Gambling Revenue At Nevada Casinos Slide In July

Nevada casinos are starting to come to the realization that they may never again see the enormous revenue figures that they have enjoyed for decades. The Gaming Control Board released figures that indicate the end to the economic slide is nowhere in sight in Nevada.

For July, Nevada casinos won $830 million from gamblers. That figure represented a 4.9% drop from the same period in 2009, and it also indicated that the struggles the casinos have been experiencing for the past couple of years are set to continue through the end of 2010.

Those executives who wished to see the sunny side of the news point to the fact that the state is no longer seeing double digit declines in revenue that has plagued the casinos for much of 2009. Even cut in half, however, the decline is worthy of serious concern in Sin City.

"The truth is that since expansion is taking place in many other states, Nevada may never again see the revenue they once enjoyed," said Gaming Analyst Steve Schwartz. "Even when the economy comes back, Nevada will have too much competition from states that are offering the same gambling options."

Nevada cannot afford for revenue to not return to previous levels. The state relies on casino gambling revenue for almost a third of their general fund, and that is causing some in the gaming industry to look at the possibility of online gambling as a solution.

Harrah's Entertainment has already launched online casinos in jurisdictions where Internet gambling is regulated, and the company is poised to gain licenses should the US change their current laws. Nevada Senator harry Reid will be a key leader in Congress if those laws are to change anytime soon.

September 10, 2010
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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