Nevada Gaming Revenue Takes a Dip in October
The gaming revenue numbers for Nevada in October are in, and they reflect a small decline over the same period in 2012, reports Bloomberg Businessweek.
Overall, the take from gambling in the state of Nevada decreased by 2.6 percent over October of 2012.
Roulette to blame, say regulators
Sports-betting and baccarat continued to be a boon for Silver State casinos, with Bloomberg noting that October was a banner month for sports wagering in the state. Records were set for football betting.
One reason for the year-over-year dip was a big decline in roulette, according to Nevada state gaming regulators, who pointed out that baccarat – the game credited with being the biggest revenue draw in Nevada this year – is still going strong. Last month the state’s casinos took in over $150 million from the game, which is extremely popular with Asian bettors.
Statewide, Las Vegas found its gambling revenue last month off from 2012 by five percent, while the biggest little city, Reno, fared a bit better with the numbers only dipping by one percent over last year’s figures.
News comes same week as struggling NJ launches iGaming
The word that casino revenue was slightly down in Nevada came the same week that focus was mostly tuned on another state: New Jersey.
The launch of New Jersey’s online wagering industry was the story of the week, and for the most part, the news was good. Early reports have the New Jersey commencement coming in as a success, a state of affairs that no doubt comes as a huge relief to New Jersey state gaming regulators and its casino industry.
After years of bleak news out of Atlantic City, a successful launch of online betting in New Jersey may signal a new era for the long-struggling city, which is said to have the worst unemployment in the nation. Atlantic City, to which the new New Jersey online gambling industry is legally tied, has been hemorrhaging revenue for years as gamblers are fleeing the city for newer casinos in nearby states, particularly neighboring Pennsylvania.
This week Philly.com reported that Moody’s – a company that recently downgraded the credit rating of Atlantic City – is predicting that the nascent New Jersey Internet betting industry could generate $100 million in profit for the handful of land-based casinos in the city that now have operational real money wagering web sites.
Peggy Holloway, a senior credit analyst and vice president for Moody’s, said that iGaming, “is a much-needed boost for a market that has suffered protracted declines in gaming revenues amid increased competition from neighboring states and weak consumer gaming demand.”
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