AUGUST ANOTHER BAD MONTH FOR VEGAS
9 October 2009
9.3 percent decline for land gambling
companies
The stressed economic situation continues to impact
Nevada land gambling venues according to official
figures for August 2009, which show that casinos won
$847 million from gamblers in August, a 9.3 percent
decline compared with the same month in 2008.
The Nevada Gaming Control Board reported Thursday that
monthly revenue for the first two months of the fiscal
year that began in July fell nearly 11 percent compared
with a year ago.
The latest statistics show that
the decline is now in its 20th consecutive month as the
recession discourages gamblers from travelling to
gamble.
Looking for the positive in the latest
numbers, the Board's top analyst Frank Streshley pointed
out that August marked the first single-digit decline
since May. But he said that in-state gamblers have also
cut their gambling spend.
"A good percentage of
our growth has [traditionally] come from the local side,
and that's been impacted heavily by unemployment and the
housing crisis," he said. Nevada's unemployment rate in
August hit a record 13.2 percent, the second highest in
the nation.
The state collected $49.6 million in
casino taxes based on the August revenues, a 9 percent
decrease from the same month one year ago.
Gamblers wagered $11.6 billion at slot machines and
table games in August, a decline of 13.4 percent. Slot
wagering fell 16.9 percent to $9.1 billion, while table
game wagers fell 3.7 percent to $2.5 billion.
Streshley noted that wins from the high stakes game of
baccarat helped keep the revenue decline from falling
even lower. Casinos won $109.5 million on baccarat, up
$35.8 million or 48.6 percent, from August 2008. Without
that, statewide revenue fell 14.3 percent.
Casino wins on the Las Vegas Strip, which account for
about half of all state gambling revenues, fell to
$449.5 million, down $44.5 million or 9 percent, the
report revealed.
In Washoe County, which
includes Reno, revenue dropped nearly 21 percent to
$73.9 million - the smallest reported since 1989 and the
26th straight month of decline for the county.
Lake Tahoe's south shore operations declined 29 percent,
taking in $21.9 million, the lowest August win since
record keeping began in 1983.
Revenue increases
were reported in only two Nevada markets, North Las
Vegas and Boulder Strip, which reported revenue
increases of nearly 22 percent, mainly due to new
casinos opening, which boosted year-on-year results.
Gambling revenue fell almost 15 percent in Elko
County, 17 percent in Douglas County and 12 percent in
Churchill County.
Online Casino News Courtesy of
Infopowa
More news here.
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