Gaming Revenue in Nevada Fails to Increase

15:19
05 Jan

The state reported that Nevada gaming revenue declined for the third consecutive month in October with more than 35% drop in baccarat totals and amount of the people traveling to Las Vegas has gone down.

On the Strip, the gaming revenue fell 5.6 percent to $520 million, but the revenue from the slot machines increased 7 percent during October to $260.6 million. Gaming analyst Joe Greff said that after January and February Strip revenue was down more than 12% and Greff’s message to investors is that he believes in a recovery of the Las Vegas Strip in 2015. Baccarat revenue that hada huge impact on the Strip’s results past few years declined to $128m during November and Strip’s revenue from all table games fell 8% to $278m.

Much of the Strip’s decline was attributed to poor baccarat results. Revenue from the game was $97.3 million, a decline of 35.5 percent compared with the same month a year ago. The amount wagered on the game fell almost 15 percent, the second straight month of double-digit percentage declines in baccarat volume. www.reviewjournal.com;
Stifel Nicolaus, Capital Markets gaming analyst Steven Wieczynski said that in November 2013 baccarat revenue went up 91% - Strip casinos weren't hurt by the reduced baccarat play because Chinese government was fighting the corruption.
All things considered, we view the November results in a positive light. We believe the baccarat results confirm recent headwinds in the Macau market have not proportionately spilled over into Vegas. Steven Wieczynski, www.reviewjournal.com;
Online poker revenue in Nevada was $641,000 in November and it will probably be the last time Nevada is reporting monthly online poker results as only two sites remain after the Ultimate Poker stopped with operations in mid-November.
Casinos downtown have better results; they grew revenue 12.7% in November and North Las Vegas casinos recorded the largest monthly increase with gaming revenue up 37.6%. Strip was the only one that recorded a decline in the area of Clark County during November. Macquarie Securities gaming analyst Chad Beynon said the results brought good news for Boyd Gaming Corp., which operates the Coast Casinos brands, Sam’s Town and three downtown resorts.
We view any recovery in the Las Vegas market as a bonus, given the flat growth nature during the past three years.November locals and downtown data was relatively positive, in our view. Chad Beynon, www.reviewjournal.com;
Gamning Control Board announced that the casinos in the state had revenues of $876m in November and the Strip casinos are hoping for a better future in 2015.
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Ines Slatinac
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Joined PokerTube December 2014
Ines is a Journalism student with many interests, poker being one of these. Her passion to learn and develop her horizons make her a valuable contributor to the site's content.Read more
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