Losing momentum after three months of incremental gains, Nevada announced that gaming revenue had dropped in the state for August down 6.1% to $887 million. That represents a $57.9 million decrease from the same month last year across all properties and led to state gaming tax collected falling to $47.2 million from $61.8 million in August 2010.
Typically, the Las Vegas Strip generates around half of Nevada’s gaming revenue but this time saw a larger than expected 8.7% drop in revenue. The Strip generated revenue of $496.9 million despite having a 2.8% increase in visitors to 3.29 million in August.
Some analysts assert that the comparisons are unfair because last August saw a record high Baccarat win that increased 37% to $165 million which if removed from results would actually have seen Las Vegas Strip results up 4.7% in August.
Whether this is trying to see the silver lining, or a justified stand that Las Vegas is still in the positive, if albeit small, recovery mode only time will tell.
Typically, the Las Vegas Strip generates around half of Nevada’s gaming revenue but this time saw a larger than expected 8.7% drop in revenue. The Strip generated revenue of $496.9 million despite having a 2.8% increase in visitors to 3.29 million in August.
Some analysts assert that the comparisons are unfair because last August saw a record high Baccarat win that increased 37% to $165 million which if removed from results would actually have seen Las Vegas Strip results up 4.7% in August.
Whether this is trying to see the silver lining, or a justified stand that Las Vegas is still in the positive, if albeit small, recovery mode only time will tell.
