Nevada Gaming Revenues Fall 12.48% in July

While the economy may be picking up steam worldwide, news from Las Vegas revealed that Nevada casino gambling revenues were down 12.48% in July year over year. Statewide, the Nevada Gaming Control Board reported revenues, or “win,” of $872 million.

In July of 2008, casinos reported a win of $997 million. In Clark County, which includes Las Vegas, revenues two months ago were $729 million, off 10.92% year over year from the $819 million recorded in 2008. On the Las Vegas Strip, where poker-friendly resorts like the Bellagio and Venetian can be found, revenues came in at $461 million in July, a drop of 11.14% compared to the same period last year. July saw an influx of visitors to the Rio and other Harrah’s resorts for the 2009 World Series of Poker (WSOP), which kicked off its Main Event on the 3rd of the month.

In Downtown Las Vegas, which includes the Golden Nugget, the setting for the first and fifth seasons of “High Stakes Poker,” and the L.A. Comedy Club at the Four Queens, which was featured in the most recent installment of G4’s “2 Months, $2 Million,” revenues came in at $39.8 million in July. That figure represented a dive of 11.54% in comparison to the same period in 2008. Besides the Golden Nugget and Four Queens, other Downtown Las Vegas casinos include former WSOP home Binion’s, the Las Vegas Club, Main Street Station, and Fitzgerald’s.

In North Las Vegas, revenues rose in July year over year by 7.41%. The area recorded a win of $23.6 million during the month, a growth from the $22.0 million in July of 2008. North Las Vegas was the only area to report an increase in revenue in 2009. In Laughlin, which is also located in Clark County, revenues fell 18.57% to $39.3 million, down nearly 20% from the $48.2 million recorded in 2008. Also hurting were the Boulder Strip and Mesquite, which reported declines in revenue of 6.80% and 19.50%, respectively. The Boulder Strip includes establishments like Green Valley Ranch and Sam’s Town, while CasaBlanca and the Eureka Casino call Mesquite home.

In Washoe County, gambling revenues were off 19.52% in July year over year. The entire country generated $71.2 million in win, down from the $88.5 million recorded last year. In Reno, the gambling Mecca of the county, revenues were $50.7 million, down a blistering 21.06% from the same period in 2008, when casino win was $64.2 million. In Sparks, win was $11.5 million, down 15.55% from the $13.6 million recorded in July of 2008. Also down significantly in Washoe County was North Lake Tahoe, whose win of $3.7 million in July was 23.18% less than the $4.8 million registered last year.

South Lake Tahoe reported the largest dip in revenue of any area in Nevada during July. Revenues of $27.3 million represented a 33.17% drop year over year from the $40.8 million reported in 2008. In Elko County, revenues were $22.2 million, a slide of 8.54% from the $24.2 million reported last year. In Wendover, which is in the county, revenues of $14.1 million in July represented an 11.18% drop year over year. Finally, in the Carson Valley area, which includes Carson City, Gardnerville, Minden, and areas of Douglas County except South Lake Tahoe, revenues were off 7.17% year over year to $9.3 million.

The State of Nevada collected fees of $57.3 million in August based on July’s revenues. The figure represented a scant 1.64% decrease year over year. Overall, gambling revenues in Nevada have declined year over year for 19 straight months, with the last increase reported in December of 2007:

July, 2009: (12.48%)
June, 2009: (13.82%)
May, 2009: (8.34%)
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%)