Online Casino Gambling

The Gaming Control Board has reported that Nevada Casinos have declined steadily in revenue over the past 19 months, and July’s earnings showed a 12.5% drop compared to last year around the same time, this decline translated to a whopping $874 million overall. This news has only been made public this month.

In some areas of the state it is reported that July’s casino wins have never been so low in the past two decades, and this was a clear indication that the recession was at its peak and continuing with its damaging effect, while gamblers held on safely to the money in their pockets reserving it for a rainy day! Spending levels have decreased and people are being very judicious and thinking twice before spending at a casino!

Frank Streshley, Gaming Control Board Analyst stated that this is likely to be the trend all through 2009 though the steepness of the decline was not predictable. Wagering volumes have considerably dropped at $9.3 billion on slots and $2.1 billion at table games, a huge decline compared to a year and a half ago. Although statewide reports showed earnings of $281.5 million from table games, and $578 million from slots, the profits were still lower by 7.7 % and 14.7 % respectively compared to the figures reported in July 2008.

On the Las Vegas Strip which is known to produce about half the state’s total gaming revenue the earnings were down by 11.1 %, however the earnings from Baccarat tables helped keep the Las Vegas Strip afloat with a $68.2 million earnings otherwise a 14.7 % decline would have been reported. In Washoe County a decline of 19.5 % was reported and in casinos on the south shore of Lake Tahoe a steep 33.2 % decline in earnings was reported. Will Las Vegas casino stock be hit badly by this news?

The launch of the Aliante Station was seen as a ray of hope and had boosted July’s win figure to $23.6 million @ 7.4%. Though it’s a grim situation there is hope that this phase will pass and soon the Nevada strip will bounce back to an even better position.