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The latest statistics from the Nevada Gaming Control Board have at last shown some signs of the land industry recovering from a tough recession, with winnings up for the first time in a long 23 months.
According to an Associated Press report, Nevada casinos' gambling revenue in November 2009 rose for the first time in nearly two years, as casinos won nearly $873.2 million from bettors. The statistics were published by state regulators on Tuesday.
The 4% rise in revenue from November 2008 was the first year-over-year increase after 22 months of declines, the Nevada Gaming Control Board said in its report.
Revenues this fiscal year, from July '09 through November '09, were down 7.9% from a year earlier.
State revenues collected in December based on the winnings topped $57 million, up 28.3% from $44.4 million in December 2008. Taxes paid on casino winnings account for about 30% of the state general fund.
The control board said the state collected $313.2 million in the first six months of the fiscal year, down 5.1% compared with July-December 2008.
More than half of the November 2009 revenues came from the Las Vegas Strip, where casinos won $473.8 million, up 8.3% compared with November 2008. The Strip is down 5.5% for the fiscal year through November, gambling regulators said.
Analysts told Associated Press that the improvement came against a relatively easy comparison, as Strip casinos won 15.8% less in November 2008 than in November 2007.
High-end casinos were helped by greater volumes of baccarat play, said one analyst: "The strong baccarat numbers benefit properties such as Wynn, Venetian, Bellagio, along with to a lesser extent some of the other (MGM Mirage) properties like the MGM Grand and Mirage," he said.
November's results also benefited from the November 14 Manny Pacquiao-Miguel Cotto boxing match at the MGM Grand.
Revenue at Downtown Las Vegas casinos was down 1.3%, while North Las Vegas and the Boulder Strip saw double-digit increases.
Clark County, which includes Las Vegas and is Nevada's largest county, was the only county in the state with a year-over-year increase in monthly revenue.
In Northern Nevada, revenues in Washoe County were down 4.2%, while revenues slid more sharply in South Lake Tahoe, Elko County and Carson Valley.
Source: InfoPowa News