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Las Vegas Casino Revenue Finally Going Up

1/13/10 - The latest statistics from the Nevada Gaming Control Board have at last shown some signs of the land industry recovering from a tough recession, with winnings up for the first time in a long 23 months.
 
According to an Associated Press report, Nevada casinos' gambling revenue in November 2009 rose for the first time in nearly two years, as casinos won nearly $873.2 million from bettors. The statistics were published by state regulators on Tuesday. 

Aladdins Gold Online Casino - All USA Players WelcomeThe 4 percent rise in revenue from November 2008 was the first year-over-year increase after 22 months of declines, the Nevada Gaming Control Board said in its report.
 
Revenues this fiscal year, from July '09 through November '09, were down 7.9 percent from a year earlier.
 
State revenues collected in December based on the winnings topped $57 million, up 28.3 percent from $44.4 million in December 2008. Taxes paid on casino winnings account for about 30 percent of the state general fund.
 
The control board said the state collected $313.2 million in the first six months of the fiscal year, down 5.1 percent compared with July-December 2008.
 
More than half of the November 2009 revenues came from the Las Vegas Strip, where casinos won $473.8 million, up 8.3 percent compared with November 2008. The Strip is down 5.5 percent for the fiscal year through November, gambling regulators said.
 
Analysts told Associated Press that the improvement came against a relatively easy comparison, as Strip casinos won 15.8 percent less in November 2008 than in November 2007.
 
High-end casinos were helped by greater volumes of baccarat play, said one analyst: "The strong baccarat numbers benefit properties such as Wynn, Venetian, Bellagio, along with to a lesser extent some of the other (MGM Mirage) properties like the MGM Grand and Mirage," he said.
 
November's results also benefited from the November 14 Manny Pacquiao-Miguel Cotto boxing match at the MGM Grand.
 
Revenue at Downtown Las Vegas casinos was down 1.3 percent, while North Las Vegas and the Boulder Strip saw double-digit increases.
 
Clark County, which includes Las Vegas and is Nevada's largest county, was the only county in the state with a year-over-year increase in monthly revenue.
 
In Northern Nevada, revenues in Washoe County were down 4.2 percent, while revenues slid more sharply in South Lake Tahoe, Elko County and Carson Valley.

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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