Nevada Casino Revenue Falls A Further 4.7% In May

In May, Nevada casinos took in $847.1 million, representing a 4.7% decline in revenue compared to the same period in 2009.
The Las Vegas Strip traditionally provides over half the state’s casino revenue, and at $450.1 million was down 6.4%. However, if not for a lower hold percentage at the baccarat tables resulting in a $35.87 million drop from a year earlier,the decline in revenue for the whole of Nevada would have been down just 1%.
Commenting on the results, Bill Lerner, principal of the Union Gaming Group, said: “We estimate that had baccarat hold percentage been within the normal range, total Las Vegas Strip gaming revenues would have essentially been flat during May.”
 
Overall, the state’s table game win was down 13.8% to $269.7 million, while slots winnings were up 0.5% to $565.8 million, resulting in a 15.3%  increase in taxes collected by Nevada to $50.6 million, compared to May last year.
In northern Nevada, May’s revenue for Washoe County fell 7.9%, Reno was down 6.6%, North Lake Tahoe dropped 10.1%, South Lake Tahoe was down 12.6% and the Carson City and the Carson Valley area was off by 1%.
In southern Nevada, North Las Vegas revenue was up 8.8%, and up 5.1% in Boulder Strip while the win in downtown Las Vegas was down 0.7%,  5.88% down in Mesquite and fell 5.1 %  in Laughlin.
Five months into 2010 and Nevada’s casinos have generated $4.399 billion in win, which is roughly comparable to $4.406 billion won in the same period in 2009. It also signals a stabilization in the industry after a disastrous 15% plummet in win in 2009 compared to the 2008 figure.
Summing up May’s results, JP Morgan gaming analyst Joe Greff described the results as only “modestly disappointing.”