las vegas Casinos show 22nd month of lower revenues

12/10/09 – The Nevada Gaming Control Board has released October numbers that show new lowpoints in revenues staewide, which declined to $800.3 million – the lowest monthly record in almost six years, and an overall decline of 11.6 percent when compared with the same period in 2008.
The disappointing performance of the gambling industry, which accounts for about two-thirds of state tax revenues, is the 22nd consecutive month of decline.
On the Strip, gaming revenues were $426.3 million, a 10.3 percent decline compared with October last year.  All but two areas of Clark County reported double-digit gaming declines; the Boulder Strip was down 6.3 percent while North Las Vegas casinos were up 3.3 percent.
Tax collections based on the gaming revenues generated in October was $49.3 million, a decline of 12.7 percent. For the fiscal year that began July 1, 2009 total collections are about $50 million short of projections used to set the state budget this year.