Another Disappointment for Nevada

Another Disappointment for Nevada November stats gloomy

Another decline in Nevada stats lowered the hopes that the gambling state has surpassed the crisis – this time it was November 2010 stats on Nevada land gambling that noted a 5.9 percent decline, with casinos winning $822 million, or 5.9 percent less when compared with November 2009.

According to the announcement of the Nevada Gaming Control Board, in the same period the state collected almost $49.8 million in taxes from the casino gambling revenues, which is a 12.7 percent drop compared to the previous year.

November was also characterized by the fact that the $2.2 billion wagered on table games in November fell by $171.1 million, while the $8.5 billion won on slots dropped by $286 million compared to the same period in 2009. The same happened to baccarat figures which dropped by

$129 million (18.6 percent), to $567 million.

A Gaming Control Board analyst Mike Lawton noted: "The bottom line, it was a real tough comparison month, we knew that." He added that excluding baccarat, the statewide fall was 3.3 percent, or $25.9 million. Table hold -- the percentage won by casinos -- was 11.19 percent in November, down from 12.57 percent in 2009.

According to Mark Strawn, an analyst with Morgan Stanley, the report is "disappointing relative to recent investor expectations." In a note to investors, he projected revenues on the Las Vegas Strip would "...continue to tread along trough levels" but may show signs of seasonal improvements in early 2011.

Somewhat lesser drop has been noted in Las Vegas Strip resorts, which account for about half of statewide casino win revenues and are a key indicator on the health of the state's volatile tourism industry. Their winnings of $454.3 million represent a drop of 4.1 percent from November 2009..

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