Gaming revenues decline 13.8 percent in June

Nevada’s monthly gaming revenues have sunk to levels not seen since 2004. And analysts said there’s no telling how low the bar will fall.

“We’re still hearing from the casino operators that weekends are doing well, but filling rooms during the middle of the week is an issue,” Frank Streshley, chief of the Gaming Control Board’s tax and license division, said Tuesday after the agency released gaming revenues for June.

“People are coming, but they are just not spending,” Streshley said.

Nevada casinos collected $818.2 million from customers during June, a 13.8 percent decline compared with $949.3 million collected in the same month a year ago.

The total was the lowest monthly figure since July 2004, when casinos won $813 million gamblers. June marked the 18th straight monthly decline as the gaming industry continued to be hampered by the sagging economy.

On the Strip, gaming revenues fell 14.8 percent during June to $414.5 million, compared with $486.4 million last year.

For the first six months of the year, gaming revenues are down statewide almost 13.5 percent while the money won from gamblers on the Strip is off 14.7 percent.

June marked the end of fiscal year 2008-09 and gaming revenues for the 12 months were almost $10.8 billion statewide, a 13.7 percent decline compared with $12.5 billion in fiscal 2007-08. On the Strip for the fiscal year, gaming revenues declined 15.3 percent to $5.65 billion, compared with $6.67 billion in the previous fiscal year.

In a report to investors last month following a visit to Las Vegas, Macquarie Securities gaming analyst Joel Simkins said regional casino markets would recover sooner than gambling destinations like Las Vegas or Atlantic City. On Monday, Atlantic City said gaming revenues in July declined 12.7 percent while two regional markets, Indiana and Missouri, showed increases during the month of 4.2 percent and 4 percent respectively.

He said the regional markets will benefit from an improvement in any unemployment trends.

“Eventually Las Vegas will have a steady, measured recovery,” Simkins said. “However, with a more staggered wave of supply in future years we think competitive pressures on room pricing and gaming volumes will remain high. It could be many years before we see 2006*2007 level operating metrics.”

Streshley said June is traditionally a light month for gaming revenues. The double-digit decline, however, was the result of gamblers not spending as much money as they have in the past.

The amount wagered on slot machines was $9.1 billion, off 10.7 percent. Meanwhile, gamblers bet $1.8 billion on table games, a decline of 12.7 percent. Streshley said the table games handle was the lowest single-month total since November 2003.

Gaming revenues suffered double-digit declines in every reporting area of Clark County except for downtown Las Vegas, which saw gaming revenues decline 5.6 percent. Washoe County saw gaming revenues decline more than 7 percent, the region’s 24th straight monthly decline.

Brent Pirosch, who analyzes the gaming industry for the Las Vegas office of CB Richard Ellis, said if the decline in home prices continues to slow, that could signal a turnaround for the locals gaming market.

“If home prices do continue to stabilize, we expect to return to more traditional metrics to gauge gaming revenue,” he said, which includes employment numbers and income levels.

The state collected $45.7 million in gaming taxes based on the June gaming revenues, a 13.5 percent decrease compared with $52.8 million collected during the same time period last year.

There was one bright spot on the Strip. High-end play increased for the second straight month despite the absence of special events that normally correlates with a boost in baccarat volume.

Gamblers wagered $367 million on baccarat, an increase of 13.3 percent from a year ago. Casinos won $47.7 million from the game, an increase of 6.5 percent.

Susquehanna gaming analyst Robert LaFleur said gaming revenues on the Strip would have been off more than 18 percent if it wasn’t for the increase in baccarat play.

“This is consistent with commentary from Las Vegas operators during second quarter conference calls that reported higher-end play is holding up better than the rest of the market,” LaFleur told investors. “Recall, MGM Mirage reported that second quarter baccarat volume was up 17 percent.”

Contact reporter Howard Stutz at or 702-477-3871.

