For the first time since December 2007, Nevada casino “win” increased year over year. In November 2009, revenues grew 4.35%, snapping 22 consecutive months of falling win and perhaps signaling the start of a new streak.
All told, statewide revenue was $873.2 million in November 2009, an increase of 4.35% from the $836.8 million recorded in November 2008. For the fiscal year to date, which began in July and now runs through the end of November, revenues in the state of Nevada are $4.3 trillion, down 7.91% from the $4.7 trillion recorded one year prior. The figures, reported by the Nevada Gaming Control Board, are two months behind, meaning that November’s revenue figures are reported in January.
Casino owners in Clark County finally had something to cheer about. After watching revenues drop for 22 straight months, Clark County casinos hauled in $750.8 million in revenue in November, a bump of 6.86% from the $702.6 million recorded in the same period in 2008. On the famed Las Vegas Strip, which features poker-friendly casinos like the Wynn, Bellagio, and Caesars Palace, revenues were $473.8 million in November 2009, up a solid 8.26% from the $437.7 million recorded in November 2008. For the fiscal year to date, revenues on the Strip are $2.3 trillion, down 5.45% year over year.
In Downtown Las Vegas, which includes the home of GSN’s “High Stakes Poker” and NBC’s “Face the Ace,” the Golden Nugget, revenues in November totaled $47.4 million, down just 1.27% year over year. Over the fiscal year to date, Downtown casinos like Binion’s, the former home of the annual World Series of Poker (WSOP), have seen revenues drop 8.41% collectively to $214.4 million. Recently, Binion’s shuttered its 365-room hotel.
In North Las Vegas, casino win rocketed 20.72% year over year in November to $23.4 million. The area of the state was the only one to report a growth over the fiscal year to date, according to the Nevada Gaming Control Board, as its win of $112.4 million since July surpassed its $104.2 million recorded in 2008 by 7.83%. In Laughlin, whose casinos include the Flamingo and Harrah’s, revenues were $39.5 million in November 2009, down 5.58% year over year.
Also making its home in Clark County is the Boulder Strip, whose casino owners had the Star Spangled Banner going off in their heads, as World Poker Tour (WPT) Host Vince Van Patten would say. Boulder Strip revenues weighed in at $65.3 million in November, up 18.98% from the $54.9 million recorded in November 2008. In Mesquite, however, the news was not as gleeful. Revenues of $9.7 million in November represented a 15.53% drop from the same period in 2008. For the fiscal year to date, the Boulder Strip and Mesquite have seen their revenues fall by 3.55% and 16.59%, respectively.
In Washoe County, revenues of $65.3 million in November 2009 represented a 4.24% drop year over year. Its epicenter of gambling is the “Biggest Little City in the World,” Reno, whose revenues of $47.9 million meant a 4.02% slide year over year from the $49.9 million recorded in November 2008. For the fiscal year to date, Reno’s revenues have tumbled 14.77% to $251.6 million. In Sparks, revenues of $10.4 million in November 2009 were off 9.56% from the $11.5 million raked in one year before. The final reported area of Washoe County is North Lake Tahoe, whose revenues of $1.7 million in November were down 16.24% year over year.
South Lake Tahoe casinos took the largest hit of any area broken down by the Board. Its revenues of $15.9 million in November 2009 were down a whopping 26.67% year over year from the $21.7 million recorded in November 2008. For the fiscal year to date, South Lake Tahoe casinos are down 25.91%. In Elko County, whose main gambling center is Wendover, casinos saw their win slide 8.76% to $20.9 million two months ago. Finally, in the Carson Valley Area, which the Board defines as Carson City, Gardnerville, Minden, and all other areas of Douglas County except South Lake Tahoe, revenues were off 10.55% in November to $7.5 million.
The State of Nevada collected $57.0 million in fees from casinos in December 2009 based upon revenues in November. Accordingly, the number represented a sizable 28.31% increase, amounting to $12.6 million of real money.
Here’s a look at the dramatic 22-month slide in revenue year over year in Nevada:
November 2009: +4.35%
October 2009: (11.56%)
September 2009: (8.99%)
August 2009: (9.32%)
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%)
