Revenue on the Strip Drops for August

The gambling capital of the world has for years built its livelihood off boosting the attraction and popularity of casino, entertainment, and nightlife lifestyles.  But new revenue numbers suggest Las Vegas may not be the shining star it once was, at least in terms of how much money is made from gambling.  Old favorites don’t possess the same allure and life on the Strip is not coming off as lively as it once was.

The Nevada Gaming Control Board released a report on revenue generated from casinos on the Strip.  The numbers for August say casinos on the Strip brought in over $490.9 million; a nice chunk of change but actually down 1.2 percent from August of 2011.  Interestingly enough that lost revenue would have been much higher at 9 percent or estimates of $30 million, without the money generated from baccarat.

Mike Lawton, one of the Control Board’s senior analysts, says the winnings from baccarat were up 32 percent over last year to $124.4 million on the Strip.  While Baccarat does not have as high of a following in North America, it is a favorite for players out of Europe and Asia especially.  Lawton says that in some casinos that are home to luxury resorts, baccarat hands can begin at a minimum $10,000 bet generating very generous revenue for the host casino.

Without that boost from baccarat the casinos would have seen a much higher loss in net revenue.  The money spent on traditional games like the slots saw a total decrease of over 9 percent from last year’s numbers, a number that Lawton says is “flat at best on the slots.”

Las Vegas has seen its share of lost money, which according to the Gaming Control Board was down across all of Nevada.  Whether this continues into September’s numbers is yet to be seen but the world’s favorite place to gamble can’t help but be shaken by this news; and what it may mean for the future.

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