Nevada gaming revenue down more than 8 percent in June
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Nevada gaming revenue down more than 8 percent in June Dragged down by a particularly unfavorable month on the Strip, the Nevada casino industry suffered a steep decline in statewide gaming revenue in June. The Gaming Control Board said today that state casinos won $830.9 million last month, down 8.37 percent from June 2014. For the fiscal year that ended June 30, gaming revenue decreased 1.6 percent year over year. Statewide, baccarat revenue fell 56 percent from 2014 to $58.5 million, while slot revenue declined a modest 1.04 percent to $556.1 million. On the Strip, where the bulk of Nevada's gaming revenue is generated, casinos won $445.5 million in June, down 16.31 percent from the same month a year earlier. Last June, gaming revenue rose by more than 14 percent statewide and 22 percent on the Strip. At the time, baccarat revenue hit an all-time high for the month of June. The baccarat market is dramatically different this year. Michael Lawton, senior research analyst for the gaming board, said this June's poor baccarat performance is likely a spillover from the Chinese government's crackdown on corruption. The anti- corruption campaign has rocked the Macau gaming industry and made Strip baccarat customers -- particularly those from China -- more cautious, Lawton said. "The baccarat business has changed since last year at this time," Lawton said. "This June is a completely different world." The rest of Clark County performed far better than the Strip in comparison to last year. In downtown Las Vegas, gaming revenue rose 2.25 percent from 2014 to $42.1 million. Additionally, Laughlin, the Boulder Strip and Mesquite reported increases of 5.48 percent, 6.28 percent and 3.89 percent, respectively. In North Las Vegas, however, gaming revenue declined by 0.12 percent year over year. And Clark County's total was down 10.21 percent.
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Transcript of Nevada gaming revenue down more than 8 percent in June
Nevada gaming revenue down more than 8 percent in June
Dragged down by a particularly unfavorable month on the Strip, the Nevada casino industry suffereda steep decline in statewide gaming revenue in June.
The Gaming Control Board said today that state casinos won $830.9 million last month, down 8.37percent from June 2014. For the fiscal year that ended June 30, gaming revenue decreased 1.6percent year over year.
Statewide, baccarat revenue fell 56 percent from 2014 to $58.5 million, while slot revenue declineda modest 1.04 percent to $556.1 million.
On the Strip, where the bulk of Nevada's gaming revenue is generated, casinos won $445.5 millionin June, down 16.31 percent from the same month a year earlier.
Last June, gaming revenue rose by more than 14 percent statewide and 22 percent on the Strip. Atthe time, baccarat revenue hit an all-time high for the month of June.
The baccarat market is dramatically different this year.
Michael Lawton, senior research analyst for the gaming board, said this June's poor baccaratperformance is likely a spillover from the Chinese government's crackdown on corruption. The anti-corruption campaign has rocked the Macau gaming industry and made Strip baccarat customers --particularly those from China -- more cautious, Lawton said.
"The baccarat business has changed since last year at this time," Lawton said. "This June is acompletely different world."
The rest of Clark County performed far better than the Strip in comparison to last year. In downtownLas Vegas, gaming revenue rose 2.25 percent from 2014 to $42.1 million. Additionally, Laughlin, theBoulder Strip and Mesquite reported increases of 5.48 percent, 6.28 percent and 3.89 percent,respectively.
In North Las Vegas, however, gaming revenue declined by 0.12 percent year over year. And ClarkCounty's total was down 10.21 percent.
Washoe County's month compared more favorably to June of last year. Gaming revenue theredropped just 0.72 percent countywide to $63.4 million. Reno's gaming revenue of $46.7 millionmarked a decline of 2.02 percent compared to 2014.
The state collected $48.7 million in taxes on June's revenue, up 8.08 percent from last year.
http://vegasinc.com/business/gaming/2015/jul/28/nevada-gaming-revenue-down-more-8-percent-june/
