..

Las Vegas Strip January Casino Gambling Revenue Falls 2.5 Percent

Written by:
Guest
Published on:
Mar/10/2011

(Bloomberg) - Las Vegas Strip gambling revenue fell 2.5 percent in January in the third straight monthly decline as the city faces an uneven recovery after a record gambling slump.

Revenue declined to $482.7 million from $495 million a year earlier,  Nevada’s Gambling Control said in an e-mail today.

Las Vegas is beginning to emerge from its worst decline on record in gambling and conventions, after betting fell more than 9 percent in 2009 and 2008. 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 0.7 percent to $877.4 million in January, the board said. Monthly proceeds for Clark County, which includes downtown Las Vegas as well as the Strip, fell 0.4 percent to $761.4 million.

Convention attendance climbed 13 percent in December from a year earlier, ending the year down 0.4 percent, the Las Vegas Convention and Visitors Authority said last month on its website. About 37.3 million people visited the Nevada city in the 12 months through December, a 2.7 percent increase from a year earlier, and average daily room rates at Las Vegas hotels gained 2 percent in 2010.

Passenger traffic at Las Vegas’s McCarran International Airport rose 5 percent in January, according to Clark County Department of Aviation data. Last year passenger traffic fell 1.8 percent. Carriers including United Continental Holdings Inc.’s United Airlines and US Airways Group Inc. have cut flights to the city.

Beth Jenks, Bloomberg News

Gambling News

Georgia Dems Take Gambling Hostage Over GOP Voting Bills

Georgia Dems Take Gambling Hostage Over GOP Voting Bills

Angered by a blitz of Republican-backed legislation that would roll back voting access, Georgia Democrats are taking hostages — withholding their support on pieces of legislation that need bipartisan backing to pass.

Draftkings Sees 146% Revenue Increase During 2020 Football Season

Draftkings Sees 146% Revenue Increase During 2020 Football Season

DraftKings Inc. (Nasdaq: DKNG) (“DraftKings” or the “Company”) today reported fourth quarter and full-year 2020 financial results.

Best Bets for This Weekend - Feb. 27-28, 2021

Best Bets for This Weekend - Feb. 27-28, 2021

The weekend betting slate typically includes the biggest games of the week. Weekend contests give bettors tons of opportunities to win big on multiple sports. 

Six Developers Offer Proposals for Richmond, VA Casino

Six Developers Offer Proposals for Richmond, VA Casino

Six casino developers have submitted proposals to the city of Richmond to be the preferred candidate for a casino resort.

Cal Ripken Jr Joins the Draftkings Advisory Board

Today, DraftKings (Nasdaq: DKNG) announced the appointment of baseball legend and entrepreneur Cal Ripken Jr. as a special advisor to the board of directors. Ripken will lend strategic insights to the board of directors and Chief Executive Officer on key company initiatives and will become a DraftKings equity holder.

Syndicate