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Nevada Gambling Revenue Down again
Posted 1/12/11 : Signs of a recovery fade once more
November 2010 statistics on Nevada land gambling have turned out to be disappointing, recording a 5.9 percent decline and reducing hopes that the worse may be over for the gambling state.
According to Associated Press reports, what was seen as a three-month rally of bigger winnings by Nevada casinos came to a halt in November, when casinos won $822 million, or 5.9 percent less when compared with November 2009.
The Nevada Gaming Control Board said the state collected almost $49.8 million in taxes based on casino gambling revenues for the month - down 12.7 percent from a year ago.
Analysis of the numbers shows the $2.2 billion wagered on table games in November fell by $171.1 million, while the $8.5 billion pumped into slots dropped by $286 million from the same month in 2009.
Even the baccarat numbers - traditionally a high roller game favoured by Asian punters - were down by $129 million or 18.6 percent at $567 million, the news agency reports.
Mike Lawton, a Gaming Control Board analyst 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.
Mark Strawn, an analyst with Morgan Stanley, called the report "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.
Resorts on the Las Vegas Strip reported winnings of $454.3 million, down 4.1 percent from November 2009. Strip resorts account for about half of statewide casino win revenues and are a key indicator on the health of the state's volatile tourism industry.
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Mybet Earnings Struggle -
The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".
Tom Horn Awarded Malta Gaming License -
Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.
Calvin Ayre invests in new Antigua Business Center -
Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.
Attack of the Zombies Slot -
Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.
Why is FullFlush Poker Still Down -
Its now almost a month since Full Flush Poker went offline "for a platform upgrade" and stopped communicating with its reportedly many unpaid and unhappy players. All trace of the operator - and means to communicate with it - have vanished.
Time Running Our For Pennsylvanian online gambling -
Hopes that this week would see the Pennsylvanian Senate voting on an online gambling and DFS legalization bill already passed by the House four months ago dwindled Wednesday when no progress was made and the legislatures season officially closed.
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.
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