Nevada gaming revenue down 4.53 percent in May

Tapanee “Jib Jib” Songsee deals blackjack Monday, April 21, 2014, at the Cromwell.

Led by a steep drop on the Las Vegas Strip, Nevada gaming revenue fell more than 4 percent last month, the state reported today.

The Gaming Control Board said Nevada casinos won more than $958 million in May, down 4.53 percent from more than $1 billion the same month last year. For the fiscal year, however, statewide gaming revenue is still up 0.16 percent.

On the Strip, which is by far the state’s largest casino market, May gaming revenue fell 11.68 percent year over year to $531 million.

Revenue from table games and sports betting there fell 19.65 percent to $264.1 million, with baccarat revenue specifically dropping 18.6 percent to $88.9 million. The Strip’s slot machine revenue fell 2.06 percent to $266.9 million.

Last May, the Strip benefited from some major events that were not repeated this year, namely the widely anticipated boxing match between Floyd Mayweather and Manny Pacquiao and the Rock in Rio music festival.

Michael Lawton, senior research analyst for the gaming board, said last May also had an extra Friday and Saturday compared to this May, as well as two UFC title fights.

“This May’s event calendar really didn’t quite stack up anywhere near as strong as that, and I think that’s the controlling factor to why these numbers were soft,” Lawton said.

Lawton added that May 2015 was a $1 billion month for Nevada gaming revenue, something that has happened only a handful of times over the last few years.

May of this year was generally better for the rest of Clark County’s casinos. In downtown Las Vegas, gaming revenue rose 13.11 percent $50.4 million, while North Las Vegas gaming revenue increased 27.81 percent to $27.2 million.

Laughlin and the Boulder Strip also reported gaming revenue increases of 1.94 percent and 25.87 percent, respectively, although Mesquite’s gaming revenue declined 2.76 percent year over year. Overall, Clark County’s gaming revenue was down 4.4 percent in May.

Meanwhile, Washoe County gaming revenue was $68.2 million, down 3.41 percent. Reno’s gaming revenue in particular was $50.3 million, down 4.81 percent.

Additionally, South Lake Tahoe gaming revenue dropped 15.12 percent year over year to $13.7 million.

The state collected $51.5 million in taxes on May’s revenue, a decrease of 17.13 percent from May 2015.

Gaming

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