The
recession is obviously taking its toll on gambling. The Nevada Gaming Control
Board on Tuesday said that Nevada's casino revenues fell six percent in June
while it showed only a marginal rise for the full year.
Total
revenues for the state in June were $832.50 compared to $885.7 million in the
same month a year earlier. This is the second consecutive month of decline that
the state is seeing.
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Based
on the revenues for the month, the state collected $38 million as taxes, down
27 percent from a year earlier. However there is not much of correlation
between gambling wins and the tax collections since bets are often made on
credit and the casinos don't pay taxes until the gamblers have actually paid
up.
More
than half of Nevada's revenues come from the popular Las Vegas Strip casinos,
which brought in winnings worth $483.7 million in June, fall of 4.5 percent
from the previous year. Downtown Las Vegas contributed $33.7 million, a huge 13
percent drop from a year earlier.
For
the financial year that ended on June 30, total casino wins amounted to $10.7
billion, up 0.7 percent from the previous year.
Wagers
rose less than a percent to $139.7 billion. Betting at slot machines rose 1
percent to $107 billion, while table game wagers edged up 0.6 percent to $31.8
billion.
Though
the figures look low, the volume on the slot machines is the first increase
reported since 2007.
The
report also noted casino markets that cater more to locals than tourists saw
modest gains, an indication that people are travelling less to these areas to
gamble.
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Shares
of Las Vegas Sands Corp.(NYSE:LVS) ended lower by 0.35% to $39.87 on Thursday, MGM
Resorts International(NYSE:MGM) lost about 2%, Melco Crown Entertainment Ltd
(ADR)(NASDAQ:MPEL) fell 2.30% and Wynn
Resorts, Limited(NASDAQ:WYNN) slid over 1%.
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