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November 26, 2014

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Nevada casino revenue steady at $854 million in April

Image

Steve Marcus

Gamblers play roulette at the Eastside Cannery on Boulder Highway in this file photo.

CARSON CITY — Nevada casino revenue dipped slightly in April but is holding strong for the first 10 months of the fiscal year.

The Nevada Gaming Control Board reported today that revenue was $854.2 million, down 0.16 percent compared to the same month of a year ago.

For the fiscal year, tax collections totaled $621.2 million, up 3.2 percent from the previous year and $2.3 million more than projected by state budget analysts.

Revenue in April 2012 was up 6.2 percent from 2011, so “it was a tough comp,” said Michael Lawton, senior research analyst for the board.

Las Vegas Strip casinos reported revenue, before taxes and expenses, of $448.5 million, down 2.3 percent compared to the same month in 2012 when winnings were up 7.4 percent.

There was also one less Sunday in April compared to a year ago.

Lawton said for the first 10 months of the fiscal year, gaming revenue was up 2.4 percent statewide and 5 percent on the Las Vegas Strip, which does more than half the state’s gaming business.

“For the fiscal year, we’re sitting pretty good,” Lawton said.

Downtown Las Vegas casinos reported a 6.9 percent decline in revenue, and North Las Vegas was off 11.4 percent. Mesquite fell 4.7 percent, but the other areas in Clark County all showed increases.

Laughlin had an 11.4 percent increase; the Boulder Strip was up 5.7 percent and the remainder of Clark County rose 2 percent.

For the second straight month, Washoe County casinos posted a strong win, with revenue up 10 percent. Lawton said this was due to the major men’s and women’s bowling tournaments being held there.

South Lake Tahoe posted a 14.8 percent gain in revenue; Carson Valley was down 2.6 percent, and Elko County fell 3.8 percent.

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