Nevada Casino Revenue Up 12% To $876m In November

Nevada Casino Revenue Up 12% To $876m In NovemberOn Monday, Nevada state gaming regulators released their casino figures for November, revealing a huge 11.9% increase in revenue to $875.9 million, up from $782.6 million for the same month in 2012. The latest result marks the third time in four months that “The Silver State” has seen its revenue figures increase, and so far for the first eleven months of 2013, Nevada gambling revenues are up by 1.9%.
The Las Vegas Strip typically accounts for over half the casino revenue generated for the state, and in November it saw its winnings spike by an impressive 22.6% to $529.4 million, compared to $431.8 million for November, 2012. Breaking the figures down further, baccarat revenues on the Strip were up by 90.5% to $129 million, whilst table game revenues, not including baccarat, hit $174.7 million.
Commenting on the latest results, Wells Fargo Securities gaming analyst Cameron McKnight, explained: “We believe these results bode positively for larger Strip operators with significant baccarat volumes, but note the core Las Vegas mass market remains soft with nonbaccarat mass volumes down 9.4 percent.”
Elsewhere around the state, November’s results were less stellar, with gaming revenues in Laughlin down by 13.6%; North Las Vegas down 13.3%; Boulder Strip down 8.8 percent; and Downtown down by 1%. Overall, however, gambling revenue for Clark County as a whole were up by 12.7%.
In September, Nevada introduced real-money online poker and although those figures are currently included in the Clark County card games tally, Union Gaming Group Managing Director Bill Lerner estimates that online poker generated around $300,000 in gambling revenue during the month.
“We believe this is notable given that there haven’t been many tangible financial results yet from online gaming. Payment processing issues are likely still weighing on results given that many credit card companies block any and all transactions for online gaming,” explained Lerner.
Finally, the state of Nevada collected $50 million in taxes for November, which was an improvement of 9% compared to a year ago.

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