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Created on Friday, 09 May 2008 16:28

Price of Petrol is moving spend away from Vegas and onto online casino sites.

The big increases in prices at the pumps in Nevada is hitting Las Vegas in the pocket.  MGM Mirage Inc announced earnings fell to $118.3 million, compared with $168.2 million, in the same quarter a year ago.  Tropicana Entertainment, owner of 13 casinos in Las Vegas and Atlantic City has filed for bankruptcy.

People generally are cutting back on their travel both by air and by car, which hits Vegas hard as it is in the middle of the desert.

The accepted wisdom is that that the tough economic outlook is conversely good for the online casino sector.

People are signing up to online casinos and in particular sites that carry big jackpots.  With petrol prices continuing to head in an upwards direction, with some analysts predicting a $200 per barrel spot price in the not too distant future, more and more people are gambling online.