Las Vegas Strip October gambling revenue falls 26 %
Statewide, Nevada casinos’ take from gamblers fell 22 % to us$ 905 million for the month as the US economic recession continued to cut into consumer spending. The state has seen gambling revenue drop for 10 consecutive months.
Spending at casinos began to decelerate sharply at the end of September, and the October-to-October comparison was compounded by the fact that the casinos’ winnings had hit an all-time high in October 2007, control board senior research analyst Frank Streshley said. Year-to-date, Nevada gambling revenue has fallen 8.3 % statewide and 8.7 % on the Strip, he said.
The revenue decline suggests that the Las Vegas gambling market will weaken further in the fourth quarter as airline flight capacity is reduced, consumer spending worsens and housing prices/unemployment continue their negative trends, Morgan Stanley analyst Celeste Mellet Brown said in a research note.
Separately on Wednesday, the New Jersey Casino Control Commission said Atlantic City casinos won us$ 346 million from gamblers in November, a 7.8 % drop from a year earlier.
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