John Barrette - Sunbelt Digital Media
Nevada casinos extended their troubling 2008 streak of whittled winnings in September, according to a monthly report that shows they shared $1 billion statewide and recorded a 5.4 percent slump.
Gamblers didn't play with sufficient abandon to stave off the ninth straight month of lower take, compared with the same month in 2007, the report said.
The Nevada Gaming Control Board said the Las Vegas Strip took in $525.2 million in September, down 5.2 percent for the smallest drop and, as usual, had the largest take overall in the state.
Reno casinos won $55.4 million, recording the largest decline at 21.1 percent. Sparks came in at $12.7 million, down 18.7 percent, which made the contiguous Washoe County cities the laggard area of Nevada.
Two areas did record gains in September. The Boulder strip was up 13.9 percent at $87.6 million and North Las Vegas was up 11.2 percent at $26.1 million.
Frank Streshley, an analyst with the state's control board, cited a trio of factors for the bad month statewide: Sharp declines in the stock market; concerns about the federal bailout of the country's financial system; no major special events to attract tourists.
Nor was the stock market kind to shares of gaming companies Wednesday, closing after the report was released at the following levels, with losses: Wynn Resorts (WYNN), $45.25, down $4.85; MGM Mirage (MGM), $10.00, down $1.36; Las Vegas Sands (LVS), $5.05, down 29 cents; Boyd Gaming (BYD), $3.96, down 52 cents.
The state's gambling malaise, which accompanies what most economists now view as a national or worldwide recession, is troubling for the industry because of the lack of players and debt many had taken on in better times.
Last month Professor Bill Eadington, director of the Institute for the Study of Gambling and Commercial Gaming at UNR, said it is a scary time for the industry. He noted stocks are low, debt high and bankruptcy talk has been heard but vehemently denied. In an Oct. 30 interview he commented, "For the gaming business, this is something they've never encountered before."
Eadington added that if the firms survive and later thrive, however, investors could pick up the companies' stocks at rock bottom prices during this rough period.
The following areas filled out the monthly gaming report: Downtown Las Vegas at $49 million, down 8.2 percent; Laughlin, $44.5 million, down 6.9 percent; Stateline, $24.5 million, down 16.8 percent, and Elko County at $24 million, which was a drop from September, 2007 of 12.6 percent.
