Las Vegas Weekly

October 9, 2008 · 9:23 AM

Strip takes 7 percent hit, locals market drops 15 percent in August

By Robin Leach

Figures showing a staggering decline in gaming revenues statewide and on the Strip during August have just been released. Wall Street sources moments ago revealed that the Nevada Gaming Control Board was reporting that statewide revenues were $934.1 million -- a drop of 8.1% compared with the summer month a year ago.

Strip gaming revenues came in at $494.0 million -- a decline of 7.4 percent compared to August 2007. Slot revenues declined 15.0 percent year-over-year to $239 million. The only bright spot was that table win increased 2 percnet year-over-year to $248 million with "table drop" increasing 13.2 percent in the August '08 vs August '07 comparisons.

However, it was the locals market that experienced a frightening and chilling plunge. There were only $166.5 million generated in revenues, a scary 15.2 percent decline year-over-year. The balance of Clark County, Boulder Strip and North Las Vegas segments were down 10.1 percent, 22.4 percent and 17.8 percent, respectively, year-over-year.

Wall Street bankers noted this morning that the Vegas calendar in August was favorable with 10 weekend days in 2008 compared to nine in 2007. However, the September calendar looks to be "tough and unfavorable" with eight weekend days in 2008 compared to nine in 2007 representing a challenging 7.4 percent loss in gaming days.

As a result of this additional "doom and gloom" information Wall Street is predicting even greater pressure today on our local stocks , which have been drastically hit in reduced valuations in recent weeks. Some gaming stocks that were at ,around or above the $100 a share mark just three months ago are now only trading in a range between $16 and $20!

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