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Baccarat,Blackjack Win Helps Push Total Win in Nevada

On June 12th, 2008, a weak economy continue to affect the overall casino wins in the state of Nevada as clubs earned $1 billion but suffering a five percent drop compared with April 2007. The drop was the 4th successive one. A market study done by the Gambling Control Board states that the casinos in Las Vegas experience a substantial decline for the month and the ten consecutive win drop for the area of Reno-Sparks and North Tahoe area.

The analyst from the Gambling Control Board Frank Streshley commented that gamblers are still playing at casino facilities but are not spending as much. Streshley commented that the $1 billion left in the treasury of the facilities after players bet $12.7 billion during the month of April, including the slot machine wagers worth $10.5 billion. The overall win pushed the win for the current fiscal year to $10.58 billion. That is a 0.5% drop from the previous result from the same time last year.

Taxes impose on casino facilities and on sales are the two biggest sources of profits for the state government. The drop in those profits has been one of the major reasons why the state will experience a shortfall on the budget by almost $1 billion by 2009. The report by the Gaming Control Board features a drop for all important gambling markets in Las Vegas. The Strip suffered a 1.3% drop and Laughlin a drop of 6.4%. The downtown area in Las Vegas suffered a slide of 6.8%, the North Las Vegas area suffered a drop of 22.4%, Mesquite a drop of 34.6% and the Boulder Strip area a drop of 12.2%.

In the Northern area of Nevada, pubs in Reno suffered a drop of 12% while the resort facilities in Elko County suffered a drop of 3.9%. Resort facilities on the south shore of Elko improved by 12.7% because of blackjack players. The win from the resorts pushed the tax earnings of the state to $707.9 million for the current fiscal year. That is around $70 million or nine percent below the predicted amount of the Nevada Economic Forum.

 

Sunday, June 29 , 2008
Brian Letendre