Nevada doing well in first quarter
Posted by Carl Barnett on 23 Apr 2010 at 09:04
There have been promising signs as regards profits at land based casinos in one of the most famous gambling spots in the world, Nevada.
The Nevada Gaming Control Board has said that the total amount of gaming revenue saw a rise in February of this year when matched to the same time last year, with $946.6 million being the figure reported for February 2010. This shows a rise of over 13% on February of 2009.
Perhaps even more impressive, revenue on the Las Vegas Strip saw a 32% rise on the same month last year, with revenues from land based gaming coming to well over $550 million.
An analyst from JP Morgan, Joseph Greff, has told clients: ‘We think results were helped by the timing of the Chinese New Year.’
This is because the Chinese New Year was celebrated in February in 2010, as opposed to January in 2009.
This celebration is therefore widely believed to be linked to increased spending in the casinos and other gambling establishments in Nevada.
The land based casino industry, like the online casino industry, is seeing steady growth, and much development in 2010.
