Gaming revenue on the Las Vegas Strip falls to its lowest point in five years

According to the Nevada Gaming Control Board, the profit numbers at the Las Vegas Strip casinos fell to its lowest point in five years in November as most hotels and casinos reported a double-digit decline for second straight month. The state Gaming Control Board reported the gross win at the all Strip casinos was $437.6 million, which represents 16.2% less than the same period a year ago. This was the 11th straight month of lower gaming wins on the Strip and the lowest since November 2004.

Board Spokesman Frank Streshley compared this last November to a "soft" November in 2007, when the gross win fell 19.2%. Streshley said that they were expecting higher winnings for the Strip casinos due several sold-out Las Vegas events, including the “Dream Match” between Oscar De la Hoya and Manny Pacquiao as well as two Madonna concerts at the MGM Grand Hotel and Casino and other activities.

Streshley also expressed that this is the first time in several years in where every sector of the gaming market suffered a reverse in its gross win. All the games and slot machines on the Strip casinos, with the exception of sportsbetting, reported lower winnings compared to 2007. Winnings at all the 21 games on the Strip fell 18.1%; craps declined 22%; roulette fell 16.4%; baccarat dropped 29.2% and slots fell 15.8%. However, the casinos reported a 98.2 % growth on sports betting due to the heavy action on the current football season.

Downtown Las Vegas reported a win of $48 million, off 1.6%. Slot winnings fell 8.2% but table games were close to 20%. Casinos in North Las Vegas had gross win of $19.3 million, down 1.58 percent. Slot win dropped 6.7% but table games were up 34.7%, however, Streshley said the opening of the Aliante Stations hotel and casino in North Las Vegas increased the number of table games and that was the reason for the boost in that category.

Casinos in the balance of ClarkCounty had gross win of $89.4 million, down 18.6%, the second straight month reporting an 18% decline. Slot winnings went down 19.9% and table win was down 22.2%. Overall, the Nevada casinos won $836.7 million, 14.8% less than a year ago. For this fiscal year, the state of Nevada collected $330 million in gaming taxes, which represents a 15.3% reduction compared to 2007.

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