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Online Casino News - October, 2008

Nevada Casino Gaming Revenue Drops Again

 

 

  Seed Newsvine

by Edward Rogers, News Staff Writer

October 13, 2008

Not that it's a big surprise or anything, but Las Vegas, or rather, Nevada's, casino gambling revenues were down another month. As reported by the Nevada Gaming Control Board, September marks the eighth consecutive month in which revenue has dropped for the gambling capital of the world.

Compared to the previous month, September's figures dropped by over 8% to close out with a total monthly gambling revenue of just over $934 million. (One year ago, this figure was over $1 billion). As for all the fancy casinos on the Strip, they saw an overall decline of 7.4%, closing the month at $494 million (same time last year brought in over $533 million).

Thus far this year, casino gambling revenues are down by 6.8%, which is slightly greater than the 6.6% decline rate in the first eight months of 2007. Nevada hasn't seen such a large decline in almost twenty-five years, back when Nevada first started keeping records.

And contrary to previous reports that showed smaller locals casinos doing well overall, the general sentiment for local business and downtown casinos is the same. Gambling revenue in North Las Vegas dropped by nearly 18%, Boulder Highway figures were down by over 22% and Clark County/downtown casinos saw a drop of 9.5%.

The one thing that is keeping resorts and casinos afloat right now is the non-gaming revenue, although I'm not at all certain that hasn't seen a big hit as well. Local establishments are making up for losses with cheap eats, but the larger resorts still have beds to fill. Let's hope some economic stimulus the world over will help get things going again, or it's almost certain there is going to be some cutbacks in Las Vegas very soon.



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