Las Vegas gaming revenue drop.

[IluvVegas]

With the economy being what it has been in the past couple of years, Las Vegas has seen the

the largest single-year decline in state history.

Revenue has dropped by 10.4%.

Casinos statewide collected $10.392 billion from gamblers last year, the lowest one-year total since 2003 when gaming revenues totaled $9.62 billion, according to figures released Thursday by the Gaming Control Board.

There was an improvement in the second half of 2009 however as the first half of the year saw a drop in revenue of 13.4% while the second half of 2009 saw a drop in revenue of 7.2%. So there was an improvement in revenue coming into Vegas.

One analyst had this to say about the situation.

My personal feeling is we won't see any improvement in the locals market until unemployment improves," Streshley said.

[vegasrocks]

I just read an article on the losses Las Vegas casino's saw through 2009. Let me say... Major!

Nevada's highest-grossing casinos generated a net loss of almost $6.8 billion in fiscal year 2009, according to a profitability measurement released this morning by the Gaming Control Board.

casinocitytimes

Las Vegas's biggest, highest grossing casinos lost $6.8 billion dollars in 2009.

Gaming revenue accounted for $10.5 billion of their net. The 260 casinos in the report paid out a total of $778.7 million in gaming taxes and fees.

Clark County alone had 149 casinos who grossed more than $1 million dollars and reported a loss of $6.5 billion from total revenues of $19.2 billion. Thats a lot.

There is no doubt that this is because of the high unemployment rate we have seen. Most people can't afford to spend money in Las Vegas right now and those who do have some money are too afraid of the uncertain future to go and spend in las Vegas.

It will take a while for Vegas to rebound I think.