126 Gaming
Vegas reels
Las Vegas casinos suffer the biggest drop in revenues ever
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n a staggering reversal of fortunes, In this decade alone, we had four differ- half of the year when compared to 2008,
Las Vegas casinos registered their ent drops with the single biggest in 2009, in the second half of the year the de-
biggest-ever drop in revenues last at 10.4 percent,’’ said Frank Streshley, the crease was smaller at7.2 percent, and the
year - plunging a huge 10.4 percent com- NGCC’s tax and licensing division chief. Las Vegas Strip revenues actually grew
pared to 2008 - a total US$10.4 billion In 2001 and 2002, Nevada’s casino 5.9 percent in December.
(MOP1.7 billion) in revenues. revenues fell 1.3 percent and 0.3 percent The more than 250 casinos in Ne-
The Nevada Gaming Control Com- respectively after the September 11 trag- vada earned US$7.6 billion in revenue in
mission (NGCC) said the more than 250 edy. In 2008, there was a decrease of 9.7 2009, while Macau, with just 33 casinos,
casinos in the state enjoyed the first in- percent due to the economic recession earned US$10.519 billion in revenues, an
crease in gross revenues in 22 months that affected the tourism sector and is absolute record set in 2009. The city is
in November 2009, a 4.3 percent jump still ongoing. Streshley believes that “no now considered to be the most profitable
bringing in a total of US$873.2 million. improvement is foreseeable until unem- in the world after overtaking Las Vegas.
However, another 3.2 percent drop fol- ployment drops”. The presence of a strong Chinese
lowed in December. All games were affected in 2009, community and the proximity to the
with the exception of baccarat which Asian giant, with deeply rooted gam-
Since records began enjoyed a 26.6 percent increase. The bling habits, helps to explain its success,
In 2009, Nevada’s gaming sector expe- remaining table games dropped 7.6 per- along with gaming restrictions in Hong
rienced the biggest drop in gross reve- cent and slot-machines lost 11.8 percent Kong and the mainland.
nues since 1955, the year the state began when compared to 2008. These factors have all helped Macau
keeping records. to become the “Las Vegas of the East”,
“Since we first started keeping Vegas strip up a nickname that has substituted the pre-
records, the state hadn’t registered a sin- However, Streshley says that while casi- vious, more romantic, “Monte Carlo of
gle drop in gaming revenues until 2001. nos had a 13.4 percent drop in the first the East”.
March 2010
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