Nevada Casinos Up 11% To $955m In August

Nevada Casinos Up 11% To $955m In AugustThe Nevada Gaming Control Board has released its casino figures for August, revealing a 11.2% rise in revenue to $955.3 million compared to the $859.3 million generated in the same month last year.
The Las Vegas Strip, which typically accounts for around half of Nevada’s overall gambling revenue, saw its win rise by an impressive 20% to $589 million in August, compared with $490.9 million generated for the same month in 2012. The double-digit gaming revenue increase was also a rebound from the steep 14.4% decline recorded in July, when revenues totaled $511.4 million.
Furthermore, Clark County as a whole also saw its gaming revenues increase by 12.3%, a marked improvement on the 9.6% fall recorded the previous month. Breaking the figures down further, North Las Vegas saw its gaming revenue plummet by 18.3%; downtown casinos rose by a healthy 8.3% to $3 million; Reno casino revenue shot up by 9.7% to $54 million; South Lake Tahoe casinos were down by 2.7% to $21 million; while casinos along the Boulder Strip reported a 12.7% decrease in revenue.
Finally, the state of Nevada collected $51 million in taxes and fees based on the August revenue total, up 3.5% compared to the same period in 2012. For the first eight months of 2013, gaming revenues in Nevada are now fairly flat compared to last year’s tally and as JP Morgan gaming analyst Joe Greff told investors, recently:
“There is no change to our expectation for a continued, but uneven, gradual recovery on the Las Vegas Strip,”
Back in 1986 Nevada casinos collected $3.1 billion in gaming revenue, which then rose steadily until hitting a record $12.8 billion in 2007. The global economic downturn subsequently saw statewide gaming revenue tumble to just $10.4 billion by 2009 until rising again to nearly $10.9 billion as of last year.

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