Nevada Casino Revenue Up 17% To $1 Billion In July

Nevada Casino Revenue Up 17% To $1 Billion In JulyThe Nevada Gaming Control Board has released its casino results for July revealing a 17% increase in revenue to $1.005 billion compared to $860.1 million for the same month last year. In a positive sign, it was the first time in 4 years that Nevada has seen multiple billion-dollar months in the same year, which were the standard in Nevada before the global recession.
Las Vegas customarily accounts for over half the state’s casino takings and in July the Strip’s 41 casinos saw an impressive 27.5% increase in their gaming win to $597.4 million. Its gaming revenues were particularly boosted by baccarat, which skyrocketed by 113.8% to $189.9 million with an astonishing $1.2 billion wagered on baccarat during the month.
In addition, despite slot machine wagers declining by 5.1% compared to July last year, winnings were 10.6% higher. Craps also leaped by 72%  although roulette was down 21% and blackjack off by 1%. In total, the Las Vegas Strip has seen its gaming revenues rise by 3.2% compared to July 2011 and commenting on the figures, JP Morgan gaming analyst Joe Greff said:
“We believe monthly numbers were mixed with solid headline results being driven by very strong baccarat results and partially offset by lackluster slot handle and nonbaccarat table volumes. All in all, we believe July’s results point to a continued uneven recovery on the Las Vegas Strip.”
Overall, Clark County, home of the Las Vegas Strip, reported an increase of 21.17% to nearly $867 million in gaming revenues, while elsewhere the Boulder Strip was up 17.2%. However, posting a fall in revenue was Washoe County down 8.2%; South Lake Tahoe down 0.58%; Elko County down 0.5%; Carson City down 0.19%; Laughlin down 0.54%; and Mesquite down 2.5%.
In August, the state of Nevada collected $67.5 million in gaming taxes, 40.5% higher than the same period last year. Overall, the first seven months of 2012 have now seen gaming revenues improve by 2.4%.

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