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Reno Revenues Beat Las Vegas

Reno Revenues Beat Las Vegas

In a highly unexpected turn of events Reno has stormed ahead of Las Vegas and became its fiscal savior. While overall the state of Nevada’s gambling revenues showed a decline Reno managed to save the day with an impressive 15.36% growth – a staggering $44.1 million compared to $38.3 million for the same month in 2012.

Reno Revenues Beat Las Vegas

Reno’s gaming revenues show a double digit increase compared to last year, beating figures from Las Vegas

Reno figures are especially encouraging as the Gaming Control Board reported that overall the state’s gaming revenues fell from $855.7 million in 2012 to $854.3 million this year.

The control board’s senior analyst Michael Lawton said: “The state was down about $1.4 million, the Strip was down $10.8 million, but Washoe County was up $5.4 million. The bowling tournament marked the first time both the men’s and women’s events were taking place in the same month.”

Many hope that the Strip’s recovery is soon to follow.

Steven Wieczynski, gaming analyst at Stifel Nicolaus Capital Markets believes that the April figures are not reflective of overall trends in the Strip: “Slot volumes, often a good gauge of domestic-sourced Strip health, improved modestly year-over-year. As we shift ahead into the busy summer travel season, we expect gaming volumes to be heavily tied to occupancy and rate trends.”

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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