Ron Jeremy and Heidi Fleiss React to Dennis Hof's Death
Ron Jeremy and Heidi Fleiss speak about their friend and prominent brothel owner Dennis Hof's death at Dennis Hof's Love Ranch. (Benjamin Hager/Las Vegas Review-Journal)
Nevada brothel owner Dennis Hof has died
Nevada brothel owner and Republican candidate for Nevada State Assembly District 36, Dennis Hof has died. He was 72. Nye County Sherriff's office confirmed. Hof owned Love Ranch brothel, located in Crystal, Nevada.
Las Vegas police investigate suspicious package at shopping center
Las Vegas police evacuated a southeast valley shopping center at Flamingo and Sandhill roads early Tuesday morning while they investigated reports of a suspicious package. (Max Michor/Las Vegas Review-Journal)
The Las Vegas Metro hosts the K-9 Trials
The Las Vegas Metro K-9 Trials returns to the Orleans Arena to benefit the Friends For Las Vegas Police K-9 group.
Kingman residents love their little town
Residents of Kingman, Ariz. talk about how they ended up living in the Route 66 town, and what they love about their quiet community. (K.M. Cannon/Las Vegas Review-Journal)
Service at Southern Nevada Veterans Memorial Cemetery
Twelve unclaimed veterans are honored at Southern Nevada Veterans Memorial Cemetery in Boulder City in Oct. 9, 2018. (Briana Erickson/Las Vegas Review-Journal)
Las Vegas house prices reach highest level in 11 years
Las Vegas house prices are rising But so is the amount of available homes on the market Still, properties priced below $300,000 are selling fast And September was the first time since June 2007 that the median house price reached the $300,000 mark Las Vegas home prices have been rising at one of the fastest rates in the country over the past year Recent data show the market is now less affordable than the national average
National Night Out
About 100 Summerlin residents gathered at Park Centre Dr. in Summerlin on Tuesday for National Night Out. Lt. Joshua Bitsko with Las Vegas Metro, played with 3-year-old David who was dressed as a police officer. Face painting, fire truck tours and more kept kids busy as parents roamed behind them. (Mia Sims/Las Vegas Review-Journal)
Rural homeless issue comes to a head in Pahrump
On Sept. 12, Pahrump sheriff deputies told residents of a homeless encampment on private property that they had 15 minutes to vacate and grab their belongings. That decision might face some legal consequences. (Rachel Aston/Las Vegas Review-Journal)
Remembrance blood drive on October 1
A blood drive was held at the Las Vegas Convention Center on the one year anniversary of the Oct. 1 shooting. (Mat Luschek/Las Vegas Review-Journal)
Remembrance Lights memorial unveiled at St. Rose hospital
A dedication ceremony was held at St. Rose to unveil a memorial and to read the names of those who died on October 1, a year ago. (Mat Luschek/Las Vegas Review-Journal)
1October Blood Drive Remembrance Wall
(Mat Luschek/Las Vegas Review-Journal)
1October Blood Drive
Vitalent hosts a blood drive at the Las Vegas Convention Center on Monday, Oct. 1, 2018, the first anniversary of the Las Vegas shootings. (Mat Luschek/Las Vegas Review-Journal)
1October sunrise remembrance ceremony in Las Vegas
Myanda Smith, sister of Las Vegas shooting victim Neysa Tonks, speaks at the sunrise remembrance ceremony at the Clark County Government Center in downtown Las Vegas, Monday, Oct. 1, 2018. (Chitose Suzuki/Las Vegas Review-Journal)
‪Gov. Brian Sandoval speaks to crowd at Oct. 1 sunrise remembrance ceremony ‬
‪Nevada Gov. Brian Sandoval speaks to the crowd at the Oct. 1 sunrise remembrance ceremony ‬at the Clark County Government Center in downtown Las Vegas, Monday, Oct. 1, 2018. (Michael Quine/Las Vegas Review-Journal)
Father of Route 91 Harvest festival shooting victim talks about college scholarship in his daughter's memory
Chris Davis, father of a Route 91 Harvest festival shooting victim, Neysa Tonks, talks about a college scholarship in his daughter's memory to assist the children of those who died in the shooting. (Bizuayehu Tesfaye/Las Vegas Review-Journal) @bizutesfaye
Oct. 1 survivor Malinda Baldridge talks about life after the shooting
Malinda Baldridge of Reno attended the Route 91 Harvest festival with her daughter, Breanna, 17, and was shot twice in the leg when the gunman fired on the crowd.
Route 91 survivor talks about lack of progress in gun legislation
Heather Gooze, a Route 91 survivor, talks about lack of progress in gun legislation since the Oct 1. (Bizuayehu Tesfaye/Las Vegas/Review-Journal) @reviewjournal
