Nevada Gambling Revenue Up 1.8% To $979m In October

Nevada Gambling Revenue Up 1.8% To $979m In October The Nevada Gaming Control Board has released its gambling figures for October revealing a 1.88% increase in revenue to $978.8m compared to $960.7m in October 2011 and $888.6m in October 2010.
Slot machines accounted for $614 million of the overall total, which is an improvement of 6.88% and was followed by baccarat ($129.5m), blackjack ($90.1m), craps ($29.1m), Roulette ($50.75m) and keno ($2.8m). Poker, however, saw its revenue decline by 3.5% to $13.5m and
pai-gow poker was down by 21% to $7 million.
Following the release of October’s results, gaming analyst Dennis Farrell from Wells Fargo Securities commented: “We continue to believe Las Vegas is in a gradual recovery despite this year’s unpredictable results. Volatility is likely going to continue for the rest of the year as cautiously optimistic management commentary encounters challenging gaming comparisons.”
The Las Vegas Strip traditionally accounts for over half the state’s gambling revenue, and October was no exception with revenue up by 3.6% to $580.7m compared to the $560.3m collected for the same month last year.  Madonna’s two-day performance at the MGM Grand and several baccarat tournaments helped drive the Strip’s results higher.
Elsewhere around the state, Boulder Strip was higher by 8.13% to $74.54m; Downtown up 0,8% to $48.6m; and North Las Vegas up 0.72% to $23m. By contrast, revenue in Washoe County fell 7.09% to $59m; Mesquite down 6.14% to $9.7m; and Laughlin down 0.94% to $37m.
Overall, Nevada gaming revenue is now up 1.9% for the first 10 months of 2012 compared to the same period in 2011, with the Strip showing a 2.6% improvement so far. However, tax collections in November based on October’s revenue results was almost 17% lower at $54.5 million
Looking ahead, gaming analyst Chad Beynon from Macquarie Securities said: “We are heading into the busier convention and event season, so we expect November and December to finish the year stronger.”

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