Double Digit Casino Gambling Revenue Decline In Las Vegas For July
The city of Las Vegas was not expecting good news when the gambling revenue figures were released for the month of August. Already, the people of Las Vegas have withstood some of the toughest economic times the US has ever seen.
If they were hoping that July would begin the turnaround, they were disappointed once again. Revenue fell by eleven percent in August, and it was the nineteenth straight month that revenue has dropped at Las Vegas casinos.
The news may not be getting any better in the near future for some casino developers in Sin City. The CityCenter project that is being completed by MGM Mirage is expected to siphon business from many of the existing casinos. That could not come at a worse time for the likes of Las Vegas Sands and Wynn Resorts.
Even with the decline, Las Vegas casinos still managed to generate $461.3 million in revenue in July. For the first seven months of 2009, revenue on the Las Vegas Strip was down fourteen percent. That comes after revenue dropped in the same period of 2008 by eleven percent.
"People just do not have to travel like they used to in order to find a casino," said observer Timothy Greggs, "In most cases, they can find a casino within fifty miles of their homes." A large portion of US states have expanded their gambling laws to allow casinos.
Another way to gauge the casino industry in Las Vegas is through the amount of people that are flying in and out of the city. Airport passenger traffic fell by twelve percent in Vegas for the first seven months of 2009.
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