Vegas Gambling Woes Continue

Published: Friday, November 14, 2008 Online-Casinos.com

VEGAS WOES CONTINUE

September revenues down again

Latest figures from the Nevada Gaming Control Board show a further decline in revenues on both The Strip in Las Vegas and across the gambling state - the ninth consecutive month in which revenues have gone downhill.

Gaming revenues across Nevada were down 5.4 percent to a billion dollars compared with September 2007, officials reported. On The Strip, revenues dipped 5.1 percent to $525.1 million over last year's equivalent.

Explaining the decline, officials pointed to the general economic conditions, but also noted that the month was short of a weekend, there had been no special attractions to draw players in and that the comparative period for 2007 had seen a particularly strong set of numbers. But the bottom line was that Nevada was $10 million in tax income down from the same period last year, receiving only $63.5 million.

Frank Streshley, a statistician with the Board described the decline as "alarming" and predicted that the October 2008 figures are unlikely to show a better picture.

Revenues from slots and table games on The Strip were all down, he reported, with baccarat the exception which delivered a 66.6 percent rise to $75 million during the month and saved the overall decline from going as high as 8 percent.

Venues elsewhere were also disappointing, dropping by 8.1 percent to $49 million, with the exception of Clark County where casinos reported an 11.2 percent rise over last September, and the Boulder Strip establishments which reported $87.5 million in gross win, up 13.9 percent. In Laughlin the decline was 6.9 percent, and Mesquite revenues plunged by 27.8 percent.

In Northern Nevada the same depressing pattern was recorded, with Washoe down 20,5 percent at $77 million, and South Lake Tahoe casinos dropping 16.8 percent to $24.5 million. Carson City posted a 20.6 percent decline to $8.5 million and Elko County venues were down 12.6 percent to $24 million.