Nevada has Setback With November Gambling Revenue Drop
Nevada has been experiencing a revival of their gaming industry for most of 2012, but that momentum was slowed in November. For the month, revenue was down for the first time in year over year figures since August.
After experiencing two straight months of revenue increase, the Nevada casinos saw a drop of 11 percent from the same period in 2011. The $783 million won in November netted the state $46 million in tax revenue. That figure is down over 20 percent from November the previous year.
The Las Vegas Strip took the worst of the revenue dip in November, with Strip casinos falling 13 percent, to $432 million. The strip had been seeing steady progress during 2011, after recovering from the economic recession of 2008.
Reno was only slightly affected by the revenue drop. Reno casino revenue fell three percent, to $37 million. South Lake Tahoe saw a major increase in gaming, with revenue jumping to $18 million, nearly a 27 percent increase.
In December, analysts expect that the figures will once again balance out. Nevada is one of the prime locations for vacationers during the holiday season. New Year's Eve in Las Vegas is surpassed in popularity only by New York City in the US.
With the new year having already arrived, Nevada is hoping to get a boost to their gaming industry with the addition of online casinos. Legislators passed online gambling regulations in 2011, and the application process began late last year. Nevada regulators hope to have casinos licensed and online sites operational before the summer.