Nevada Gambling Revenue Sees Sharp Decline In May
Revenue Fall Hurts Big Gaming Company Shares
The Nevada Gaming Control Board announced today that state gaming revenue had fallen by roughly 10 percent in May based on year-over-year comparisons. In 2011, casinos statewide brought in $984 million. This year, their take plummeted to $885.1 million.
Strip casinos were hit the hardest, falling from $580.4 million to $475.1 million, accounting for all of the decline. Elsewhere, other gaming markets in Nevada did their best to offset the losses. Laughlin reported a dramatic increase of 20 percent, while the Boulder Strip reported a more modest increase of 7 percent.
Table games continue to be the biggest problem for Strip casinos and slot machines now make up nearly 70 percent of statewide revenue.
As a result of the decline, Nevada will take only $51.9 million in gaming tax for the month of May, which represents a 24 percent fall.
The news also affected major casino stocks. MGM Resorts International (NYSE: MGM), Las Vegas Sands (NYSE: LVS) and Wynn Resorts Ltd. (NASDAQ: WYNN) all dropped by about 4 percent. Caesars Entertainment Corp. (NASDAQ: CZR) fell by over 13 percent.
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