Figures recently released by the Nevada Gaming Control Board reveal that gaming revenues (or “win” as it’s commonly referred to) fell 18.94% in December of 2008 in comparison to December of 2007. It marks the 12th straight month that gaming win has declined statewide.
Nevada gaming revenues totaled $887 million in December of 2008, down from $1.1 billion during December of 2007. For the current fiscal period (July 1st, 2008 to December 31st, 2008), revenues dropped by 13.95% in comparison to 2007. In Clark County, which includes the Las Vegas Strip, Downtown Las Vegas, Laughlin, and Mesquite, revenues sank by 18.41% in December year over year. During the fiscal year to date, “win” has declined by 14.55% in the county to $4.6 billion.
Las Vegas Strip casinos, which include poker-friendly establishments such as the Venetian and Bellagio, experienced a 23.15% drop in revenues during December of 2008 in comparison to December of 2007. During the fiscal year, Strip casino revenues have shrunk by 15.80% to $2.9 billion. The Venetian is in the midst of holding its quarterly Deep Stack Extravaganza poker tournament, which boasts a $2,500 buy-in Main Event next Monday, February 23rd. Revenues from Downtown Las Vegas, which includes casinos such as the Golden Nugget and Binion’s, fell 17.50% in December year over year to $41 million. Las Vegas Strip casinos, by comparison, earned $474 million over the same time period.
The hardest hit during December of 2008 was North Lake Tahoe, whose “win” dove by 30.44% to $2.6 million. Reno revenues dropped by 27.46% to close out 2008. South Lake Tahoe did not escape unscathed, either. The area’s revenues fell by 28.97% in December of 2008 in comparison to December of 2007. The smallest decline occurred on the Boulder Strip, where gaming revenues fell by just 9.16%. In December, much of Las Vegas was blanketed by wintry weather, causing one of the few “snow days” on record for area schools. The adverse weather conditions coincided with the running of the Doyle Brunson Five Diamond World Poker Classic, a World Poker Tour (WPT) event.
Fee collections by the State of Nevada also dropped in January. The fees, which are based on December’s revenue totals, were off by 22.66% year over year. In January, the State collected $35 million, down from $46 million. During the 2009 Fiscal Year to Date, fee collections have dropped by 16.16%. Statewide gaming win has fallen in each of the last 12 months, with December of 2007 marking the last time revenue increased year over year.
In other news released by the Gaming Control Board, a total of $81.5 million was wagered in Nevada casinos on Super Bowl XLIII, which pitted the NFC Champion Arizona Cardinals against the AFC Champion Pittsburgh Steelers, with the latter winning on a late touchdown by receiver Santonio Holmes. As a result, a sports book win of $6.6 million was recorded. The amount wagered is the fourth largest since 2000. Last year’s Super Bowl, which featured the undefeated New England Patriots take on the New York Giants, generated $92.1 million in bets. However, a gaming loss of $2.5 million was incurred due to its outcome. The largest dollar amount wagered, $94.5 million, took place during the 2006 Super Bowl, when Pittsburgh defeated Seattle to win its fifth NFL title. Nevada has 176 sports books.
The WPT will return to Las Vegas for its Championship event at the Bellagio in April. The $25,000 buy-in tournament begins on April 18th and will crown a winner one week later. Tournament stops in the interim include the Commerce Casino (February 21-26), Bay 101 (March 16-20), and Foxwoods (April 3-8).