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Nevada Gaming Revenues Decline

Despite favourable calendar, latest figures from Gaming Control Board indicate four percent drop.

Wednesday 16th April 2008

Casinos in Nevada experienced a four percent drop in revenues for February despite the month including the Chinese New Year, the Super Bowl, a three-day Presidents Day weekend and one extra day due to leap year.

The latest figures from Gaming Control Board have given Wall Street cause for concern and show gaming win at $1.014 billion for the month, a decline of 3.9 percent from the $1.056 billion seen a year ago.

The situation is almost as bad in Las Vegas itself with gaming win reported at $556.6 million, which is a three percent decrease from the $574.7 million experienced in February of 2007.

“Gaming revenues have been soft this year,” said Bill Lerner, Gaming Analyst for Deutsche Bank, in a note to investors last week.

“However, we believe the decline is not as bad as expected. Still, with room rates down this quarter and gaming revenue declining, it is clear that Las Vegas is feeling the impact of a difficult economic environment.'

According to news portal PressOfAtlanticCity.com, gaming revenues declined in every reporting area of Nevada except Carson Valley, which includes Carson City, and the area described as the ‘balance of Clark County’, which includes several locals casinos such as the Red Rock Resort and South Point. In Clark County, returns were $107.8 million, which translates into a 1.1 percent increase from the $106.7 million received a year ago.

However, gaming analysts stated that local markets overall fell by more than six percent in February after factoring in results from the Boulder Strip, which saw a 14 percent drop, and North Las Vegas, which experienced a 13.3 percent shortfall.

 


Source: OnlineCasinoNews