Las Vegas Sun

November 10, 2009

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Monsoons unlikely to hurt casinos

Friday, July 9, 1999 | 11:58 a.m.

Severe floods in Las Vegas are unlikely to hurt business at the city's casinos enough to dent gambling industry profits, analysts told Bloomberg News.

The famed Las Vegas Strip was turned into a lake by what the National Weather Service says is the worst flooding in 15 years to hit the world's gambling capital. Flights were delayed Thursday at McCarran International Airport.

The flooding isn't expected to keep tourists away long enough to hurt third-quarter profits, however, analysts said. And any damage the gambling resorts sustain will likely be covered by business interruption insurance. The floods could even improve profits, one analyst said.

"If you think about it, where are customers going to go if it's flooding? Inside," said BancBoston Robertson Stephens analyst Harry Curtis. "What are they going to do? Gamble."

Shares of companies with big Las Vegas casinos rose in mid afternoon trading today.

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