Nevada revenues continue downward spiral

Sep 10, 2009 8:16 PM
by David Stratton |

Nevada casinos posted gaming revenues of $872.6 million in July, a 12.5 percent drop-off from July 2008, according to the state’s Gaming Control Board report released today.

July also marked the 19th straight month of declining revenues.

Casinos on the Las Vegas Strip, which accounts for more than half of the state’s total revenue, recorded revenues of $461 million in July, down 11 percent from a year ago.

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All of the casinos in Southern Nevada (Clark County) reported gaming revenues of $729.9 million, a 10.9 percent drop-off from last year.

In Northern Nevada, casinos were harder hit as Reno casinos generated $50.7 million in July, a 21 percent drop-off from last year.

Virtually all areas of Nevada casinos suffered declines in July: slot machine revenue slipped 14.7 percent to $577 million; table games were down 7.6 percent to $281 million; and race and sports betting was off 20 percent to $5.1 million.

Nevada’s poker rooms continued to hold their own, as revenues slipped only 7.6 percent in July to $13.3 million.

Baccarat tables also played lucky for the casinos, which won $68.2 million from players, about 26 percent more than a year ago. Roulette tables were also kind to the house, which won $35.7 million, a 28 percent year-over-year increase.

Among electronic games, all denominations of slots – including penny slots – posted year-over-year decreases. The top three games – nickel, quarters and dollars – all had double-digit declines, including 41 percent, 31 percent and 30 percent, respectively.

The amount won on penny slots, $154 million, was only off 0.1 percent from last July, but marks the first month that 1¢ games won less than a year ago.

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