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Las Vegas Nevada Casino's Revenue Still Going Down

The economic recession continues to weigh heavily on land gambling companies in Nevada, according to the latest official figures reported by Associated Press this week. Casinos in the gambling state suffered their 13th straight month of declines in January 2009, reporting $908.6 million for a 14.6 percent drop compared with January 2008, according to a state report released Tuesday.
Taxes based on the casino win, a major revenue source for the state, were down a staggering 42.3 percent compared with a year ago, the Gaming Control Board reported. So far this fiscal year, those revenues are down 20.3 percent.

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"We are seeing a continuation of the very severe downturn in our economy," Control Board analyst Frank Streshley said. "And we're comparing the January figures to a soft month a year ago. That means we're still not at the bottom. We're still in a declining trend and to try to look forward to when things will flatten out is very hard."
Streshley told Associated Press that the big drop in taxes stems in part from credit play during the Chinese New Year celebration at the end of January. Payment of the credit in February should mean improved tax collections in the Control Board's next report a month from now, he added.
The $908.6 million win in January was the amount left in casino coffers after gamblers wagered $12.3 billion during the month, including $9.6 billion in slot machine bets and the balance on table games. The betting total is down about 3 percent from a year ago.
The GCB report shows declines during January in most major markets in the state, including the Las Vegas Strip which was down 14.8 percent.
Elsewhere in southern Nevada, Laughlin was off 10.3 percent, downtown Las Vegas declined 22.7 percent, Mesquite was down 15.1 percent, the Boulder Strip was down 23 percent and North Las Vegas was down 11.2 percent.
In northern Nevada, clubs in Washoe County, which takes in Reno, were down 0.02 percent. While that drop was very slight, it was the 19th consecutive month of declines for the area.
Resorts on Lake Tahoe's south shore reported a 23.7 percent decrease in January compared with the same month a year earlier.
A statewide breakdown shows that slots were off 17.5 percent while table games were down 9.2 percent compared with January 2008.
Slots accounted for $579.2 million of the total win. That included $274.5 million won by multidenomination slots, down 10.1 percent. Penny slots were second with a win of $141.2 million, down 0.8 percent.
Live games, including poker, accounted for the balance of the January total. That included $96.2 million won on baccarat, up 17.2 percent; $94.1 million won on blackjack tables, down 11.6 percent; $34.9 million on craps, down 13.7 percent; and $22.1 million on roulette, down 33.6 percent.
Sports books won $7.9 million, down 58.5 percent. Poker games won $12.7 million, down 0.8 percent.
"Win" is a gross figure, with no operating costs or other expenses deducted. It represents casino revenue only, not hotel, restaurant or bar revenues.

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Gambling News :

Yggdrasil Gaming Expanding - The Swedish online gambling games developer Yggdrasil Gaming is to establish a new parent company and expand its Stockholm office as it bolsters its presence in Sweden with a raft of new hires.

FanDuel and DraftKings Settle With NY Attorney General - Speculation earlier this week that daily fantasy sports market leaders FanDuel and DraftKings were about to agree a settlement on consumer fraud suits prepared by the New York AG was confirmed Tuesday when a $12 million settlement was announced.

Stan james Now Live With EPOS - The company switched to the Optima server less system across its entire estate in July after previously using Optima EPOS technology. The switch was completed early this (October) month and has already delivered noteworthy savings for the company.

Singapore Online Gambling Ban Begins - Singapore media reports indicated Tuesday that restricted online gambling services offered by the Singapore Pools have started online operations, whilst Singapore Turf Club will commence online betting activity on November 15.

Chinese police action against Crown Resorts Widens - In addition to the 18 Crown employees still held after their arrest last week, it now appears that the police questioned 87 Crown punters and junket organizers, detaining 10 of the latter.

Pennsylvania Online Gambling Updates - Pro-online gambling companies, including the Golden Nugget in New Jersey and Pokerstars, were quick to refute Schippers views based on their operational experience.

WSOPE In Czech Republic - World Series of Poker Europe 2017 has moved to King’s Casino Rozvadov (KCR) in the Czech Republic following a multi-year deal that will see KCR host numerous WSOP-branded events over the next several years.

Medialivecasino in Deal With Microgame - #Medialivecasino live dealer games have already gone live with Microgame joining content from other well-known providers NetEnt and Evolution Gaming.

BtoBet Partners with AfroBet - Following the launch in Kenya, Afrobet said it has high hopes for further expansion into East Africa, Tanzania, Uganda and Congo.

Pissed off Tabcorp shareholders - A significant number of Tabcorp shareholders, led by The Australian Shareholders Association, reportedly objected to proposed hikes in executive pay packages and were unhappy with the company plans for a merger with rival gambling group Tatts.

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