Nevada revenues slip nearly 5% in May

Nevada revenues slip nearly 5% in May

July 07, 2010 9:18 AM
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Nevada gaming revenues declined nearly 5 percent in May, marking the second straight month of declining revenues.Nevada gaming revenues declined nearly 5 percent in May, marking the second straight month of declining revenues.

The state’s casinos raked in $847.1 million in May, about 4.7 percent less than in May 2009, according to figures released today by the state’s Gaming Control Board.

Casinos on the Las Vegas Strip, which accounts for more than half the revenue in the state, saw revenues slip 6.4 percent to 450.1 million.

The back-to-back month of declining revenues virtually wiped out gains from the first quarter of 2010. For the year to date, gaming revenue is about even with 2009.

For the first five months of 2010, Nevada casinos have won $4.399 billion, less than 1 percent less than the $4.406 billion they won in the first five months of 2009.

On the Las Vegas Strip, casinos have won $2.417 billion year-to-date, about 4.3 percent more than during the same period last year.

While revenues for 2010 are virtually even with last year’s pace, it’s noteworthy that a year ago Nevada revenues were down about 15 percent compared to 2008.

In other areas of southern Nevada, revenues were down 5.88 percent in Mesquite and 5.1 percent in Laughlin; and they were down only 0.7 percent to $42.9 million in downtown Las Vegas.

Surprisingly, "locals" markets posted increases: revenues were up 8.8 percent in North Las Vegas and 5.1 percent along the Boulder Strip.

Statewide, slot machine revenue rebounded from earlier declines. The machines in May won $565.8 million, about 0.5 percent more than a year ago.

Table games, however, took a rare beating as the amount won plummeted in May 13.8 percent to about $269.7 million.

The state’s sports books also didn’t fare well as their $3.7 million in revenues was 32 percent less than a year ago.

In addition, the sports books saw their second straight month of LOSSES for basketball wagers, as they collectively lost $568,000 for the month.