NEVADA REVENUES DECLINE IN MAY
12th July, 2012 at 14:10:44
Statewide revenues fell 10 percent
Just as hopes were rising that Nevada had begun to shake off the recession, the Nevada Gaming Control Board reported Thursday that May revenues dipped sharply by 10% year-on-year to $885.1 million across the state.
The Las Vegas Strip, which accounts for more than half the total, was hit especially badly, plummeting 18% to $475 million, and downtown Las Vegas slipped 2% to $45 million.
The regulator reported that volumes at both table games and slot machines declined.
The bright spot was Laughlin which had a better month, gaining 20% over the month, and the worst hit was South Lake Tahoe, where casino winnings dived nearly 27 percent.
The state government consequently harvested lower tax revenue, down to $52 million or a 24% drop from the last year.
The declines represent an inexplicable switch from a positive trend upward in April and preceding months, where the indications were that business was starting to improve.
In related news the New Jersey Division of Gaming Enforcement revealed that Atlantic City's casino businesses had reported a 0.6% decline in revenues to $274.7 million June, continuing the many months of steady decline for the gambling centre.
Related News Tags: Las Vegas, Atlantic City, New Jersey