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Las Vegas casino revenues down yet again

With the latest disappointing land casino results in from Nevada, it's likely that operators in the gambling state will be hoping for a boost to revenues following this month's World Series of Poker currently running in Las Vegas.

The latest statistics show that statewide revenues endured a seventh straight month of double-digit declines, with April recording the sixteenth consecutive month that gaming revenues headed downhill compared to the previous year.

Statewide, gaming revenues reached $859.4 million during the month, compared with $1 billion in April 2008.

So far, for the first four months of 2009, casino revenues statewide are down 14.6%.

"We were disappointed with the number because we were comparing with a 5% decline a year ago," said Frank Streshley, chief of the Gaming Control Board's tax and license division, reporting the April figures on Friday.

On the Strip, gaming revenues were $441.3 million in April, a decline of 15.8%. Revenues are down on the Strip 16.6% for the (2009) year to date.

Customers gambled $2.2 billion in April on table games, which was an increase of less than 1% from a year ago. However, casino revenues from table games was $251.6 million, a decline of 20.5%. The hold percentage for tables games was 11.45% compared with 14.47% a year ago. Streshley estimated that if casinos held the same percent they did a year ago, gaming revenues would have been $66 million higher.

"Luck definitely played a factor and had a huge impact on gaming revenues," the official said.

Revenues from slot machines were $596.2 million, a decline of 11.2%. Gamblers wagered $9.7 billion on slot machines in April, a decrease of 7.9% from a year ago, while the hold percentage on slot machines was 6.17%, compared with 6.4% in April 2008.

Gaming taxes based on the April casino revenues fell 5.9% to $51.8 million, and gaming tax collections in the fiscal year are down 14.6%.

Source: InfoPowa News