Review held in death of man after encounter with Las Vegas police
The mother of Tashii Brown, who died after an encounter with Las Vegas police on the Strip, not satisfied after public review of evidence. (K.M. Cannon/Las Vegas Review-Journal)
Clark County Museum opening "How We Mourned: Selected Artifacts from the October 1 Memorials"
The Clark County Museum is opening an exhibit "How We Mourned: Selected Artifacts from the October 1 Memorials" of items left to honor the victims killed in the Route 91 Harvest festival shooting. (Bizuayehu Tesfaye/Las Vegas Review-Journal) @bizutesfaye
Memorial service for former RJ lawyer Mark Hinueber
Mark Hinueber, the Review-Journal's former lawyer and defender of the First Amendment, died in Las Vegas on Aug. 23. Hinueber, who was 66, worked at the RJ and other newspapers for 42 years. On Saturday, his friends and family gathered for a memorial service.
Army veteran honored in Henderson event
Army Sgt. Adam Poppenhouse was honored by fellow veterans in an event hosted by a One Hero at a Time at the Henderson Events Center.
Michelle Obama and Keegan-Michael Key urge Nevadans to vote
Former first lady Michelle Obama and comedian Keegan-Michael Key urged Nevadans to vote at Chaparral High School in Las Vegas Sunday, Sep. 23, 2018. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
Nevada Task Force One Cheers Golden Knights
Nevada Task Force One Cheers Golden Knights
1 dead, 1 wounded in North Las Vegas standoff
A woman was hospitalized with serious injuries on Thursday morning after being shot inside a North Las Vegas house. Police responded about 11 p.m. to a shooting at a home on the 5600 block of Tropic Breeze Street, near Ann Road and Bruce Street. The wounded woman, police believe, was shot by a man, who later barricaded himself inside the house. SWAT was called to assist, and when officers entered the house, they discovered the man dead from an apparent self-inflicted gunshot wound.
Las Vegas Teen Makes Clothing Resale His Side Hustle
Las Vegas resident Reanu Elises, 18, started buying and selling streetwear online when he was a high school junior. Like many other young adults, the world of online resale applications like Depop and Mercari have made selling clothing online for a profit easy. Now, Elises spends his free time at thrift shops looking for rare and vintage clothing he can list on his on his shop. Now in his freshman year at UNLV as a business marketing major, Elises hopes to open a shop of his own one day and start his own clothing brand. He estimates that he's made about $1000 from just thrifted finds in the past year, which he'll use to buy more thrift clothing and help pay for expenses in college. (Madelyn Reese/ Las Vegas Review-Journal) @MadelynGReese
Fruition Vineyards Encourages Young Entrepreneurs to "Buy, Flip, Dream"
Once a month, young adults gather at Fruition Vineyards on South Maryland Parkway near UNLV to dig through a stack of rare, vintage and designer clothing that's marked down well below it's resale value. Shop founder Valerie Julian began the vent, dubbed "Fruition Vineyards" in August after running her streetwear shop since 2005. The event gives young entrepreneurs the opportunity to "buy, flip, dream" according to Jean. Meaning that they're encouraged to buy the clothing for sale and find a way to resell it for a profit, then reinvest that into whatever dream they pursue: college, a hobby or their own resale business. Shoppers lined up starting an hour before noon on the last Saturday in April for the opportunity and spoke about what they hoped to do with their finds and profits. (Madelyn Reese/Las Vegas Review-Journal) @MadelynGReese
Local man goes under cover searching for answers to homelessness
Licensed mental health therapist Sheldon Jacobs spent 48 hours under cover posing as a homeless man in an attempt to gain perspective on the complex issue.
Social Work UNLV Lecturer's Calling
Ivet Aldaba-Valera was the first person in her family to graduate from both high school and college. The 33-year-old UNLV lecturer is now pursuing her Ph. D in public policy at the school and has used her degree in social work to engage with the young Latino and Latina community of Las Vegas. (Madelyn Reese/Las Vegas Review-Journal) @MadelynGReese
Gold Point townsperson talks about why he choose to live in a ghost town
Gold Point townsperson Walt Kremin talks about the ghost town in Nevada he calls home. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
News Headlines
Add Event
Home Front Page Footer Listing
You May Like

You May Like