Nevada Gambling Revenues Slide Again

Nevada Gambling Revenues Slide Again

Posted on 01/09/12 - by Theodor Mavrodis News

Casinos in the state of Nevada saw gambling revenues slide again in June, marking the second straight month of declines.

The 6 per cent drop in June also impacted overall figures for 2012, with Nevada now only showing a small uptick so far this year.

Across the state casinos won $832 million from gamblers in June, down from $885 million in June 2011.

The dip in June was the second consecutive monthly decline and the third in four months, causing some to question the health of the recovery in Las Vegas and other key gambling areas in the state.

The Las Vegas Strip is the biggest contributor to the state’s gambling revenues, booking a 4.5 percent revenue decline in June. Things were slightly worse for downtown Las Vegas casinos, where revenues were off 13 percent.

Smaller gambling areas in Nevada such as Reno and South Lake Tahoe bucked the downward trend, with Reno casinos up 9 percent and South Lake Tahoe revenues climbing 17 percent.

As far as factors behind the decline, some can be chalked up to lady luck; volume of play was up statewide with over $11.2 billion wagered in total in June but the overall casino “win” dipped as players won more money that in the previous period.

Slot volume on the Strip dropped for the third straight month but locals casinos -- those that cater to residents as opposed to the tourist crowd -- showed small gains, one bright spot that analysts point to when arguing that the gambling market in Las Vegas is slowly mending after the economic recession in the US that hit Las Vegas particularly hard.

$2.6 billion was wagered on table games in June throughout the state, down slightly from the previous month.

More and more Strip casinos are seeing results from table games such as baccarat and blackjack, which do provide consistent revenues but can impact monthly figures due to the unpredictability of results, especially in high roller baccarat games.