Nevada Casino Revenue Up 15% To $1.073bn In February

This week the Nevada Gaming Control Board released its casino figures for February, revealing a 15% increase in revenue to $1.073 billion, an improvement of $141 million compared to the same month last year. For February, the state also collected almost $62 million in taxes.
Encouragingly, February’s revenue tally was the highest monthly figure recorded by Nevada casinos since December 2007. Furthermore, the Las Vegas Strip’s revenue shot up by 31.2% to reach its highest total ever of $696.1 million.
Mostly accounting for the dramatic increase in Nevada’s gambling figures was a calendar shift which saw the lucrative Chinese New Year move to February in 2013. As a result, the 10-day holiday saw high-end baccarat revenues soar by a massive 131.9% to $264.2 million, the biggest monthly amount ever reported for the game.
Discounting baccarat, Las Vegas Strip gaming revenues would still have increased by 3.6% in February, and  commenting on February’s impressive figures,  Macquarie Securities gaming analyst Chard Beynon, said: “While February saw the timing benefit of a strong Chinese New Year, we think results still came in ahead of expectations.”
As a whole, Clark County reported a  monthly increase of 17.8% in revenues, with the Lake Tahoe market the only other region recording an increase in gaming revenues. On the other side of the coin, downtown Las Vegas saw an 8% revenue decline in February, while Washoe County was down nearly 1% to $60 million.
Nevada Gaming Control Board analyst Michael Lawton believes that the local gaming market declines was due to February 2013 having one less day than the same month last year, and as he explained: “We estimated last year that the extra day in February was worth an additional 3.5 percent to the statewide gaming win. When you take into consideration some of the markets were facing tough comparisons to a year ago, the loss of a day was a contributing factor.”

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