Las Vegas Strip casinos see revenue drop 2 months straight
LAS VEGAS (AP) — Casinos on the Las Vegas Strip saw their revenue drop for a second consecutive month in November, dragging down statewide figures released Thursday by gambling regulators.
The report from the Nevada Gaming Control Board shows the casinos took in about $485.8 million, posting again a 6 percent revenue decrease compared to the same month last year. The state did not attribute the revenue drop to lingering effects of the mass shooting that took place on the Strip in October.
“This month specifically I don’t have anything to support that event being a contributing factor to why we were down,” Michael Lawton, senior research analyst for the board, said. ”...You had poor performance in baccarat, twenty-one and sports betting.”
Figures also released Thursday by the agency that promotes Sin City revealed fewer people visited the destination in November. The data from the Las Vegas Convention and Visitors Authority shows 3.3 million people traveled to the area, that’s a 3.7 percent decrease in visitation.
The agency partially attributed the sixth consecutive monthly decline to fewer rooms available as several hotels underwent renovations in 2017.
Statewide, casinos, including those on the Strip, took in about $909.1 million last month. That’s a 2.3 percent decrease compared to the same month last year. This was the third statewide monthly revenue drop recorded this calendar year.
Lucky game and table players drove the statewide decrease in revenue.
Casinos won $282.3 million from game and table play, a decrease of 13.2 percent or $42.9 million. Luck was particularly in favor of players of the high-stakes game of baccarat, which earned casinos $64.9 million, down 23.5 percent or $19.9 million compared to November 2016.
Revenue at casinos in downtown Las Vegas increased 6.9 percent to about $54.3 million. Winnings in Mesquite were up 8.8 percent to about $10.8 million.
Meanwhile, in northern Nevada, revenues at casinos in Washoe County were up 2 percent to about $63.3 million.
The state benefited with about $49.5 million in percentage fees based on the taxable revenues generated in November. That’s a decrease of 11.1 percent compared to the same period in 2016.
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