Nevada Casino Revenues Drop by 3.2% for January 2010

The casino revenue results for the month of January 2010 were released on March 11th, 2010 by the Nevada Gaming Control Board and once again casino revenues dropped. However, the casino figures gave hope that a turnaround within the gaming industry could be coming sooner than later. Nevada casino facilities had a total revenue of $883.3 million in January 2010.

That figure was down by 3.2 percent from the same period in 2008. Although it was still a drop, it was not as big as it had been much of last year, leaving room for hope of recovery in the gaming industry. Frank Streshley, the Chief of Licensing and Taxing for the Gaming Board, said that they were expecting a larger decline.

The Las Vegas Strip has faced the financial recession much like the rest of the US. This is one of the few instances in history were gambling revenue has actually been affected by the global economic conditions. In past economic recessions, the Las Vegas Strip is the top gambling destination so the drop in gaming revenue was never significant.

However, this time, the gaming industry was affected by the Macau’s emergence as the top gambling destination. Macau has outstripped Las Vegas as the top gambling capital in the world and the Asian gambling destination has been growing of late. Wynn Resorts and Las Vegas Sands have watched their gaming revenues at their Macau casinos grow in recent months.

Las Vegas Strip gaming revenue dropped by 3% from the $510.3 million that was won in January 2008. For January 2010, Strip casinos earned a total of $495 million in gaming revenue.