Author: Live Casino Direct
 
Connecticut Casino Industry Has Game But Can It Withstand Inflation?
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Connecticut is one of the wealthiest states in the US. It boasts a strong casino industry anchored by Mohegan Sun and Foxwoods. However, the rising prices of everything have caught the leadership’s attention.

Connecticut is one of the wealthiest states in the US. The state has a strong casino industry, but the rising prices of everything have caught the leadership's attention. Mohegan Sun is concerned about the impact of inflation on visitation to MogeganSun casinos.

Connecticut's casino industry has a lot of potential. Inflation has deeper impacts than just the economic downturn. The higher socio-economic class may be able to avoid the pain of rising costs. However, the casino's bread-and-butter interest is from the lower socio/economic level. David Sacco worked on Wall Street as a bond trader for almost 30 years. He is now a teacher of Economics at New Haven University.

Connecticut casinos brought in over $15 million to the state so far in 2022. Connecticut sports betting started in September 2021. Sacco believes that sports gambling may be just as successful as lotteries during inflation. . He believes it might help diversify the economy and help the casinos survive the recession. It's possible that it will be more successful than casino gambling.

Sacco is worried about the future of the casino industry. He believes the pandemic has irrevocably altered the economy. Sacco expects the Federal Reserve to continue to boost interest rates in an attempt to cause a shallow recession. He predicts it will last at least into the first part of next year or longer. If the Fed is lucky, it may cause the recession, but it'll still be a recession and last for two years.

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