Nevada's state Gaming Control Board has reported on gambling revenues in the state over the month of June 2010, showcasing another depressing decline in revenues of 6.6%. The latest numbers push the overall decrease for this fiscal year so far to 4.3%, marking three consecutive years of revenues headed southwards - a new and unwanted record for the state.
Tax collections in June totaled almost $43 million, down 5.9% compared with the same period in 2009.
The Associated Press news agency points out that casino revenues make up about one-third of state general fund and are a key indicator of the gambling state's recession-battered economy. It notes that Nevada has the highest rate of foreclosures and bankruptcies in the USA, along with the highest unemployment rate in the nation, hitting a record 14.2% in June.
The Gaming Board reports that for the July 2009 to June 2010 fiscal year, casinos revenues were $10.3 billion - down from almost $10.8 billion the previous year.
Casinos statewide won almost $764 million in June, down $54.4 million from the same month a year ago, when monthly winnings plunged nearly 14% from 2008.
"This amount represents the lowest win reported by the state since April 2003," Michael Lawton, a senior research analyst with the control board, told AP.
Compared with June 2007, when revenues peaked just before recession, casino revenues are down 20.4%, he said.
The latest numbers show table game winnings of $196.3 million - down 16.3%, while the slot wins of $552 million showed a decline of 2.7%. Baccarat players tended to beat the house in June, wagering 42.2% more at $521.8 million, but hammering the casinos down to a win of only $18.5 million - a decline of 61.2%.
Source: InfoPowa News