Disappointing declines for Nevada in May

Nevada gaming revenues fall 4.7 percent in the gambling state's third consecutive monthly decline.

Nevada Gaming Control Board statistics for the month of May 2010 were released Wednesday, showing disappointing declines in revenue.

Land gaming revenues across the state were $847.2 million in May, compared with nearly $889.2 million in the comparable period in 2009.

Casinos operating on the Las Vegas Strip were hard hit, reporting a 6.4 percent drop to $450.2 million, mostly due to successful baccarat players making inroads into profits.

"Baccarat has been a big positive for Nevada, but not in May," said Frank Streshley, a spokesman for the Gaming Control Board, reporting that gamblers on The Strip bet $734.8 million on the game, an increase over the same period last year of 7.1 percent.

However, the hold on baccarat declined to 8.26 percent from the norm of 13.35 percent, hammering the casinos and leaving them with 37.1 percent less hold than last year..

During May, Nevada land casinos won $565 million from slot machines, down less than 1 percent from a year ago. Punters put $9.3 billion into the slots, down 7.5 percent.

The casinos in the gambling state won $269.9 million on table games, a reduction of 13.9 percent compared to last May, as gamblers wagered $2.5 billion, up 1.3 percent from the same period in 2009.

However, over the five months of this year for which statistics are available, Nevada gaming revenues have declined less than a percentage point overall.

Casino revenues in Clark County fell 4.4 percent, but two revenues on the Boulder Strip were up 5 percent while North Las Vegas casino revenues rose 8.8 percent.

Downtown casino revenues declined to $42.9 million from $43.2 million, a 0.7 percent drop and the lowest decline the market has seen since June 2008.

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