Vegas sees continued decline in blackjack profits
The gambling market in Las Vegas continues to do well, with overall growth meeting expectations. However, one particular segment is slowly dying. Blackjack, which typically provides the best averages for the house, has fallen into a slump over the past year.
Nevada has a total of 2,500 blackjack tables. From April 1, 2017, to March 30, 2018, they brought in $1.15 billion in revenue to the casinos in Vegas. This represents a 2.5% decline over the same period from the previous year and comes despite a high hold of 14.2% during the reporting period. This year, March revenue dropped the most, plummeting 15.5% to $95.22 million. The overall revenue for the first quarter was down 14.8%
Nevada’s blackjack revenue was the highest in 2007, attracting $1.42 billion. Since then, casinos have reduced the number of tables by about 600 and earnings have been on a roller coaster. During the past decade, revenue has dropped five times and has grown five times. Its lowest was in 2010 when it brought in only $975 million.
Gaming revenue in the state has swung upward slightly in recent months. In March, casinos reported gaming revenue of $1.02 billion – a 3.3% year-over-year gain. In total, the last 12 months have brought in $11.65 billion, a 2.3% increase from the previous 12 months.