Las Vegas Taking Economic Hit Too

Todd | October 15, 2008

It seems as thought the current economic situation in the United States isn’t only affecting auto makers and insurance companies. The Nevada Gaming and Control Board has announced that revenues from gaming are down for the eighth straight month. With soaring fuel prices, cash strapped consumers are finding it too expensive just to even go to Las Vegas, let alone gamble money away once they get there. Gambling and leisure activities are one of the first things people have to budget away when things get tight.

The current decline in revenues is the largest recorded since the control board began keeping records in 1984. The first eight months of 2008 show that revenues have dropped six point eight percent. The Strip, Las Vegas’ famous line of amazing high rise casinos and lavish attractions has been hit with a six point six percent decline in revenues. Obviously the reduction in gaming revenues has also led to a reduction in tax revenue for the state. There was a six percent drop in tax revenues for the state to this point so far in the year.

In other areas of the state, gaming revenues were off by as much as seventeen point eight percent and twenty two point four percent. Clearly the difficult times in the American economy are having an influence American’s and their willingness to come out and gamble away their money.

The news from Las Vegas is in sharp contrast to some of the success foreign based online casinos have been seeing as of late. A rise in the number of participating players has brought some record numbers to several online casino properties. Proprietors in Las Vegas might soon be getting a break however as fuel prices start returning to normal levels and long distance travel becomes more of a reality again.