For a short period Mr. Sinatra himself even held ownership of the resort.
Last Wednesday, march 31, the resort opened its doors, for the very last time, due to the current state of the economy and heavy competition from the newer corporate owned casinos. Once one of the most popular locations in the area, now closes its doors, because it can no longer cope. To some, this news does not come as a surprise at all.
The reality of today’s gambling environment is that under the current conditions, it is normal that the weaker casino operators get driven out of the market, and usually that means the older casinos, of which the Cal Neva is a perfect example go first, simply because in terms of gaming they do not have much to offer to their clientele, compared to the newer, more innovative casinos they have to compete with, in order to gain the favor of the gamblers, according to William Eadington, who is the director of the society for the Study of Gambling and Commercial Gaming, which is located at the University of Reno in Nevada.
During the Cal Neva's golden years, most casinos that are comparable, were operated under private ownership. Since then corporations took over the scene, and the old style casino have had a hard time competing with them ever since. The economical recession that came on top of this competing, was the proverbial drop that made the bucket spill.
Add to this the increase in casinos all across the US, there really is no need for gamblers to travel to a particular casino, if they get the urge to gamble. These days every state has some form of resort, where gamblers can play their favorite casino games.
Especially in Nevada, casinos suffered a large decline in revenues compared to their profits two years ago. The way things currently are, even Atlantic City, the other favorite spot for The Voice and his pack, struggles to stay alive ever since the recession started.
Under the current conditions, it won’t be a surprise at all if we see other similar casino resort, following suit and close up shop, for the very same reasons.
Posted on: April 5, 2010
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