LIGHT AT THE END OF THE TUNNEL? (Update)
15 January 2010
After a long, dark period of declining
revenues some relief at last
The latest statistics from the Nevada Gaming Control
Board have at last shown some signs of the land industry
recovering from a tough recession, with winnings up for
the first time in a long 23 months.
According to
an Associated Press report, Nevada casinos' gambling
revenue in November 2009 rose for the first time in
nearly two years, as casinos won nearly $873.2 million
from bettors. The statistics were published by state
regulators on Tuesday.
The 4 percent rise in
revenue from November 2008 was the first year-over-year
increase after 22 months of declines, the Nevada Gaming
Control Board said in its report.
Revenues this
fiscal year, from July '09 through November '09, were
down 7.9 percent from a year earlier.
State
revenues collected in December based on the winnings
topped $57 million, up 28.3 percent from $44.4 million
in December 2008. Taxes paid on casino winnings account
for about 30 percent of the state general fund.
The control board said the state collected $313.2
million in the first six months of the fiscal year, down
5.1 percent compared with July-December 2008.
More than half of the November 2009 revenues came from
the Las Vegas Strip, where casinos won $473.8 million,
up 8.3 percent compared with November 2008. The Strip is
down 5.5 percent for the fiscal year through November,
gambling regulators said.
Analysts told
Associated Press that the improvement came against a
relatively easy comparison, as Strip casinos won 15.8
percent less in November 2008 than in November 2007.
High-end casinos were helped by greater volumes of
baccarat play, said one analyst: "The strong baccarat
numbers benefit properties such as Wynn, Venetian,
Bellagio, along with to a lesser extent some of the
other (MGM Mirage) properties like the MGM Grand and
Mirage," he said.
November's results also
benefited from the November 14 Manny Pacquiao-Miguel
Cotto boxing match at the MGM Grand.
Revenue at
Downtown Las Vegas casinos was down 1.3 percent, while
North Las Vegas and the Boulder Strip saw double-digit
increases.
Clark County, which includes Las Vegas
and is Nevada's largest county, was the only county in
the state with a year-over-year increase in monthly
revenue.
In Northern Nevada, revenues in Washoe
County were down 4.2 percent, while revenues slid more
sharply in South Lake Tahoe, Elko County and Carson
Valley.
Online Casino News Courtesy of
Infopowa
More news here.
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