Las Vegas Gambling Revenue Down In June To Start Summer

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Las Vegas casino gambling used to be the one stable revenue producer for the state of Nevada. In recent years, revenue has dropped on the Strip, and that is a trend that continued in June, the first month of summer.

Revenue at Las Vegas Strip casinos was down 7.6% from the same period in 2009. The 2009 revenue figure was down because of the economic recession, and this year the casinos have been unable to regain the momentum from before the recession.

Revenue dropped under $400 million for the month, down to $383 million. That was a decrease from the $414.5 million that Strip casinos won the previous year. Nevada's Gaming Control Board revealed the figures on Friday on their website, and analysts were taking note of yet another decline.

"Las Vegas and Atlantic City have long been the standard by which other gaming destinations in the US were judged," said Gaming Analyst Steve Schwartz. "The two city's understand, however, that competition is greater than ever. Newer casino resorts are being built in places such as Pennsylvania and California, and Las Vegas and AC casinos are feeling the pressure."

The competition is most evident in the Northeast. Pennsylvania lawmakers approved table games for their casinos earlier this year. Delaware legislators went a step farther in 2009 when they legalized sports betting in the state. New jersey officials have discussed the possibility of sports gambling as a way to help the struggling AC casinos.

Nevada has their biggest competition from Asia. Macau has become the gambling capital of the world in recent years, and Macau casinos have taken many of the Chinese gamblers away from Nevada. The trip to Macau is much more appealing to Asians who used to have to fly across the world to get major casino resorts.

The news is not all bad for Las Vegas casino company's. Several company's, including MGM Mirage, Wynn Resorts, and Las Vegas Sands, all have properties in Macau. The company's are also expanding into places such as Singapore and Malaysia.

August 13, 2010
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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