Nevada Casino Winnings Drop in August

Nevada Casino Winnings Drop in August

According to the Nevada Gaming Control Board, revenue on the Las Vegas Strip has dropped 8.7% from last year. This was mostly due to a 59% drop in baccarat wagers. Reno casinos saw a drop of 11.2% and Downtown Las Vegas Casinos dropped by 4.2%. South Lake Tahoe casinos were the one ones that did well in August, bringing in $27 million, a 16.2 increase from last August.

For the fiscal year, which began in July, gambling revenues were down 1.5% statewide. The state collected $47.2 million in taxes, a 23.6% drop. Casino taxes make up about 1/3 of Nevada’s general fund revenues.

While baccarat had the biggest drop in revenue for table games statewide at a nearly 40% drop, Mini-baccarat also saw substantial losses with a 20% drop in revenues. Slot machine revenues stayed relatively flat as they do year-to-year with an increase of 1%.

Tax collections on gambling winnings for Nevada for the fiscal year are down 4.24%.

 

American Casino Guide