March land revenues in Nevada disappoint

The optimism generated by February 2010’s double digit growth in Nevada gambling revenues waned this week as the March numbers were released by the Nevada Gaming Control Board.
The report showed a decline in gambling revenues across the board, albeit by less than 1 percent, with Strip properties up 2.4 percent at $467.1 million, generated principally by high roller action. Without that action, state gaming revenues would have declined almost 3 percent, Board official and spokesman Frank Streshley said.
In the first quarter of 2010, revenues are up 3 percent statewide and 9.8 percent on the Strip, the official revealed, saying: “It’s a good start. We’re still off back to where we were a few years ago, but the year has started off nicely.”
Streshley, referred to general economics in the land industry when he commented: “People keep using the term ‘at the bottom.’ I think we’re going to be bouncing along the bottom for quite awhile.
“We don’t see any reasons for major declines or major increases compared to last year’s figures.”
Nevada casinos reported a decline of 0.66 percent to $912.2 million during March (March 2009: $918.2 million).
Clark County gaming revenues declined 0.89 percent in March, whilst Laughlin reported a 2.47 percent increase in March gaming revenues, expunging 27 consecutive months of falling revenues. North Las Vegas casinos saw an 11.75 percent gaming revenue decrease.
Sports wagering in the gambling state showed a bog improvement as sports books reported a record $264.1 million in basketball wagers, generating a $19.9 million win for casinos.
Nevada’s tax coffers saw a 6.85 percent boost to tax income during March, up at $79.9 million during the month (March 2009: $74.8 million).

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