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NEWS 31 August 2017

Nevada total gambling revenue down 1% in July

By Manuel Marti
According to data released by Nevada Gaming Control Board, Nevada’s total gambling revenue dropped in July 1.7% year-on-year basis.

The regulatory body has announced that casinos posted $998m in revenues, down from the $1bn threshold generated in July last year.

With these figures, Nevada puts an end to a four-month streak of revenue increases. In particular, in Las Vegas where revenues shrink 7%, totalling $565m in July this year.

Nevada Gaming Control Board analyst Michael Lawton said that this year July had a fewer week which made it a really difficult comparison.

“The state was up 10.1% last July, and the Strip was up 16.8%. So for us to come in very close to $1bn and only being down 1.7%, I don’t think we can be too disappointed about those results.

“We have a lot to look forward to in the next couple of months.”

This decline is also attributed to a drop in baccarat winnings. It was down 19%, compared to the July last year.

“Baccarat had a good month, but it was nowhere near as good as last July,” Lawton added.

The state benefited with more than $69m in percentage fees based on the taxable revenues generated in July, which it signifies 1% increase over the year.

RELATED TAGS: Land-Based | Casino | Financial
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