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Las Vegas Revenues Down For August 2012
10/12/2012 : NEVADA AUGUST GAMBLING REVENUE DOWN
Attributed to soft summer spend trends
August gambling revenue figures released by the Nevada Gaming Control Board report an overall drop of just over 3 percent to $859.2 Million.
The Northern Washoe County of Nevada faired better than its Southern counterparts delivering a 5 percent increase to $68 million.
The Southern Nevada region, however, was in the negative with revenue from the Las Vegas Strip falling 1.2 percent to $490.9 million, downtown Las Vegas revenues of $36 million - down 8.4 percent and a 17.7 percent drop in revenues from Boulder Strip.
Tax collection by the State of Nevada for August is up 5.2 percent to almost $50 million.
Analyst Joe Greff of JP Morgan said: "We believe these results are consistent with investor expectations of relatively soft summer spend trends on the Strip as evidenced by our weekly room rate survey. At the end of the day, we believe these results point to a continued uneven recovery on the Las Vegas Strip, which represents no change from prior and more recent views."
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