Las Vegas Winnings Drop in the Month of May
July 19th, 2010 | Published in Casino News
Las Vegas continues fall victim to the repercussions of the economic recession with fewer visitors, all of whom are spending less money in the city. It was recently reported that overall winnings on the Las Vegas strip fell by 6.3 percent during the month of May. The biggest hits were taken on the Baccarat tables and at the sports books. This is the second straight month of decline.
Clark County May Results
Across the state, combined winnings by all casinos have fallen by 4.7 percent. Although better than May 2009 still not good for business. Gambling winnings dropped 0.7 percent at downtown Las Vegas casinos while falling 8.8 percent at North Las Vegas properties. On the other hand the Boulder strip saw a rise by 5 percent, but Mesquite casinos fell off by 5.8 percent. Overall the amount of winnings across Clark County fell by 5 percent which was 6th straight month of decline.
Other Nevada Counties
Washoe County claimed a 7.9 percent decrease in winnings, South Lake Tahoe 12.5 percent decline, Elko County was down 1.1 percent along with Carson Valley. It was a tough month for casinos throughout the state of Nevada.
The Strip Breakdown
The Las Vegas strip accounts for more than 50 percent of Nevada’s profits. In May Baccarat earnings fell nearly 37 percent which ended a period of 12 month increase in profits from the game. Ironically casino guests wagered more in Baccarat but the “hold” within the game dropped from 13.3 percent a year ago to 8.2 percent in May. This simply means the casinos didn’t have luck on their side.
Similarly the profits at sports books fell significantly by 42 percent as bettors won more at the beginning of the NBA Playoffs. On the other hand Blackjack profits improved by 2 percent along with a 21 percent increase in craps. This was only the second improvement in the past 10 months. Finally, slots went up by 3.5 percent while roulette fell 14 percent.
Overall the state of Nevada collected 3.69 percent less taxes than the previous fiscal year. Although these drops are a direct effect of the recession (and a little bad luck), as always the economy will rebound and so will the casinos. In the interim, it’s simply going to take a little innovative and creative though to lure guests back onto the casino floor.