Another bad month for Nevada

[jetset]

BLEAK NOVEMBER FOR NEVADA LAND CASINOS

Another decline in business reported - down almost 15 percent

The Nevada state Gaming Control Board issued its latest statistics for land casinos Friday, making for depressing weekend reading. Winnings dropped almost 15 percent in November - the eleventh consecutive month of declining business compared with similar periods in 2007, reports Associated Press.

Nevada monthly gambling win for November 2008 was posted at $836.8 million - down from more than $982 million on November 2007. The state's coffers were hit in terms of lost taxes amounting to a 27 percent drop at $44.4 million.

Control Board analyst Frank Streshley said: "It's the economy, the big decline in the stock market and people tightening up on their spending. The state is having a difficult time with (tourist) visitation and the amount of money being spent by those who do come."

Associated Express explains that "Win" is a gross figure, with no operating costs or other expenses deducted. It represents casino revenue only, not hotel, restaurant or bar revenues.

Gamblers wagered $11.8 billion during the month, including $9.7 billion in slot machine bets and the balance on table games. The betting total is down nearly 12 percent from a year ago.

Declines during November were experienced in every major market in the state, including the Las Vegas Strip which was down 16 percent.

Elsewhere in southern Nevada, Laughlin was off 18.1 percent, downtown Las Vegas dipped 1.6 percent, Mesquite was down 8.8 percent, the Boulder Strip was down 16.4 percent, and North Las Vegas was down 1.8 percent.

In northern Nevada, clubs in Washoe County, which takes in Reno, were down 15.2 percent. That's the 17th consecutive month of declines for the area.

Resorts on Lake Tahoe's south shore reported a 4.7 percent decrease in November compared with the same month a year earlier.

A statewide breakdown shows that slots were off 15.2 percent while table games were down 14.3 percent compared with November 2007.

Slots accounted for $558.1 million of the total win. That included $259.3 million won by multidenomination slots, down 10.2 percent. Penny slots were second with a win of $136.5 million, up 4.3.

Live games, including poker, accounted for the balance of the November total. That included $85.2 million won on blackjack tables, down 16.6 percent; $34.3 million on craps, down 12 percent; and $23.5 million on roulette, down 20 percent.

The win on baccarat was $39.8 million, down 29 percent; and the win on mini-baccarat was $8.9 million, down 16 percent.

Sports books won $27.2 million, up 54.6 percent. Poker games won $12 million, down 5.7 percent.

[vegetagirl2008]

Associated Press
Revenue keeps falling at Atlantic City casinos
By WAYNE PARRY , 01.09.09, 04:11 PM EST
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Revenue at Atlantic City's 11 casinos took a record-breaking plunge last month - the final insult in a second straight down year for the resort city.

The casinos won $302 million from gamblers in December, down 18.7 percent. That shattered the previous record for the biggest monthly decline of 15.1 percent, set in September.
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In all of 2008, Atlantic City's casinos won 7.6 percent less from gamblers than they had in 2007. Before 2007, casino revenue in town increased every year since gambling was legalized here in 1978.

"Over the last two years, about $600 million in gross gaming revenue has disappeared from Atlantic City," said Joseph Weinert, senior vice president of Spectrum Gaming Group.

Also gone during that period: 3,330 casino jobs.

"Last year was a very challenging one for Atlantic City casinos," casino commission chairwoman Linda Kassekert said. "While the economic problems that face this nation took their toll on casinos in 2008, the industry was also hurt by growing competition in neighboring states and a partial ban on smoking in casinos."

Atlantic City's decline coincided with the opening of slots parlors in Pennsylvania and New York that have siphoned away gamblers who had no choice but Atlantic City if they didn't fly to Las Vegas or drive for hours to other states.

[Simmo!]

Interesting slots accounted for around 85% of the staked bets, yet only accounted for around 65% of the gross revenue. Also notable that Vegas was only down 1.7% overall.

[NASHVEGAS]

Originally Posted by Simmo!

Interesting slots accounted for around 85% of the staked bets, yet only accounted for around 65% of the gross revenue. Also notable that Vegas was only down 1.7% overall.

Simmo!, unless I am not computing (which is very possible on game day,all day), the 1.7% must be the average for North LV and Downtown LV which combined do not even account for 10% of Las Vegas aka Clarke County gaming revenues. The Strip accounts for ~62% to 63% of Las Vegas gaming revenues and was down ~16%. For all of Vegas the "only" should read -15.22% if you were in fact refering to Vegas November 2008 Gross Gaming Revenues.....CHEERS

Of note, as I recollect 2007 had some record revenue months so the year to year comparables should began to improve as the 2008 revenues will become the comparables. May want to keep that in mind after the first couple of months of 2009 are released. If similar % trends were to continue with 2008 as the year to year comparable, then Vegas goes from bad to worse like GM's market share year after year although market share and revenues are not apples to apples by any means but both can be used for trend analysis.

[RobWin]

YouTube - Nevada Casino Wins Down 15-Percent

YouTube - Nevada Casino Wins Down 15-Percent

[Simmo!]

Originally Posted by NASHVEGAS

Simmo!, unless I am not computing (which is very possible on game day,all day), the 1.7% must be the average for North LV and Downtown LV

Ah i assumed North Vegas was the Strip. Clearly not

[silcnlayc]

And they say gamblers don't know when to stop...this clearly shows the world that we do...otherwise they wouldn't have such a huge decline in revenues Gamblers can tighten their blets too when the need arises..


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[mhuktar]

its true, but once gambler alway gambler, it runs in the blood