Nevada Gaming Revenues Fall 18% in February
The Nevada Gaming Control Board continued its onslaught of sub-par performance results for the state’s casinos this month. In recent figures released, it announced that statewide casino “win,” or revenue, dove by 18% in February year over year.
The Gaming Control Board revealed that casino win during February was $830 million, a drop of 18.12% in 2009 in comparison to 2008, when revenues were over $1 billion for the month. For the current fiscal year, which began back on July 1st, revenues are off by 14.53%. The Las Vegas Strip was one of the hardest hit areas. During the 2009 World Series of Poker (WSOP), poker players heading to Sin City for the popular event will see drastically reduced room rates in part due to revenues in February being off by 23.45% year over year. In contrast, Downtown Las Vegas, whose casinos include the home of “High Stakes Poker,” the Golden Nugget, revenues were only down by 11.42% year over year.
North Las Vegas saw its win drop by 21.91%, while gambling establishments in Laughlin were down by 19.15%. In what can be seen as positive news, two areas of Clark County, which includes Las Vegas, experienced an increase in revenue in February of 2009 in comparison to February of 2008. The Boulder Strip’s win rose by 0.07%, while in Mesquite, business was up by 0.68%. Overall, Clark County casino gaming revenue fell by 17.94%.
In Washoe County, revenues plummeted by 23.14% year over year. In Reno, its flagship gambling Mecca, revenues were $42 million in February, a drop of 26.00%. In Sparks, casino win was off by 17.00% from last February’s tally of $13 million. In North Lake Tahoe, the news was equally as grim. Revenues fell by 23.88%, the third largest drop reported by any area of the state. South Lake Tahoe saw its revenues fall by the largest percentage reported, 26.82, to land at just over $16 million for the month.
Wendover and other areas of Elko County escaped the month relatively unscathed. Countywide revenues dropped by just 5.85% to $23.6 million. Wendover’s casino win fell by just 4.56%. In the Carson Valley area, revenue was $7.8 million in February of 2009, a slide of 17.08% over February of 2008. For the fiscal year to date, however, the news is not as bleak. Carson Valley revenues are off by a slim 9.14%. Those figures represent totals compiled from places such as Carson City, Gardnerville, Minden, and areas of Douglas County that are not located in South Lake Tahoe.
Fee collections for the month of March were also reported. The State of Nevada collected $65 million in fees, which is based on taxable revenue in February. The figure represented an increase of 22.60%, meaning even in an overall down month, revenues to the State increased significantly. The fee collections increased for the first time since July of 2008, when the amount collected based on June’s revenues was up 9.90%. Last month, fee collections were down a colossal 42.27%. During the fiscal year to date, fee revenues are off by a total of 16.28%.
The drop of 18.12% in February represented the 14th straight month in which revenues have fallen statewide. The last month that the Nevada Gaming Control Board reported an increase in revenue year over year was in December of 2007. Here is a month-by-month look at the decrease in revenues since then:
February of 2009: (18.12%)
January of 2009: (14.62%)
December of 2008: (18.94%)
November of 2008: (14.80%)
October of 2008: (22.33%)
September of 2008: (5.44%)
August of 2008: (8.10%)
July of 2008: (12.97%)
June of 2008: (1.11%)
May of 2008: (15.17%)
April of 2008: (5.05%)
March of 2008: (1.52%)
February of 2008: (3.93%)
January of 2008: (4.75%)
Read the full February casino gambling report by the Nevada Gaming Control Board.
Related Poker News:
- Nevada Gaming Revenue Falls 8% in May
- Nevada Gaming Revenues Fall for 20th Straight Month
- Nevada Gaming Revenues Fall for 13th Straight Month
- Nevada Gaming Revenues Down 11% in March
- Nevada Gaming Revenues Flat in January at $877 Million
- Nevada Gaming Revenues Fall 12.48% in July
- Flush times for poker fading
- Nevada Gaming Revenues Increase for the First Time in Two Years
- Nevada Casino Gambling Revenues Slip 0.66% in March
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- Nevada Gaming Revenues Drop 3.24% in December
- Nevada to Take Applications in February for Internet Poker Licenses
Poker dictionary:
- UNDERDOG - Before all the cards are dealt, a hand that does not figure to be the winner. Ant: FAVORITE.
- ROLLED UP - In seven-card stud, being dealt three of a kind in the first three cards.
- POSSIBLE [STRAIGHT/FLUSH] - Up cards that quite possibly could lead to a straight and/or a flush.
- BET FOR VALUE - Betting a hand that, in the long run, is expected to win more than it loses. Antonym: BLUFF.
- HOYLE - Edmund Hoyle (1769-?) was the authoritative source for rules of card games. Hoyle is to card rules as Webster is to word definitions.
- OUT - [1] A card that will improve your hand, often substantially. A hand with many OUTS is preferable to a hand with only 1 or 2. [2] Folded, ineligible to bet or win this hand. "I'm out" is often a synonym for "I fold".
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