Holidays Not A Joy For Nevada Casinos, Revenue Plummets

In the state of Nevada, there is one overwhelming industry, casino gambling. So when the industry flutters like it did in December, the reverberations are felt throughout the state.

Nevada casinos had a revenue decrease of almost twenty percent in December compared to the same month in 2007. The holidays were not kind to an industry that dominates business in the desert. Casinos in the state of Nevada are searching for answers and they had better find them soon.

"Nevada casinos cannot continue to take the kind of financial hits they took in December. Many of these casinos are barely hanging on and when you're talking about losing millions of dollars in revenues from month to month, it's hard to stay in business," said observer Nigel Ylore.

The state Gaming Control Board claims that winnings for the month of December were $888 million. That does not seem like a small number that would put casinos in jeopardy, but after seeing the $1.1 billion the casino made in December of 2007, the reality of the situation sets in.

"The economy has dismantled what was once the most stable of industries in the US. Casino gambling used to be immune to the financial woes of the country, but not anymore," said Ylore.

The bad news hit lawmakers where it hurts most, in the state budget. They rely on tax money from the casinos to support a large portion of the state budget, and when casino revenue is down, so is tax money the state receives.

February 11, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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