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Nevada gaming revenue slips for ninth straight month

Nov 12, 2008 8:20 PM

by David Stratton |

Nevada casinos suffered another month of declining revenues in September as gaming win was about 5.4 percent less than it was in September 2007, according to a report released today by the state’s Gaming Control Board.

Statewide, casinos raked in $1.001 billion, a 5.44 percent drop from the same month last year. Revenues on the Las Vegas Strip, which accounts for more than half the state’s gaming win, declined 5.2 percent to $525 million.

September was the ninth straight month of declining revenues, but it broke a streak of four straight months of revenues below $1 billion.

For the first ninth months of 2008, casinos raked in more than $8.9 billion, about 6.6 percent less than the first ninth months of 2007. (see chart)

The largest declines occurred in northern regions of the state and recreational destinations in the south. Of the latter, Laughlin saw a 6.9 percent slide in revenue, while Mesquite suffered a 27.8 percent decline.

In northern Nevada, Washoe County and the Reno area saw gaming win dip 20.5 percent when compared to September 2007.

Southern Nevada casinos saw some improvement over last month. Not counting the Strip and downtown Las Vegas, Clark County casinos experienced a modest 2.9 percent slide, while casinos in North Las Vegas and along the Boulder Strip enjoyed increases of 11.1 percent and 13.9 percent, respectively.

Gaming win is defined as the amount of money gamblers lost in the casino. It does not include revenue from food & beverage, entertainment, hotel rooms, retail sales, spas and other amenities. Over the past five years non-gaming revenue has grown to more than 50 percent of casinos’ total revenue.

A breakdown of statewide casino revenues showed that slots were down 3.6 percent, while table games saw revenues slide 9 percent.

Among slot machines, only penny slots, Megabucks, $100 slots and multi-denominational slots ecorded increases in gaming win. Penny slots raked in about $157.7 million or 9.4 percent more than a year ago.

The state’s poker rooms generated about $10.8 million, about 13 percent less than a year ago.

Nevada’s race books won about $5.1 million, 25 percent less than a year ago, and the state’s sports books, buoyed by the first full month of football, saw revenues increase to $26 million, but still about 42 percent less than a year ago.

For a complete and detailed report and analysis of Nevada’s gaming revenue, see next week’s GamingToday, beginning Tuesday.

Nevada monthly gaming revenue
Month
Win
Gain (Loss)
YTD
Gain(Loss)
Sept.
1.001B
(5.44%)
8.966B
(6.6%)
Aug.
934M
(8.1%)
7.965B
(6.7%)
July
997M
(12.97%)
7.031B
(6.6%)
June
949M
(1.11%)
6.034B
(5.4%)
May
969M
(15.17%)
5.085B
(6.2%)
April
1.000B
(5.05%)
4.116B
(3.8%)
March
1.038B
(1.52%)
3.116B
(3.4%)
Feb.
1.014B
(3.93%)
2.078B
(4.3%)
Jan.
1.064B
(4.75%)
1.064B
(4.7%)
Source: Gaming Control Board