Nevada: March land casino revenues disappoint

The optimism generated by February 2010's double digit growth in Nevada gambling revenues waned this week as the March numbers were released by the Nevada Gaming Control Board.

The report showed a decline in gambling revenues across the board, albeit by less than 1%, with Strip properties up 2.4% at $467.1 million, generated principally by high roller action. Without that action, state gaming revenues would have declined almost 3%, Board official and spokesman Frank Streshley said.

In the first quarter of 2010, revenues are up 3% statewide and 9.8% on the Strip, the official revealed, saying: "It's a good start. We're still off back to where we were a few years ago, but the year has started off nicely."

Streshley, referred to general economics in the land industry when he commented: "People keep using the term 'at the bottom.' I think we're going to be bouncing along the bottom for quite awhile.

"We don't see any reasons for major declines or major increases compared to last year's figures."

Nevada casinos reported a decline of 0.66% to $912.2 million during March (March 2009: $918.2 million).

Clark County gaming revenues declined 0.89% in March, whilst Laughlin reported a 2.47% increase in March gaming revenues, expunging 27 consecutive months of falling revenues. North Las Vegas casinos saw an 11.75% gaming revenue decrease.

Sports wagering in the gambling state showed a big improvement as sports books reported a record $264.1 million in basketball wagers, generating a $19.9 million win for casinos.

Nevada's tax coffers saw a 6.85% boost to tax income during March, up at $79.9 million during the month (March 2009: $74.8 million).

Source: InfoPowa News