Wednesday, April 13, 2011

Las Vegas is still out of game

From Bloomberg
"Las Vegas Strip gambling revenue fell 9.6 percent in February, the fourth straight monthly decline as the city faces an uneven recovery after a record slump in the casino industry.
Revenue declined to $513.7 million from $568 million a year earlier, Nevada’s Gaming Control Board said in an e-mail today. Betting fell 6.3 percent in the first two months of 2011 from a year earlier.

Las Vegas is struggling to recover from record declines in gambling and convention revenue. Strip betting proceeds increased 4.1 percent last year, after dropping more than 9 percent in 2008 and 2009. MGM Resorts International (MGM), Las Vegas Sands Corp. (LVS), Wynn Resorts Ltd. (WYNN), and Caesars Entertainment Corp., the four biggest Las Vegas-based casino owners, have said the worst has passed.

Revenue for all Nevada casinos fell 6.8 percent to $881.8 million in February, the board said. Monthly proceeds for Clark County, which includes downtown Las Vegas as well as the Strip, dropped 7 percent to $769.5 million. "
While Las Vegas is struggling, elsewhere in Asia has had gamers rolling in. Gaming Inspection and Coordination Bureau of Macao announced yet another significant year-over-year rise in gaming revenue. Gaming revenue in Macao rose 33%, 47.7% and 48% in January, February, March 2011 respectively.

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