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The State of the Casino Gaming Business in Las Vegas
On September 13th, 2008, this week's business report from the Nevada Gambling Control Board had some bad news for land casino operators-slot wagering volumes, which deliver around 2/3 of Nevada Gaming Revenues, are down. The reports reveal that slot gamers bet around $1.1 billion less on slots for the month of July than the same month a year ago, with volumes on the Las Vegas Strip dropped by $500 million. Slots volume fell twelve percent in July 2008 compared with the same time a year ago, and constituted the biggest drop in the past 7 straight months that slot spending has been on the slide.
In June 2008, slot volumes drop by ten percent compared to June 2007, indicating an accelerating drop rate. Gaming operators are hoping that the drop in the price of gasoline will attract players back and halt the drop. The positive news in the report was that casino table game play actually improved, improving by five percent on the Las Vegas Strip for high end as well as the lower end games.
Baccarat profits were up by fifteen percent on the Las Vegas Strip and blackjack improved by seven percent. Despite these numbers, Las Vegas casinos won twenty-one percent less from casino table game players in July, because players were just lucky, winning a bigger percentage of wagers than is usually the case.
Sunday, October 05 , 2008
Edward O'Connor