Macau revenue surges, Las Vegas has dropped

While Macau is enjoying revenue surges, Nevada has reported that its gambling revenues have dropped 9.3% from the period August 2008 to August 2009, despite the fact that the casinos won over $847 Million from Players in August alone.

This decline is definitely attributed to the current recession which has prevented many persons, Nevada residents and tourists alike, from gambling. Frank Streshley, chief fiscal analyst with the control board, commented that tourists who do visit have cut their spending considerably and the locals, who are the major contributors to the success of the gambling industry in Nevada, are in financial straights due to the unemployment rate, which currently stands at 13.2% and the housing crisis.

The Las Vegas Strip accounts for nearly half of Nevada casino's gambling revenues and even this has fallen by $44.5 Million. In Washoe County, revenue dropped nearly 21% to $73.9 Million. Revenues in asinos along Lake Tahoe's south shore fell 29% to $21.9 Million. In Elko County, revenues fell by 15%; in Carson Valley by 17%; and 12% in Churchill County. The only two local markets that saw an increase in revenue of nearly 22% were North Las Vegas and Boulder Strip.

Despite the drop in overall revenue, there is one good thing that Nevada can look forward to and that is the fact that the revenue decline is in single digits (i.e. 9.3%) as of August as opposed to the previous years of being in the double digits.

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