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Penny Slot Machines to the Rescue
It is no secret that brick and mortar casinos have
suffered greatly during the current financial crisis. The steady loss
of revenue is only made glaringly more obvious when compared to the
success of the online casino industry that has managed to flourish in
the face of a global recession.
Slot machines have long carried the reputation of
being the work horse of casinos and gambling venues. Revenue from slot
machines is generally the only reason most venues can offer delights
like table games and horse racing. During this time of economic woe,
slot machines are still managing to retain their title.
Slot machines are still helping online casinos pay
the bills but more and more patrons are finding their way in front of
penny slot machines. Instead of the big denomination raking in the
cash, one cent and two cent slot machines are rising in popularity. In
2008, revenue from Penny slots in Atlantic City rose 8.4 percent over
2007. Statistics show that penny slot machines and two cent slots
generated $698 million in 2008, out performing all other denomination of
slot machines.
Almost poetically, it may be the coin baring the
likeness of Abraham Lincoln that will emancipate casinos in Atlantic
City from this costly economic downturn. Penny slot machines hit
Atlantic City casinos long before the current recession, but their rise
in popularity is a strong indicator of the financial mindset of many
gamblers and the American people.
“In tighter budgetary times, people tend to
gravitate to places where they can economize,” explained William
Eadington, director of gambling research at the University of Nevada at
Reno.
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