February of 2009 was apparently a very rough month for the casinos of Las Vegas. The numbers coming in for that month indicate that the casino businesses in the city were hit by a 23.4% decline in gaming revenue. The total profits for the month of February were $427.4 million. During this same time back in 2008, the casinos fared much better, earning a reported $556 million in revenue. This type of figure does not bode well for the land-based casino and gambling industry.

While online casinos continue to do remarkably well in terms of retaining customers and expanding business ventures. Their counterpart, the land-based casino is getting left in the dust. Some people are not quite sure why the online casino experience seems to be so much more appealing to so many people compared to the brick and mortar casino atmosphere. Nonetheless, business is booming for online casinos and it seems that things will only get better for them.

Across the entire state of Nevada, casinos took in some $830.9 million during the month of February. That is an 18% drop from the $1.1 billion these same casinos were able to earn during February of 2008. For investors in the Las Vegas casino scene, this is pretty disheartening news. In a time when the nation’s economy continues on in its downward spiral, Las Vegas seems to be following in suit. It used to be that Las Vegas, as an institution could withstand any difficult financial times, but that may no longer be the case. One positive thing amid all of this negative news is that it seems as though the number of visitors is holding steady and is relatively stable. That means there is room for things to get better, possibly sometime soon.

Tags: las vegas casino revenue

This entry was posted on Monday, April 13th, 2009 at 11:08 am and is filed under Las Vegas Casinos. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.