Los Angeles (Reuters) – Las Vegas Strip casinos won USD 475 million from gamblers in October, 26 percent less than a year earlier for the worst such decline ever, the state’s Gaming Control Board said on Wednesday.
Statewide, Nevada casinos‘ take from gamblers fell 22 percent to USD 905 million for the month as the U.S. economic recession continued to cut into consumer spending.
The state has seen gambling revenue drop for 10 consecutive months.
Spending at casinos began to decelerate sharply at the end of September, and the October-to-October comparison was compounded by the fact that the casinos‘ winnings had hit an all-time high in October 2007, control board senior research analyst Frank Streshley said.
Year-to-date, Nevada gambling revenue has fallen 8.3 percent statewide and 8.7 percent on the Strip, he said.
The revenue decline suggests that the Las Vegas gambling market will weaken further in the fourth quarter as airline flight capacity is reduced, consumer spending worsens and housing prices/unemployment continue their negative trends, Morgan Stanley analyst Celeste Mellet Brown said in a research note.
Separately on Wednesday, the New Jersey Casino Control Commission said Atlantic City casinos won USD 346 million from gamblers in November, a 7.8 percent drop from a year earlier.
U.S. casino operators include MGM Mirage, Las Vegas Sands Corp, Wynn Resorts Ltd and Harrah’s Entertainment, Boyd Gaming Corp and Station Casinos.