Nevada gambling revenue down sharply, 18.2 percent on Las Vegas Strip

By Justine Espersen

The gambling revenue of Nevada plummeted abruptly in May by 10.1 percent to $885 million statewide and the Las Vegas Strip fell 18.2 percent to $475.1 million, Nevada Gaming Control Board (GCB) reported Thursday.

There was a large decline at both table games and slot machines despite May’s special events that attracted visitors for Chinese Labor Day and the Floyd Mayweather fight against Miguel Cotto.

“The state was definitely negatively impacted by poor performances in table games said Michael Lawton, senior research analyst for GCB. “Table games wins totaling $282.7 million was down 26.4 percent, or $101.6 million.”

With this news, shares for gambling companies dropped, especially with MGM Resorts, Las Vegas Sands and Wynn Resorts. All of these were down four percent.

“We really noticed some statistical anomalies with these table games, and that happens,” Lawton said. “The table games are a lot more volatile than the slot machines. And every once in a while, you will have months where this happens. It’s just unfortunate on a month when the comparison was difficult.”

The more local Nevada markets had a good month, including a 20.1 percent increase in Laughlin and a 9.2 percent gain on the Boulder Strip. Downtown Las Vegas experienced a 2.1 percent decrease.

Additionally, the Las Vegas Convention and Visitors Authority reported Thursday that visitor volume increased in May by 2.4 percent to 3.45 million visitors.

“The Las Vegas locals had a good month, up 6.59 percent, which is good.” Lawton said. “For the calendar year, the Las Vegas local markets are up 5.43 percent.”

One Response to "Nevada gambling revenue down sharply, 18.2 percent on Las Vegas Strip"

  1. rick   July 15, 2012 at 4:54 pm

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    Reply

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