Nevada Casinos Experience Biggest Ever Revenue Fall In 2009

Nevada Casinos Experience Biggest Ever Revenue Fall In 2009When last month the Nevada Gaming Control Board released November’s casino revenue figures, there was cause for optimism after the state broke a 22 month losing streak of decline.
However, December’s figures indicate the state’s woes are set to continue after it posted a 3.24% year on year decline for the month to generate just $859 million in revenue. More disconcerting still, is that Nevada’s gaming win in 2009 had fallen to $10.4 billion, down 10.4% compared to 2008, and represented the single largest drop since records began 55 years ago.
Following the dire results, Control Board Tax and License Division Chief Frank Streshley said: “Prior to this decade, since we’ve tracked the numbers since 1955, we’ve not ever had a decline until 2001, and then within this decade we’ve had four declines, with the largest being 2009 at 10. 4 percent.”
Trying to find some positive aspects to the figures, Streshley noted that from falling 13.4% in the first 6 months of 2009 compared to 2008, in the second half of the year the decrease had fallen to 7.2%. Furthermore, the Las Vegas Strip actually experienced a 5.9% increase in revenue in December, helped by improved baccarat wins for the casinos and the opening of the new  $8.5 billion CityCenter development project.
Carson Valley was the only other Nevada area seeing an increase in revenue for December, up 8.52% year over year to $8.1 million. However, poor performances were reported everywhere else with North Las Vegas down 25.17% in December year over year, The Boulder Strip down 19.81%, Laughlin down 11.68% , Mesquite down 7.59%, Washoe County down 10.77%, Sparks down 8.75%, North Lake Tahoe down 11.65%, and Elko County down 5.56%
Gaming revenues have been declining steadily in Nevada since the Sept. 11, 2001 terrorist attacks dealt a heavy blow to the states tourist industry, which was further compounded by the continuing global economic downturn, which started in 2007. Commenting on the situation Streshley said:
“My personal feeling is we won’t see any improvement in the locals market until unemployment improves.”

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