Nevada Gaming Revenues Take October Dip
Nevada gaming revenues took a 2.9% dip in the month of October in, yet another, indication of the volatility of the worldwide casino gambling market. But, as is so often the case, there was a sprinkling of good news mixed in with the dismal monthly results.
According to numbers just released by the Nevada Gaming Control Board, October revenue from Silver State casinos clocked in at $887 million for the month. That’s a slide of 2.9% over the previous year, but things were even worse on the fabled Vegas Strip where revenue was down 5.1% over the previous October.
As has been the case for a while now, a declining baccarat market has is one of the big factors driving down Strip revenue.
According to a report in the Las Vegas Review Journal, was down 19.2% and came in at $78.3 million. The total amount wagered in those luxury baccarat rooms was $882 million, down 8.6%.
Not surprisingly, Strip properties that cater to Chinese whales, the MGM, Wynn and Venetian, have borne the brunt of the baccarat bust.
On the positive side, sports wagering was up for the month (which isn’t too surprising, given that October is peak NFL and NCAAF football season). In fact, October 2015 was the second biggest sports betting month Vegas has ever seen.
Nevada’s legal sportsbooks took in a little over half a billion dollars in wagers in October. That translated into around $33 million in profits.
All told, statewide gambling revenues dropped $52.3 million in Silver State coffers. That’s down 21.3% from last year. Overall, gambling tax revenues are down 4.4% for the fiscal year.