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Article: Grant Thornton Predicts Gaming Bankruptcies.(News)
- Article from:
- Mergers & Acquisitions Report
- Article date:
- November 9, 2009
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Byline: Jonathan Marino
It's time to short Vegas.
Grant Thornton LLP's restructuring professionals have completed a study in which they declare gaming companies will increasingly go bankrupt as they fight slowing revenues and margins.
The slowdown in net revenue at gaming companies for the last 12 months and the ongoing drag on consumer spending will continue to exacerbate casino's woes, the report stated.
Grant Thornton corporate advisory and restructuring services principal Jim Peko said in the study that the 24-7 staffing and surveillance needs of casinos makes cost reduction efforts complicated.
M&A plays in the gaming ...