In figures released by the Nevada Gaming Control Board, casino “win,” or revenue, fell by 14.07% in April of 2009 in comparison to April of 2008. Revenues have now fallen for 16 straight months, last turning positive in December of 2007.
The economic environment on Wall Street may be improving, but casino gaming revenues in Nevada continue to slide. Statewide gaming win was $859 million in April, down from just over $1 billion in April of 2008. On the Las Vegas Strip, home of the upcoming Bellagio Cup as part of the eighth season of the World Poker Tour (WPT) and the ongoing 2009 World Series of Poker (WSOP) at the Rio, revenues were off 15.79% in April year over year to $441 million. In Downtown Las Vegas, the previous home of the WSOP, gambling win slid 14.03% to $45 million. North Las Vegas was one of only two areas that saw an increase in gambling revenues year over year in April, as win grew by 5.39% to $23 million.
Elsewhere in greater Clark County, which includes the city of Las Vegas, revenues in Laughlin dove by 17.76% to $43 million, down from $53 million last April. In Mesquite, revenues slid 16.34% to $10 million. Meanwhile, casino owners on the Boulder Strip rejoiced as the area posted a 2.32% increase in revenue in April to just over $76 million. Overall, Clark County chalked up revenues of $734 million in April, down 13.56% from the $849 million recorded in April of 2008.
In Washoe County, revenues fell by 16.04% to $65 million. The County’s gambling metropolis is Reno, whose casinos reported a 15.69% drop in revenue to just under $48 million. In Sparks, which also makes its home in Washoe County, gambling win skidded by 18.99% to $11 million, down from $13.5 million in April of 2008. Also hard hit was North Lake Tahoe, which experienced a 10.10% drop in revenue to $1.7 million. In South Lake Tahoe, revenues declined by 35.42% in April year over year, the largest percentage drop of any area recorded. In April of 2008, South Lake Tahoe posted $24 million in gambling win; two months ago, that number was just $15 million.
In Elko County, revenues slid by 10.60% to $21 million, down from $24 million in April of 2008. Casino win in Wendover plummeted by 11.28% to $13 million. In the Carson Valley Area, which includes Carson City, Gardnerville, Minden, and areas in Douglas County outside of South Lake Tahoe, revenues fell by a modest 5.38% in April year over year to $8 million.
The Nevada Gaming Control Board also released figures for the current fiscal year, which began on July 1st. Overall, revenues are off between 10% and 20% throughout most parts of the state. A notable exception is North Las Vegas, whose win is only down by 2.56% during the current fiscal year. In addition, Wendover’s win has decreased by a scant 5.82%. Statewide gaming revenue is off by 14.20% during the current fiscal year to $9.1 billion. On the Strip, revenues are off by 16.12% to $4.7 billion.
Based on gaming revenues in April, the State of Nevada collected fees in May of $51 million, off by 5.90% in comparison to May of 2008. Fee collections have fallen year over year in 10 out of the past 11 months, with the lone exception coming in March, when the amount taken in was 22.60% higher. During the 2009 calendar year to date, fee collections are down by 14.59%.
Revenues have now slid for 16 straight months, although the decline in revenues has slowed in recent reports:
April, 2009: (14.07%)
March, 2009: (11.61%)
February, 2009: (18.12%)
January, 2009: (14.62%)
December, 2008: (18.94%)
November, 2008: (14.80%)
October, 2008: (22.33%)
September, 2008: (5.44%)
August, 2008: (8.10%)
July, 2008: (12.97%)
June, 2008: (1.11%)
May, 2008: (15.17%)
April, 2008: (5.05%)
March, 2008: (1.52%)
February, 2008: (3.93%)
January, 2008: (4.75%)
Read the full Nevada Gaming Control Board report.
