Nevada Suffers Sharpest Annual Gaming Decline in HistoryRevenue Fell 10 Percent From 2007 |
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The numbers are in from December, and they don’t look good.
Gaming revenue fell for the 12th consecutive month in Nevada, completing a dismal 2008 for the casino industry. Annual revenue was down 10 percent — and nearly 19 percent in the fourth quarter alone — compared to last year.
It was only the third time in the past 53 years that annual revenue declined.
Casinos brought in $11.6 billion in 2008, the lowest amount of statewide revenue since 2005. In 2007, casinos won $12.8 billion.
While the numbers are certainly cause for concern, some analysts caution people from making too much out of these specific monthly numbers.
“It’s a business like any other business. The economy runs in cycles, obviously there will be ups and downs,” said David Schwartz, the director for the Center for Gaming Research at UNLV.
“Sometimes, people make a little too much about it,” said Schwartz. “What you want to see is the general health of the industry, if the fundamentals are good…I think pretty much, the fundamentals are good.”
Visitors to the city also declined 4.4 percent in 2008.
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