Nevada Casinos Down 2.6% To $954m In October

Nevada Casinos Down 2.6% To $954m In OctoberThe Nevada Gaming Control Board has released its gambling figures for October, revealing a 2.6% decline in revenue to $954.3 million compared to $979.5 million for the same month last year. According to Control Board analyst Michael Lawton, part of the reason for October’s revenue decline was that last year a portion of Nevada’s gambling revenue in September was rolled over to October, making a straight forward comparison this year difficult.
The Las Vegas Strip typically accounts for over half the revenue generated within the state and for the month winnings were down by 5% to $551 million. The Strip is mostly dominated by three major casino operators, namely Wynn Resorts, Las Vegas Sands and MGM Resorts International, which have fortunately been able to shield themselves from Las Vegas’ declining global gaming market share by investing heavily in the world’s biggest gambling resort, Macau. As Jason Ader from the Las Vegas Sands, explains:
“The Sands properties in Vegas are huge. You can spend the entire week in Venetia or The Palazzo. But Vegas is just ten percent of their business now..Of the top 100 hotel markets in the United States, Vegas is at the bottom in terms of recovery from its recession year low.”
Elsewhere around the state, downtown Las Vegas also saw its revenues decline by 3% to $47 million; Laughlin casinos saw their revenues rise by 11.2%; The Boulder Strip improved by 2.8%; Mesquite was up 1.8%, with the balance of Clark County reporting a 4.9% rise in revenue. However, Washoe County’s gaming remained flat, and South Lake Tahoe was down by 22.5%.
Overall, the state collected a total of $61 million in taxes for October, which was an 11.9% improvement over the same period last year. So far for the fiscal year that started July 1st, Nevada’s total statewide win is currently up by 1.5%.


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