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 A glimmer of hope is shining through the outskirts of an economic meltdown for the state of Nevada when it comes to their gambling revenue. The news came Tuesday as state regulators tallied up revenue for November. This marks the first good news for the state's most precious source of tax revenue since before the recession in 2007.
One of the casinos that prospered greatly from the recent incline in revenue is Silver State Casino. They have made reports of a total gain of $873.2 million for the month, which is up from $836.8 million the previous year- a 4.4% increase.
The Las Vegas Strip, which is responsible for contributing over half of the state's total revenue, has seen some of the biggest increases in revenue thus far. They were up more than 8% in November totaling a profit of $473.8 million.
For one of gambling's biggest attractions, Sin City is welcoming this good news with open arms and high hopes for a trend to be set of steadily increasing revenues. Tourism was down most of last year and towards the end there was a nice spike which is a sign of good things to come.
"For the first time since December 2007, statewide and Strip gaming revenues were positive," Joe Greff, a J.P. Morgan Analyst wrote. "We think November's relative strength has been well understood by investors, encouraging nonetheless. After all, we note that the November calendar was unfavorable with eight weekend days in 2009 compared with 9 in 2008, though comparison was a relatively easy negative 14.8%."
Bill Lerner of Union Gaming, said, "On the heels of a strong New Year's in Las Vegas, the Consumer Electronics Show in Vegas last week looks to have drawn about 6% more attendees than in 2009."
With the New Year looking bright for Las Vegas, hopefully more good news will follow in future revenue reports and the state of Nevada will prosper once again.
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