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***GambLux EDITOR NEWS*** |
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Gaming Revenues Continue To Drop
[Monday, December 15, 2008]
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A state report showed that Nevada's gaming revenues were down for the month of October. This could mean that the growing economic turmoil is not yet over. According to the Gaming Control Board report, the casino's gaming revenue were down at 22.3% statewide compared to its performance a year ago. The Las Vegas Strip, which generates more than half the state total dropped at a staggering 25.7% while Washoe County's declines were shallower with a 10% and 7.4% drop in Sparks and Reno, respectively.
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Revenues from gaming is the second largest taxing source for state government income. The 9% drop in Washoe County's gaming revenue for October is the sixteenth straight month of decreases since July 2007. Adams added that this trend is unlikely to end anytime soon especially given the cold economic forecasts for 2009 and the effect of tribal casinos in California, where the Red Hawk casino opens next week near Placerville on US 50. The property threatens to further drain Reno- and Tahoe-bound travellers especially in the winter months when crossing the Echo Summit can be unsafe.
Ken Adams, a Reno gaming analyst said that it's not bad given everything else is going down, such as taxable sales. He added that the October report is no surprise to state officials and lawmakers as they are already facing budget contraints for the 2009 Legislature. He said that the culprit is the economy, widespread layoffs, increasing unemployment rate and fear of spending are affecting the consumer confidence.
Bill Henderson, sales and marketing director for Carson Valley Inn in Minden, agreed on Adam's analysis. He said that everyone is affected and gaming is a discretionary expenditure. Consumers are more diligent now on how to spend their money.
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