tazzygirl
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The Nevada Gaming Control Board recently released its report on gambling “win” for November of 2008. The final numbers, which are released two months after the time period in question, show a state-wide decrease in gambling revenue of 14.80% year over year, marking the 11th straight month of declining revenues. The last time gaming win increased year over year was in December of 2007.
Nevada gaming revenues amounted to $836 million in November of 2008, dropping nearly 15% from the mark of $982 million during the same period in 2007. The hardest hit area of the state was North Lake Tahoe, which saw revenues plummet by 26.94% year over year to $1.99 million. During the fiscal year to date (July 1st through November 30th), North Lake Tahoe revenues are off 13.56%. Also hit hard was Laughlin, whose gambling revenues fell from $51 million in November of 2007 to $41 million in 2008, a plunge of 18.13%. In the current fiscal year, Laughlin’s “win” is down 11.58%.
The Las Vegas Strip was hit hard by snow in December and, one month earlier, its revenues sank by 16.02% year over year. Casinos including the Bellagio, Wynn, and Caesars Palace raked in a total of $437 million in November of 2008 in comparison to $521 during November of 2007. Fiscal year to date, the Strip’s revenue has fallen from $2.8 billion to $2.4 billion (-14.21%). Meanwhile, revenues in Downtown Las Vegas, which includes establishments such as the Golden Nugget and Binion’s, experienced a modest 1.58% revenue decline year over year. Similarly, North Las Vegas saw its “win” drop by just 1.83%.
Revenue on the Boulder Strip, which includes casinos such as Sam’s Town and Boulder Station, fell by 16.35% to $54 million during November of 2008. Revenues in Mesquite sank by 8.78% and in Reno, which lies in Washoe County, revenues declined by 14.26%. During the fiscal year to date, statewide gambling revenue is down 12.93% to $4.7 billion.
Based on revenues earned by casinos, the State of Nevada collects a fee, which is then used to fund various programs. As expected, fees dropped by a sizable amount: 27.05% year over year. The State collects November’s fees in December. Statewide fee collections have dropped by over 20% during the last two reported months. Nevada most recently reported an increase in fee collections during the month of July, when income from June was taxed.
In October, statewide gambling revenues sank 22.33% year over year. The Las Vegas Strip was once again one of the hardest hit, with “win” dropping 25.77%. North Las Vegas, whose revenues held relatively constant in November, saw its revenue nosedive by over one-third in October of 2008. Statewide decreases in revenue year over year have been as follows during 2008:
December: Will be Released in February
November: -14.80%
October: -22.33%
September: -5.44%
August: -8.10%
July: -12.97%
June: -1.11%
May: -15.17%
April: -5.05%
March: -1.52%
February: -3.93%
January: -4.95%
A recent article by San Antonio News Express columnist Chuck Blount sums up the current economic downturn’s effect on Sin City. He wrote, “A quick search on Expedia.com shows just how desperate things have gotten, as room rates are currently discounted by 50 percent or more across the board. This is to the consumer's benefit.” Rooms in Downtown Las Vegas had been discounted to as low as $10 per night.
http://www.pokernewsdaily.com/nevada-gaming-revenues-decline-for-11th-straight-month-922/
According to figures released by the Nevada Gaming Control Board, statewide casino revenue, or “win,” fell 9.32% in August of 2009 compared to August of 2008. The total gaming win reported was $847.0 million, representing the 20th straight month of decline. Read the Board's August revenue report.
Last year, Nevada casino licensees hauled in a gaming win of $934.1 million. In Clark County, which includes the famed Las Vegas Strip, Downtown Las Vegas, Laughlin, Boulder, and Mesquite, gaming win in August was $708.1 million, down 6.73% year over year. On the Strip, which includes a bevy of poker-friendly gaming establishments like the Bellagio and Venetian, revenues were $449.5 million in August, off 9.00% from the same period in 2008. In Downtown Las Vegas, which includes the Golden Nugget, home of GSN’s “High Stakes Poker” and NBC’s “Face the Ace,” revenues were $41.9 million. That total represented a decline of 3.87% year over year.
The news wasn’t so grim in North Las Vegas or the Boulder Strip, where revenues were up in August of 2009 in comparison to August of 2008. In the former, gaming win came in at $22.1 million, up 21.93% year over year. In Boulder, a similar increase occurred, as revenues of $63.4 million represented a 21.53% rise over the $52.2 million posted last August. North Las Vegas and the Boulder Strip were the only two locales to post revenue gains year over year. In Laughlin, revenues sank 13.85% in August to $38.1 million, while Mesquite saw its gaming win tumble 21.59% to $8.5 million
http://www.pokernewsdaily.com/nevada-gaming-revenues-fall-for-20th-straight-month-5523/
But, my, didnt Obama make his first comment in Feb of 2009? Man, he really hurt revenue didnt he, considering it was up since august of 2008. That really had to hurt. Ouch!
In reality, the slump started in December of 2007. So, who do you blame that one on?
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