After undergoing a rough ride during the economic downturn of recent years, casinos all over Nevada have reported revenue increases in November 2009 over the same month the previous year.
In total, Nevada casinos saw a four percent jump in revenue when comparing November 2009 figures with those from November 2008. For the Las Vegas Strip, the hub of gambling activity worldwide, the spike was a remarkable eight percent.
Although revenues from the normally dependable slot machines was down considerably, income from table games showed a marked improvement. Slot machines revenues along the Las Vegas Strip fell by nearly four percent, but casinos brought in healthy cash flows across the numerous green felt tables throughout the state. Table game players contributed over three hundred eight million dollars in November, a jump of seventeen percent.
In fact, revenues all along the Las Vegas Strip have increased for the first time since December 2007, at the start of the recession. Stocks for many of the major casino conglomerates rose with the release of the good news. MGM Mirage, owners of the MGM Grand and the new CityCenter complex and Aria casino, saw their stock prices leap more than seven percent, mostly due to the high traffic in CityCenter and Bellagio, the Strip’s centerpiece high-end casino resort. Other casino companies saw their stock prices go up: Wynn Resorts Ltd. (Wynn and Encore) increased by nearly four percent and Las Vegas Sands Corporation (Venetian and Palazzo) jumped 2.5 percent.
Wall Street analysts have expressed optimism that the struggling casino industry may see more improvements in their financial outlook early this year. Early reports show that attendance at January’s Consumer Electronics Show was up six percent over last year. Many casinos are also hoping for big business the first week of February, when the National Football League’s Super Bowl game rolls around and the high-stakes bettors on America’s biggest gambling day place their bets.
