On June 13th, 2008, a weak economy continue to affect the overall winnings of Nevada gaming facilities during the month of April as casinos won a total of $1 billion for a 5% drop compared with the same period last year. The drop was the 4th consecutive monthly slide. A thorough breakdown in the report of the Gaming Control Board shows a monthly decline for the Reno, Sparks and North Tahoe area.
Gaming Control Board analyst Frank Streshley commented that event hough people are still visiting the casinos in the area; they are not spending as much. The total win in April increased win for the fiscal year to $10.58 billion. That is 0.5% below the overall total for the same period last year. The Gaming Control Board report comes out after the initial reports shows a continuing decline in gaming sales by Nevada casinos and a higher unemployment rate all over the state.
Taxes impose on casino facilities and on total sales are the 2 biggest profit sources for the Nevada Government. The downturn in those profits has been a vital part of a study that the state will have a budget deficit that will likely exceed $1 billion by mid-2009. The report of the Gaming Control Board shows dropped in April for all important markets in Las Vegas. The Strip suffered a 1.3% drop and Laughlin slide down by 6.4%, while the downtown area in Las Vegas suffered a 6.8% decline.
North Las Vegas suffered a 22.4% decline, Mesquite suffered a 34.6% decline and the Boulder Strip suffered a 12.2% decline. In the northern area of Nevada particularly in Reno, clubs suffered a 12% decline while resort facilities in Elko County suffered a 3.9% drop. The profits of resorts located on Lake Tahoe improved by 12.7% because of blackjack players. The total win for the resorts improve the state’s tax earnings from clubs up to $707.9 million for this year. That is around $70 million or nine percent.
A total breakdown states that slot machines suffered an 8.9% drop in April while casino table games improved by 4.4% compared with the same period on 2007. Slot machines accounted for $671.6 of the overall win on April. That figure included the $298.9 million earned by multiple denomination slot machines, which suffered a 3.9% decline. Penny slot machines have a total win of $151.7 million or 10.3%.
Live casino games like poker, accounted for some of win on April. That includes the $123 million won on the game of blackjack, which improved by 12.3%; $35.7 million on craps, which suffered a 1.5% drop and $27.1 million on roulette, which suffered a drop of 1.4%. The overall win on baccarat, which accounted for a significant part of the overall win was $60 million, which suffered a drop of 0.6% and the win on the game of mini-baccarat is $8 million, which slide down by 22.4%.
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