Las Vegas Weekly

September 10, 2008 · 12:25 PM

Wall Street shocker with lower gaming figures

By Robin Leach

Strip gaming revenues decreased 14.7 percent to $519.2 million, and statewide revenues decreased 13.0 percent to $997.3 million for July, according to Nevada Gaming Control figures released this morning (Wednesday). It sent Wall Street brokers into shock with a large sell-off in Vegas related stocks.

In addition the total drop for Strip properties declined 6.5 percent. Strip slot revenues also dropped drastically with a decline of 8.6 percent as slot handle decreased 11.6 percent. In July, table win was down 21.0 percent, despite a 5.5 pecent increase in table drop. Baccarat win was down 26.1 percent year over year to $53 million.

July provided another startling drop in the locals market which generated $196.8 million in revenues -- a 16.2 percent decline year over year. The balance of Clark County, Boulder Strip and North Las Vegas segments were down 12.9 percent, 18.9 percent and 21.8 percent, respectively, year over year.

My Wall Street sources say that August figures -- normally one of the worst months of the year -- might actually turn out to be a little better now than the July figures -- and that the first 10 days of September, including Labor Day, may be better still. However they caution that any increases are really slim and are only in comparison to the shocking July disasters.

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