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Howard Stutz
 

Nevada gaming revenue declines 9.3 percent

8 October 2009

LAS VEGAS, Nevada -- Nevada recorded its 20th straight decline in statewide gaming revenues during August, confirming casino insider predictions of a dismal summer month.

Casinos collected $847 million from gamblers during the month, a 9.3 percent decline compared with $934.1 million won in August 2008, according to numbers reported by the Gaming Control Board Thursday morning.

On the Strip, gaming revenues were $449.6 million, a 9 percent decline compared with $494 million collected a year ago.

All but two areas of Clark County reported revenue declines, from a low of 3.8 percent downtown to a high of 21.5 percent in Mesquite.

North Las Vegas, fueled by the November opening of Aliante Station, reported gaming revenues of $22.1 million, a 21.9 percent increase compared with $18.1 million a year ago.

The Boulder Strip, which includes Henderson, saw a boost from the March opening of M Resort. Gaming revenues in August were $63.4 million, a 21.5 percent increase compared with $52.2 million in August 2008.

In recent comments to investors, gaming analysts said declining hotel room rates and travel specials were not going to be enough to make August a rebound month.

Morgan Joseph gaming analyst Justin Sebastiano said last week Nevada "posted surprisingly poor numbers in August and September trends have not really improved."

Gaming taxes collected based on the August gaming revenues were $49.7 million, a decrease of 9 percent compared with $54.6 million collected a year ago.