May Nevada gaming revenues down 4.7% on last year

Nevada Gaming Control Board statistics for the month of May 2010 were released Wednesday, showing disappointing declines in revenue. Land gaming revenues across the state were $847.2 million in May, compared with nearly $889.2 million in the comparable period in 2009.

Casinos operating on the Las Vegas Strip were hard hit, reporting a 6.4% drop to $450.2 million, mostly due to successful baccarat players making inroads into profits.

"Baccarat has been a big positive for Nevada, but not in May," said Frank Streshley, a spokesman for the Gaming Control Board, reporting that gamblers on The Strip bet $734.8 million on the game, an increase over the same period last year of 7.1%.

However, the hold on baccarat declined to 8.26% from the norm of 13.35%, hammering the casinos and leaving them with 37.1% less hold than last year..

During May, Nevada land casinos won $565 million from slot machines, down less than 1% from a year ago. Punters put $9.3 billion into the slots, down 7.5%.

The casinos in the gambling state won $269.9 million on table games, a reduction of 13.9% compared to last May, as gamblers wagered $2.5 billion, up 1.3% from the same period in 2009.

However, over the five months of this year for which statistics are available, Nevada gaming revenues have declined less than a percentage point overall.

Casino revenues in Clark County fell 4.4%, but two revenues on the Boulder Strip were up 5% while North Las Vegas casino revenues rose 8.8%.

Downtown casino revenues declined to $42.9 million from $43.2 million, a 0.7% drop and the lowest decline the market has seen since June 2008.

Source: InfoPowa News