Gaming Slump: 21 Months And Counting
State Collected $54.3M In September Taxes
POSTED: 8:21 am PST November 10,
2009
UPDATED: 8:40 am PST November 10,
2009
LAS VEGAS -- Bargain room rates and casino comps failed to lure gamblers to Nevada in September, extending the state’s gaming slump to its 21st month.The Gaming Control Board released revenue reports Tuesday morning showing casinos statewide won $911 million during the month. That’s a nearly 9 percent decrease from September 2008.It was, however, a higher number than August of this year, when the gaming win was $847 million.But that razor-thin silver lining is unlikely to change the attitude among state leaders tallying gaming tax revenues. Nevada collected $54.3 million in taxes in September, nearly 14.6 percent less than the same month last year.Casino Companies Look To FutureSome economists warned earlier this year that gaming could be among the last industries to see a rebound from the recession.Those fears prompted Boyd Gaming to announce last week that its $4.8 billion Echelon project would remain on hold for at least three to five years.Only the massive steel frame of the resort complex has been built and stands idle on the site of the old Stardust hotel.Related Link: One Month Later, TIME Talks Hope For Las VegasMeanwhile, MGM Mirage’s CityCenter project has been tagged as the lone bright spot for the Las Vegas economy.In addition to creating 12,000 jobs, the project marks what could be the last major resort openings for several years. The first phase of CityCenter, which includes the ARIA resort, Mandarin Oriental Las Vegas and Crystals retail complex, are due to open next month.
Previous Stories:
- November 5, 2009: MGM Mirage Posts 3rd Quarter Loss
- October 29, 2009: Las Vegas Sands Loses $123M In 3rd Quarter
- October 28, 2009: Boyd Loses Money, Stops Echelon Project
- October 27, 2009: Harrah’s 3Q Losses More Than $1B
- September 21, 2009: Construction Industry Future Cloudy
- July 17, 2009: Is Vegas Last In Line For Economic Rebound?
- July 15, 2009: Unpaid Debts Painful To Vegas Economy
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