Florida's gaming industry remains strong despite the national economic crisis, according to Jim Allen, chief executive of gaming operations for the Seminole Tribe of Florida.
"The Florida gaming market has been showing double-digit growth all year," Allen said this week at the Florida Gaming Summit in Hollywood, Fla. "We're the only investment-grade gaming company left. We will survive because we have focused on quality."
Allen's comments at the fourth annual event attended by gaming industry professionals at the Seminole Hard Rock Hotel & Casino in South Florida reflect the state's position as the nation's poor economy slices into revenue at major gaming markets, including Las Vegas.
"These days, it's a lot more fun to gamble at a casino than to gamble on Wall Street," Seminole Tribe spokesman Gary Bitner said, acknowledging he was speaking tongue-in-cheek.
But Nevada could be headed for its worst year in gaming-revenue declines, with a 6.6 percent decrease through July, the state Gaming Control Board reported. In July, Nevada reported $997.3 million in gaming revenue, 13 percent lower than a year ago.
The Foxwood Resort Casinos in Connecticut laid off 700 of its 11,000 employees last week.
The Seminole Tribe does not release financial details. Gaming revenue from Florida tribal facilities, including the Seminole Hard Rock Hotel & Casino in Tampa, was $1.6 billion, the 2008-09 Gaming Industry Report by Alan Meister said.
People are interested in the variety of products the Hard Rock offers, Allen said.
"It's not just a casino," he said. "We are in the entertainment business. Year-to-date, the restaurant side of the business is growing ... during the most challenging economy that the restaurant business has ever seen."
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