Nevada gambling declined again in October

October 2014 numbers released by the Nevada Gaming Control Board Wednesday show a continuing decline compared with last year – the third consecutive month of slipping revenues.

Casino hold at $914 million was 4.3 percent short from the same time a year ago, prompting NGCB senior research analyst Mike Lawton to comment that revenues have been “flat to down” for some time. Over the ten molnths since the beginning of the year gambling in Nevada has been down a little less than one percent compared with the first 10 months in 2013, he said.

In October, gambling revenues of $787 million on the key Las Vegas Strip were down 6 percent year-over-year. One of the biggest contributors, baccarat, accounted for 16 percent of all gambling revenue last October in the state, but only 11 percent this year and was cited as the biggest cause of the downward slide, with amounts wagered falling 15 percent and win down two points to 10.2 percent on revenue of $97.3 million.

Baccarat has suffered, analysts suggest, due to a more cautious Chinese demographic concerned by the severe crackdown on corruption currently ongoing in China.

The decline was not limited to land gambling; the state’s three online poker sites earned $665,000 in October, down 47 percent compared with a year ago. One of the three, Ultimate Gaming’s Ultimate Poker, shut down this month (see previous report), leaving Nevada with two sites: Real Gaming and the World Series of Poker.

It was not all depressing news, however; sports betting – mainly on football – reached a record level in October at $380 million, although casino hold on those bets fell.

Nevada collected $67 million in taxes based on the October winnings, up 9 percent compared with the same time last year.