Gaming Revenues Up at Vegas Casinos

by Bodog Casino | Jan 19 2010

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The recession hasn't only been rough on the banks and unemployment in the U.S., the place that lives and breathes money and tourism has been losing cash in the millions - Las Vegas, Nevada.

Rewind back to the early 2000s and it was an afterthought that Vegas would be a money maker. It was Vegas: a place filled with casinos, bars, clubs, and all-you-can-eat breakfast, how could it not make money year-to-year? But for nearly two years Vegas has suffered through a rewind of cash just like every other state in the U.S., meanwhile online gaming revenues have remained relatively the same, likely because setting up an account is free and the process is altogether more cost effective.

But it looks like things are finally changing for the better.

For the first time in 23 months, Nevada gaming revenues increased with casinos statewide collecting $873.2 million in November, a 4.35 percent climb compared to the same month a year ago.

On the Strip, gaming revenues were also up for the first time in almost two years. Strip casinos collected $473.8 million, an 8.3 percent increase compared to November 2008.

November put an end to a streak of double-digit declines in gaming revenues as the recession seemed to slow down spending amongst tourists, especially on the entertainment side of things.

In the locals market, November gaming revenues were up 19 percent on the Boulder Strip, almost 21 percent in North Las Vegas and 2.6 percent in the balance of the Clark County.

Nevada collected $57 million gaming taxes based on the November gaming revenues, a 28.3 percent increase compared with $44.4 million collected a year ago.

The sudden jolt in gaming revenue suggests North Americans are ready to have some fun again and put up cash to make money.

It's also a good indication that the recession is in... well, a recession.