Nevada casinos experienced largest revenue drop in state history

The state posted a 3.24% year on year decline for the month of December to generate just us$ 859 million in revenues. In 2009 the state’s gaming revenues had fallen to us$ 10.4 billion which is down 10.4% compared to 2008. This was the largest drop in revenues since 1955.

Frank Streshley the Control Board Tax and License Division Chief commented on the results stating: “Prior to this decade, since we’ve tracked the numbers since 1955, we’ve not ever had a decline until 2001, and then within this decade we’ve had four declines, with the largest being 2009 at 10.4 percent.”

It has been stated that gaming revenues in Nevada have been strongly falling since the September 11th 2001 terrorist attacks. The revenues have continued to drop as the economy has taken a downturn in the past few years.

Despite the negative aspects of the year there were a few positive items. The Las Vegas Strip did see an increase of 5.9% in revenue for December. This increase was the result of the new CityCenter development which cost us$ 8.5 billion and the improved baccarat for casinos.

Economists have stated that the state should benefit once the global economy improves. The Strip is a tourist draw and once people have money to spend they will be back to enjoy what Las Vegas has to offer.