Las Vegas: Revenues continue decline

Nevada Casino Gambling Revenues Dip 6.65% in June

By Dan Cypra - Aug 13th, 2010

In figures released by the Nevada Gaming Control Board this week, state casinos pulled in revenue, or “win,” of $763.8 million in June, a drop of 6.65% year over year. It marks the largest drop in revenue compared to the same month the year before since October 2009, when win fell 11.56%. Revenues statewide in Nevada topped $800 million in June 2009.

In Clark County, which includes the city of Las Vegas, revenues were $640.1 million in June, a slide of 6.91% from the same month a year earlier. Every single area within the county posted a loss year over year, including the famed Las Vegas Strip, whose gigantic casino resorts pulled in revenue of $382.9 million in June, a dip of 7.62% from the $414.5 million posted in June 2010. The Strip plays host to a bevy of poker tournaments held in casinos like the Bellagio, Venetian, and Caesars Palace.

In Downtown Las Vegas, where shows like “Face the Ace” and “High Stakes Poker” are taped at the Golden Nugget, revenues of $40.2 million represented an 11.67% fall year over year, the second largest decline of any area in Nevada. In North Las Vegas, revenues were off 7.98% year over year to $23.4 million. Out in Laughlin, which also sits in Clark County, casino win was down nearly 5% to $36.6 million, while on the Boulder Strip, revenues of $62.0 million represented an 8.85% slide year over year.

Washoe County was hard hit in June. The scorching summer heat failed to send would-be gamblers to air conditioned casinos, as the county’s gambling revenues slid 9.17% to $63.5 million. In Reno, “The Biggest Little City in the World,” gambling win dove 8.32% year over year in June to $47.1 million. Nearby Sparks reported the largest decline two months ago of any area in Nevada at 13.23%, as its revenues of $9.4 million fell well short of last year’s tally of $10.8 million.

South Lake Tahoe casinos owners were dancing a jig in June, as area gambling establishments posted a 13.52% gain in win year over year to $19.8 million. Over the fiscal year to date, however, revenues in South Lake Tahoe are still down nearly 17% to $219.7 million. In North Lake Tahoe, casino revenue sank 10.58% in June to $2.2 million.

In Elko County, which includes the city of Wendover, casino revenues were off 10.11% to $19.8 million. In Wendover, which accounts for the bulk of the revenue the county pulls in, win slipped by 9.72% to $12.1 million. Finally, the Carson Valley Area was the second jurisdiction to post a gain year over year, as its $8.6 million in casino win marked a rise of 5.15%.

The State of Nevada pulled in $42.9 million in fees from its licensed casinos in July based on revenues recorded in June. The figure represented a 5.94% drop from the previous year, or $2.7 million in real money.

Check out the full Nevada Gaming Control Board revenue report.