According to the Nevada Gaming Control Board, which released its January “win” figures this week, statewide revenue slipped 14.62% in January of 2009 in comparison to January of 2008. It marks the 13th straight month of declining revenues, with December of 2007 representing the last time gaming win grew year over year.
Statewide gaming revenues, or “win” as the financial figure is referred to by the Nevada Gaming Control Board, were $908 million in January. During the fiscal year to date, which began on July 1st, gaming revenues are off 14.05%. In Clark County, which includes Las Vegas, Boulder, and Laughlin, the total take was $777 million in January, down 16.27% year over year from $928 million. On the Strip, which includes such poker-friendly casinos as the Bellagio, Venetian, Wynn, and Caesars Palace, revenues in the opening month of 2009 were $510 million, down 14.77% from January of 2008, when they were $598 million.
In Downtown Las Vegas, poker players can find the filming location of “High Stakes Poker” Season 5, the Golden Nugget, as well as the original home of the World Series of Poker, Binion’s. Tourists come in droves to watch the Fremont Street Experience. In January, Downtown Las Vegas’ gaming win sunk by 22.68% year over year to $39.0 million, among the largest drops reported. North Las Vegas’ casino revenue fell by about half of that percentage in January of 2009 in comparison to January of 2008.
Laughlin experienced a 10.31% slump in gaming revenue year over year, as area casinos posted a win of $46.0 million in January. The Boulder Strip was also hit hard, as win plummeted by 22.96%, the second largest decline reported by the Nevada Gaming Control Board. Boulder Strip revenues were $57.4 million in January, off from $74.5 million in January of 2008. For the fiscal year to date, however, its revenues are down just 14.93%. Rounding out Clark County gaming areas is Mesquite, where revenues at casinos such as Eureka and Casa Blanca sank 15.14% year over year to $11.1 million.
The only positive gaming news that came out of Nevada was in “The Biggest Little City in the World.” Reno‘s revenues actually rose in January of 2009 in comparison to January of 2008, albeit by just 0.39%, to $47.8 million. Over the fiscal year to date, revenues in Reno are off by 10.15%. The gaming industry in Sparks was down by just 0.31% in January to $11.3 million. In North Lake Tahoe, revenues sank 11.34%, as its casinos reported a gaming win of $2.2 million in January.
South Lake Tahoe was hit the hardest of any area reported by the Nevada Gaming Control Board. Its revenues fell by 23.74% year over year to $20.3 million. During the fiscal year to date, revenues have dropped by 10.86% to $176 million. In the Carson Valley area, which includes parts of Douglas County outside of South Lake Tahoe, revenues were $9.2 million in January, up 3.33% from $8.9 million last year. The area has comparatively weathered the economic storm fairly well, as its win is only down 8.07% for the fiscal year.
The State of Nevada collects fees each month based on taxable gaming revenues. In February, the State reported fees of $47.0 million, down a whopping 42.31% year over year. Numerically, fee collections dropped by $34.5 million. To put the drop in perspective, January collections were down by 22.66%. However, February’s statewide fees were still the largest reported since November (which was collected based on October’s gaming revenues).
Here is a look at the decline in statewide gaming revenues in Nevada over the past 13 months since the beginning of 2008. These figures represent percent decreases year over year:
January, 2009: (14.62%)
December, 2008: (18.94%)
November, 2008: (14.80%)
October, 2008: (22.33%)
September, 2008: (5.44%)
August, 2008: (8.10%)
July, 2008: (12.97%)
June, 2008: (1.11%)
May, 2008: (15.17%)
April, 2008: (5.05%)
March, 2008: (1.52%)
February, 2008: (3.93%)
January, 2008: (4.75%)
