Nevada revenues continue to stay low

Another decline reported for June

Nevada’s state Gaming Control Board has reported on gambling revenues in the state over the month of June 2010, showcasing another depressing decline in revenues of 6.6 percent.

The latest numbers push the overall decrease for this fiscal year so far to 4.3 percent, marking three consecutive years of revenues headed southwards – a new and unwanted record for the state.

Tax collections in June totaled almost $43 million, down 5.9 percent compared with the same period in 2009.

The Associated Press news agency points out that casino revenues make up about one-third of state general fund and are a key indicator of the gambling state’s recession-battered economy. It notes that Nevada has the highest rate of foreclosures and bankruptcies in the USA, along with the highest unemployment rate in the nation, hitting a record 14.2 percent in June.

The Gaming Board reports that for the July 2009 to June 2010 fiscal year, casinos revenues were $10.3 billion - down from almost $10.8 billion the previous year.

Casinos statewide won almost $764 million in June, down $54.4 million from the same month a year ago, when monthly winnings plunged nearly 14 percent from 2008.

"This amount represents the lowest win reported by the state since April 2003," Michael Lawton, a senior research analyst with the control board, told AP.

Compared with June 2007, when revenues peaked just before recession, casino revenues are down 20.4 percent, he said.

The latest numbers show table game winnings of $196.3 million - down 16.3 percent, while the slot wins of $552 million showed a decline of 2.7 percent. Baccarat players tended to beat the house in June, wagering 42.2 percent more at $521.8 million, but hammering the casinos down to a win of only $18.5 million – a decline of 61.2 percent.

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