Nevada casino revenue falls for second straight month
By Bob Garcia
Casino operators in Nevada knew not to expect great things in August and had forecast low performance for the month. The numbers are now in and they can see exactly how low the industry has sunk. For the second month in a row, casinos in the state have not been able to improve on last year’s action.
According to a report from yesterday by the Nevada Gaming Control Board (NGCB), casinos took in around $913 million in August. This represents a drop of 7.7% year-on-year. The NGCB said that it was disappointed in the results, but that it wasn’t too surprised. 2018 hasn’t had the same action as 2017, such as the Floyd Mayweather vs. Conor McGregor fight.
According to NGCB senior board analyst Michael Lawton, "People called it the fight of the century, and it was a pretty big draw and it drove a lot of those gaming numbers for last August. We didn’t have an event this August that was anywhere near replicating something of that magnitude. We knew going in this was going to be a tough month for us."
Las Vegas Strip casinos reported the second biggest drop. They took in only $477.9 million, a decline fo 12.4% over last year. The Strip casinos account for about 90% of the revenue declines. Downtown Las Vegas revenue shrunk by 4.8% to just over $46.2 million. The biggest freefall came by the casinos along Boulder Highway, which collected around $62.2 million – a drop of 16.3%.
The only area that saw improvement was the northern Nevada market. Reno casinos collected $61.6 million for a 7.3% increase and Lake Tahoe’s south shore casinos picked up $26.8 million, a 4.7% improvement over last year.