...Still Cautious Gaming revenues are up 2.2% in the U.S. on a same-store basis year to date through July 2015. However, Fitch Ratings continues to hold a circumspect view of the recovery. Easy year-over-year comparisons and more affordable gas prices are masking secular headwinds, which we expect will result in flat to slightly negative same-store annual growth rates longer term. Looking at more static states in terms of supply (Pennsylvania, Michigan, Mississippi, Iowa and Missouri) revenues are up 3.2% YTD through July over same-period 2014, but are down 0.7% from 2013 same-period revenues. Longer-Term Headwinds Longer-term headwinds include, but are not limited to, slower growth in median wages, the younger generation's lower interest in gaming, proliferation of alternative means of gambling and less certain retirement prospects for baby boomers. These headwinds will offset overall positive economic trends in the U.S., which, if sustained, should support the credit profiles of regional...
