Nevada Casinos Seeing Revenue Decline For Third Straight Year

The Nevada casino industry was once so powerful that other states and countries did not even attempt to steal their business. The economic recession, however, has left Nevada casinos vulnerable, and other areas are taking advantage.

Nevada casinos are expected to have declining revenue for the third straight fiscal year. In June, revenue was down almost seven percent, bringing the overall decline for this fiscal year to 4.3% from 2009.

Las Vegas had always been considered the one area of the country that was immune to economic recessions in the past. The latest recession has changed all of that, with Las Vegas being among the hardest hit. Recovery efforts have been under way, but have been unsuccessful to date.

"Too many things aligned against Nevada in the casino gaming industry over the past couple of years," said Gaming Analyst Steve Schwartz. "While the economy hurt, it is more likely that Nevada is feeling the effects of Macau stealing many of the high roller Asian gamblers."

Macau has become the gaming capital of the world, and has experienced some of the biggest revenue increases ever seen in month to month figures in the first part of 2010. Last year, the Chinese government attempted to restrict visas to Macau, but they quickly changed that plan.

Asia has become a hotbed for casino gambling in the past decade. In addition to Macau, Malaysia and Singapore have authorized casino resorts. The US has countered these moves with many states expanding their gaming laws. California, Pennsylvania, and Florida have made some of the biggest jumps into the gaming industry.

The casino troubles in Nevada have had a ripple effect in the state. The unemployment rate is the highest in the nation, and the state also leads the US in bankruptcies and foreclosures. Those figures are not expected to change until the gaming industry makes a comeback.

August 15, 2010
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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