Gaming Revenues Fall by 13.8% in Nevada in the Month of June
Gaming revenues fell in the month of June in the state of Nevada to their lowest single month total in almost 5 years. Casinos in Nevada took in $818.2 million from customers in June compared to $949.3 million in June of last year, which is a drop of 13.8% according to figures that were recently released by the Gaming Control Board.
June’s total was the lowest monthly total that casinos took in since July of 2004 when they took in $813 million. June was the 18th straight month that there was a decrease in gaming totals, as the gaming industry is getting hit hard by the American, as well as global, struggling economy.
The Strip in Las Vegas was hit harder in the month of June, as they only took in $$414.5 million compared with $486.4 million in June of last year, which is a whopping 14.8% drop in revenues.
The chief of the Gaming Control Board’s tax and licensing division, Frank Streshley stated that the month of June is generally a light gaming revenues month. The decline of double digits in gaming revenue in Nevada was not the result of the basic June decline, but rather people are just not spending as much money as they used to and not as many people are visiting Las Vegas these days. Besides the gaming industry in Nevada the hotel industry is also taking a big hit.
In June the amount bet on slots was down 10.7% and table game revenues also were down by 12.7%. Streshley recently stated that the table game revenue for June, which was $1.8 billion wagered, was the lowest bet on table games since way back in November of 2003.
Gaming revenues went down in double digits in every area of Las Vegas with the exception being downtown Las Vegas, as they still had decreasing revenues but only to the tune of 5.6%. Downtown Las Vegas is cheaper to stay at then the Strip is and more people are going to less expensive hotels and casinos since they are watching their dollars more these days.
I have written about this before, but with the falling revenues in the gaming and hotel industry you can benefit from it. You can not only get cheaper hotel rooms, but you can also play at lower stakes tables, especially on the Strip, and you can get more comps, as casinos are hurting for customers. Now is the time to head to Sin City, as you can get a great deal on hotels and flights.
