Nevada Casino Revenue Up 5.7% To $932.2 Million In FebruaryApril 12, 2012 12:59 pm
The Nevada Gaming Control Board has released its casino gambling figures for February, revealing a 5.7% increase in revenue to $932.2 million compared to the same period last year.
Nevada’s encouraging casino results come on the back of January’s impressive 18.4% increase in revenue to $1.038 billion, the state’s first billion dollar month for several years.
Commenting on February’s solid result, senior research analyst for the control board Michael Lawton said: “That’s now five consecutive monthly increases for the state; we haven’t seen that since 2006. I mean the list goes on and on. There is just a lot of positives that we can draw from this month’s results.”
Nevada’s casino hub the Las Vegas Strip accounted for $530.7 million of the tally, which was an increase of 3.3% compared to the same month in 2011. Baccarat also far outstripped other casino table games generating a huge $113.9 million in revenue. However, because of the Chinese New Year month shift from February to January in 2012, baccarat revenue for February was down 19.06%, while blackjack was up 18.2% and craps up by 16.1%. Consequently, as Morgan Stanley Research analyst Mark Strawn explains:
“Given the calendar shift, we believe February’s results should be viewed on a two-month combined basis with January, and total Las Vegas Strip gaming revenue was up 16 percent in January and February [combined].”
Elsewhere across the county, Downtown Las Vegas was up 13.7% to $45 million, The Boulder Strip up nearly 23% to $72 million, Reno casino up 8.2% to $44 million, South Lake Tahoe up 10.3% to $15 million, Mesquite casinos up 2.55% to $11 million, while Laughlin fell by 0.21% to $42.9 million.
In total, Nevada collected $70 million in taxes for February, which was a 69% increase over last year. The state’s fiscal year starts in July, and so far for the first eight months of the year its gambling revenue has increased by 4% to $7.28 billion, while over the same period taxes collected are also up 4.4% to $481.7 million.