Nevada Casino Revenues Down 8% To $950m In December

Nevada Casino Revenues Down 8% To $950m In DecemberThe Nevada Gaming Control Board has released its casino figures for December, revealing an 8% drop in revenues to $950.7 million compared to the same month in 2013, with $43.7 million in taxes subsequently collected by the state. Usually a growth area in the industry, baccarat revenues were also down by a whopping 39.3% to $148.1 million for the month, and commenting on the results a Union Gaming Group report, stated:
“[December’s decline was] largely driven by the drag of baccarat, as the market faced some its most challenging comparisons ever for baccarat play.. we expect other Strip operators to feel the pinch of a slowing Asian gaming business.”
For the whole of 2014, Nevada generated 1.1% less revenues at $11 billion, putting an end to four-years of gambling growth for the Silver State. Once again, accounting for much of the reversal in fortunes was the game of baccarat, which was down by 5.9% to $1.5 billion last year, ending five straight years of baccarat growth for the state.
In 2014, The Las Vegas Strip reported a 2.1% drop in gambling revenue to $6.37 billion, although more positively nongaming related revenues were up, with J.P. Morgan analyst Joe Greff, commenting that the “overall room rate and visitation driven recovery will continue throughout 2015.”
Taken as a whole, Clark County was down by 1.3% to $9.55 billion, with Downtown Las Vegas revenues up by 2.1% to $511.4 million, Laughlin up by 1%, North Las Vegas up by 1.9%, and Boulder Stripdown by 1.8%.
Finally, Nevada’s online poker industry generated roughly $8.167 million in revenues from February to November 2014, but unfortunately the Nevada Gaming Control Board (NGCB) will no longer be releasing any further revenue results until at minimum of three sites are operating in the state. Commenting on the future of Nevada’s online poker industry, NGCB chairman Tony Alamo said:
“For online gaming to work, you need liquidity. Liquidity means volume, lots of people playing. We do not have the population base to do it just within our state, or one or two smaller states, to make it viable.”

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