Gaming revenues in the state of Nevada have fallen for the second straight month running, with a 1 percent drop in revenue for February being reported. However, all is not as bad as it seems, as revenue throughout February broke the $1bn barrier. The Nevada Gaming Control Board stated that revenues for February were $1.011bn compared to $1.017bn for the corresponding month last year.
The month of January 2019 though was slightly more worrying, with revenues of $984.5 million, a 3 percent fall compared to January 2018. Despite the fall in revenues, actual visits made to Nevada are on the up. The Las Vegas Convention and Visitors Authority reporting that the state received 3.189 million visitors in the month of February, an increase of 2 percent.
Carlo Santarelli, gaming analyst for Deustche Bank, told investors that the fall in revenues experienced by the state were in part due to New Year and the Chinese New Year. Whilst Steven Wieczynski an analyst from Stifel, the investment bank and financial services company stated: “We continue to believe that strength in the local Vegas economy positions the Las Vegas locals segment to produce outsized gross gaming revenue growth, as compared to the U.S. regional average.”
