CASINO

Nevada suffers worst month yet

TAGs: Las Vegas, Nevada

las vegas 1Nevada saw doom-and-gloom envelope it today as the state’s gambling industry slumped to a crushing double-digit decline in November. The state’s Gaming Control Board released the figures this morning with casinos collecting $783million – down 11 percent on the same period last year. The Las Vegas strip was even harder hit with revenue down 13 percent to $431.9m with the state taking home a lower than expected $46million in taxes from all the state’s casinos. The drop comes after two months of exemplary figures from the state’s gambling industry as it outperformed most analysts’ expectations.

Elsewhere in the state there were drops in all counties with South Lake Tahoe the only one to record an increase as revenue shot up 26.6 percent to $17.7million. At Vegas casinos there was a drop of 10.2 percent in slot machine revenues with blackjack and craps down 23.3 percent and 22.9 percent respectively. Baccarat win decreased by 25.1 percent with the one bright spark being roulette, which increased by 11.6 percent.

Sportsbooks didn’t fare any better in the same month as they lost $8.17million with $5.29m of it lost on football. According to SportingNews writer David Purdum it’s only the seventh time since 2003 they’ve suffered a loss during the football season. The month included sports book’s very-own version of the apolcalypse and four-housemen combined when one NFL Sunday – Nov. 4 – ended up costing them somewhere between $6m and $8m. It’s all been peaks and troughs though as just a matter of months ago in September they generated their most profitable month since records began.

All things said and done it was Nevada’s worst month in 2012 to date and with only one left to be reported, they could do with a New Year’s present in the shape of an increase when December’s comes out next month.

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