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Moody's says Casino Industry Has Hit Bottom | Gaming News

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Moody's says Casino Industry Has Hit Bottom
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LAS VEGAS  -- A casino analyst for Moody's Investors Service says the industry may have hit bottom after more than two years of declines.

But analyst Keith Foley said Tuesday it's unlikely things will get better for the country's casinos in the next 12 to 18 months. Moody's Investors Service upgraded its outlook on the industry to stable from negative, saying credit conditions in the industry are unlikely to change soon.

Foley says the stable outlook doesn't mean casino company profits will immediately improve. But he says casinos will benefit in the second half this year from cost cuts made last year. Foley says casinos need the U.S. economy to improve and consumers to spend more before people start gambling more.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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