Nevada Enjoys Gaming Revenue Rise
Last year Nevada enjoyed a small rise in gaming revenues and once again the state easily topped all other states with commercial gaming.
Revenues rose by 1.5% to $10.86 billion mainly as result of growth in the Las Vegas market.
According to Reno Gaming analyst, Ken Adams, “Take Las Vegas out, and Nevada didn’t grow.”
However, in the long term picture, Nevada is still 15.5% below its 2007 level of revenue and in the same six year period revenues in Pennsylvania have almost tripled. According to Adams the gains in Pennsylvania have come at the expense of Atlantic City.
The President of the American Gaming Association, Frank Fahrenkopf, has said that the AGA’s revenue figures are encouraging, but at the same time he acknowledged that Nevada’s gains are a result of Las Vegas.
He said of Nevada’s regional submarkets that “You can’t look at gaming as monolithic. It’s market to market. Reno is primarily a drive-in market and it’s one of the few places you can point to where competition has really hurt – Indian gaming. The growth is where there are new casinos.”
Next year’s AGA report will include online poker in Nevada but it is uncertain how much that will add to the total revenue.