..

Las Vegas Strip Casino Revenue Down for Month After Shooting

Written by:
Guest
Published on:
Dec/01/2017

(Associated Press) - Casinos on the Las Vegas Strip saw a 6 percent drop in revenue in October compared with the same month last year, but state's gambling regulatory agency did not attribute the decrease exclusively to the mass shooting that took place in the city that month.

Data released Thursday by the Nevada Gaming Control Board show casinos on the Strip took in almost $528.7 million from gamblers last month. That's about $34 million less than what they won in October 2016.

Casinos statewide faced a difficult comparison going into October since it had one fewer weekend day than the same month last year. In addition, the establishments on the Strip had seen a 14 percent revenue increase in October 2016.

"I'm sure it played a part of it. I'm sure it played into the decrease, but it's really difficult to quantify," Michael Lawton, senior research analyst for the board, said. "What I can quantify, I can tell you that it was a difficult comparison."

On Oct. 1, a high-stakes gambler killed 58 people and injured hundreds more after he shattered windows of his hotel suite on the 32nd floor of the Mandalay Bay hotel-casino and unleashed withering gunfire at a country music festival below before killing himself.

The city's tourism officials also on Thursday reported that visitation to the gambling oasis last month fell 4.2 percent to 3.6 million tourists. The Las Vegas Convention and Visitors Authority blamed the drop to trip cancellations and postponements following the shooting.

Statewide, casinos in Nevada won about $988.8 million last month. The revenue remained practically flat over the year.

In southern Nevada, casinos in the Boulder Strip saw the highest increase in revenue with almost $78.7 million, a 17.1 percent jump compared with the previous year. Winnings in downtown Las Vegas were up 10 percent to about $63.6 million.

Meanwhile, revenues at casinos in Washoe County were up 3.3 percent to about $71.9 million.

The revenue report also shows that gamblers enthusiastically wagered at Nevada's sports books. For the second month in a row, they broke the state's all-time record for sports betting.

People bet $566.4 million, of which the sports books took in $31.5 million, a decrease of 25.7 percent over the year. Baseball fans put down $101.5 million on their favorite teams, setting a record for betting on that sport for the month of October.

"So, that can pretty much safely assume that the World Series was the most-heavily bet World Series ever," Lawton said.

The state benefited with almost $59.7 million in percentage fees based on the taxable revenues generated in October. That's an increase of almost $79,000 or .13 percent from a year earlier.

Gambling News

Sports Betting Briefs: Don't Hold Your Breath on Alabama

Sports Betting Briefs: Don't Hold Your Breath on Alabama

A four-package bill has just gotten through Alabama Senate after falling short by two votes.  All it took was a little tweaking. 

Odds on Who Jake Paul Will Fight Next

Odds on Who Jake Paul Will Fight Next

Social media mogul turned pro boxer Jake Paul made quick work of Ben Askren on Saturday night, and now many are speculating who will be up next for a quick payday in the ring.  SportsBetting.ag has set odds for Jake Paul’s next opponent, and there are some intriguing names on the list of a dozen fighters.

Sports Betting Briefs: Jake Paul Fight Big for Books, NFL Gets Cozy With Sports Betting

Sports Betting Briefs: Jake Paul Fight Big for Books, NFL Gets Cozy With Sports Betting

Though it may have seemed silly at the time, the fight between social media influencer Jake Paul and UFC fighter Ben Askren turned into a big win for the books.  Plus a $603K slots jackpot hits and casinos getting back to pre-pandemic numbers.

March Gambling Revenue Soars After 2020 Virus Shutdown

New Jersey’s casino and sports betting revenue more than doubled in March compared from year ago — but that’s because the emerging pandemic shut down casinos for the second half of the month last year.

UEFA Europa League Season Recap So Far

UEFA Europa League Season Recap So Far

Everyone's attention is usually focused on the UEFA Champions League season after season, but let's not forget that there's another tournament that is just as exciting and where teams fight to prove they do belong among Europe's best, and it's UEFA Europa League. 

Syndicate