Nevada Casino Revenue Drops, But Optimism Runs High

The January casino revenue figures were released on Wednesday by the Nevada Gaming Control Board, and once again revenue dipped. The figures, however, gave hope that a turnaround within the industry could be coming soon.

Nevada casinos had revenue of $883.3 million in January. That was down 3.2% from the same period in 2008. Although it was still a decline, it was not as radical as it had been for much of the past year, leaving room for hope.

"Going into the month, we were expecting a bigger decline,' said Frank Streshley, Chief of Licensing and Taxing for the Gaming Board, as reported by The Associated Press. The figures were off from a January 2008 month that also was not up to casino standards in the state.

The Las Vegas Strip has dealt with the economic recession much like the rest of the country. This is one of the few times in history where gaming revenue has actually been affected by the economic conditions in the world.

In past economic slumps, Las Vegas remained one of the only gaming destinations, so the fall off in revenue was never pronounced. This time, however, the industry was hurt by the emergence of Macau as a top gaming destination.

Macau has surpassed Las Vegas as the gambling capital of the world, and the Asian location has been thriving of late. Las Vegas Sands and Wynn Resorts have watched their revenues at Macau casinos explode in recent months.

Las Vegas Strip revenue was down three percent from the $510.3 million that was won in January of 2008. For this January, revenue totaled $495 million on the Strip.

March 11, 2010
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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