Nevada Casino Revenue Flat In April At $854.3 MillionJune 27, 2013 3:16 pm
The Nevada Gaming Control Board has released its casino figures for April, revealing a 0.16% decrease in revenue to $854.3 Million in April, compared to the $855.7 million collected for same month a year earlier. As a result, gaming tax collections in May, based upon April’s revenue results, declined by 2.78% to $47.2 million.
The Las Vegas Strip traditionally accounts for over half of Nevada’s casino takings and in April its revenue decline by 2.34% to $448.6 million, mostly as a result of declines in baccarat and slot machine revenues. Nevertheless, during the month Reno saw its gaming revenues improve by 15.36% to $44.1 million, while Washoe County’s gaming revenues grew by 10%. Elsewhere around the Silver State, North Las Vegas saw its revenue fall by 11.45%, while Laughlin was up 11.48%, and Boulder Strip up by 5.77%.
Commenting on April’s figures, control board senior research analyst Michael Lawton said: “The state was down about $1.4 million, the Strip was down $10.8 million, but Washoe County was up $5.4 million. The bowling tournament marked the first time both the men’s and women’s events were taking place in the same month.”
Despite the mixed results for April, the Nevada casino industry has continued to successfully claw its way back from the recession and this year overall winnings on the Strip are up by 5%, with statewide revenues currently showing an improvement of 2.4%. In addition, gaming tax collections have risen by 3.25% to $621.3 million for the first 11 months of the fiscal year.
Going forward, there should also be further good news on the horizon for the state of Nevada, too, as major development plans begin to unfold. These include Genting and SLS Las Vegas (SLS) planning to transform the northern end of the Las Vegas Strip; Caesars and MGM doing likewise in Las Vegas Boulevard; as well as an ambitious plan to build the world’s biggest entertainment complex in the city.