Revenues fall for Vegas casino operators
Posted by Bev Freeman on 14 Aug 2009 at 13:08
Revenue for some of the biggest names in Las Vegas is on the slide, according to new figures.
Bloomberg reported that revenue for the gambling capital slipped by 15 per cent in June, over double the rate of the previous month.
Vegas is battling with the global recession and in particular a fall off in visitor numbers.
Proceeds from the strip slid to $414.5 million in June compared to last year, said the Nevada Gaming Control Board.
However, revenue for gambling dipped by 6.4 per cent in May which is actually the smallest declined since September, according to Bloomberg.
So far this year a number of Las Vegas casino companies have dropped hotel prices and introduced new special offers in an effort to reverse the slides.
Other figures published by Bloomberg included a drop of 12 per cent in airport passenger traffic in Las Vegas, according to the Clark County Department of Aviation. Revenue dropped 15 per cent compared to the 11 per cent fall for the whole of 2008.
Overall revenue for casinos in Nevada slid 14 per cent to $118.2 million, Bloomberg added.
The Las Vegas Convention and Visitors Authority also said around 18.2 million people went to Las Vegas in the first six months of the year, a drop of 6.8 per cent compared to the same period last year, according to the financial news provider.
Bosses in Vegas hope to further boost to the city's appeal for convention holders, with convention attendance falling by nearly 28 per cent according to the latest figures.
