Posts Tagged ‘November’

Nevada Statewide Gaming Win Up 7.1 Percent, Strip Up 9 Percent In November

By Sean Whaley | 1:32 pm January 11th, 2012

CARSON CITY – Several major events in Las Vegas, including the final table at the World Series of Poker, combined with a healthy baccarat win, pushed Nevada gaming revenues up 7.1 percent in November, the Gaming Control Board reported today.

Nevada’s casinos took in $880.1 million in November 2011 compared to $822.1 million in November 2010, the second consecutive month of solid single-digit increases, said Michael Lawton, senior research analyst for the control board.

The Las Vegas Strip saw a 9 percent gain in revenues to $495.3 million in November.

Clark County as a whole was up 7.8 percent to $771.9 million. Washoe County was up nearly 2 percent to $53.5 million.

Calendar year to date, the state is up 2.9 percent.

Photo courtesy of en:E20Ci via Wikimedia Commons.

Only four smaller markets declined in November so the increase was very broad, Lawton said.

North Las Vegas was down 4.7 percent in November bringing in $23.1 million, Laughlin was off 1.9 percent with $38.6 million, North Lake Tahoe was off 0.4 percent with $1.5 million, and South Lake Tahoe was down 6.9 percent to $14 million.

Lawton said November was heavy on events that contributed to the revenue increase.

In addition to the final table of the World Series of Poker at the Rio from Nov. 6 to 8, Las Vegas also saw several major concerts and the Manny Paquiao-Juan Manuel Marquez fight at the MGM Grand Garden on Nov. 12, he said.

Baccarat, the card game played by high rollers primarily on the Las Vegas Strip, was a major factor in the November win as well, Lawton said.

“Baccarat was once again a big part of the story,” he said. “A baccarat win of $89.4 million was up 30 percent, or $20.5 million. Calendar year to date baccarat win for the state is up 7.9 percent.”

The volumes wagered on baccarat were also up significantly, Lawton said. The “drop” was $657.3 million, an increase of $85.3 million or 15 percent over November 2010.

Slot win was $578.4 million statewide, an increase of 2.5 percent over November 2010.

Lawton said the agency expects to see good results from December as well when that report is released in February.

The Las Vegas Convention and Visitors Authority also reported today that visitor volume rose by 3.2 percent in November to just over three million.

Tax collections from the gaming revenues were also up in November 2011, by 15.2 percent over November 2010 and totaled $57.3 million. Gaming percentage fee tax revenues are now in the black for the 2012 fiscal year at 0.36 percent, he said.

The tax collections are still behind the projections made by the Economic Forum projections for the revenue source, but the numbers are headed in the right direction, Lawton said.

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Audio clips:

Nevada gaming analyst Michael Lawton says baccarat was again a big part of the gaming win story:

011112Lawton2 :14 up 7.9 percent.”

Lawton says gaming tax revenues are finally in the black this fiscal year:

011112Lawton3 :17 last fiscal year.”

Lawton says November had a lot of big events that drew visitors to Las Vegas:

011112Lawton4 :19 on Nov. 12.”

Nevada November Taxable Sales Down Double Digits But Improve Over Prior Months

By Sean Whaley | 12:59 pm January 26th, 2010

CARSON CITY – Nevada’s taxable sales fell by 10.9 percent in November 2009 over the same month in 2008, making it the 13th month of double-digit declines in economic activity in the state. The $3 billion in goods sold in Nevada in November brought the fiscal year to date taxable sales decline to 18.1 percent.

In what might be a sign of improvement, the decline was lower than the 17.8 percent decline in October, and a 17.7 percent decline in September, according to the release by the Nevada Department of Taxation.

Gov. Jim Gibbons said: “The release of taxable sales and revenue collection data for the month of November indicates that, although revenues continue to decline in light of the sustained weakness in the housing and job markets, the pace has slowed.  The administration continues to search for ways to save money, reduce spending, and promote efficiencies in government.”

All major taxable sales categories except clothing and accessories stores, up 2.7 percent, were down in November 2009 compared to November 2008. But some of the declines were more modest than in previous months. Home furniture and furnishings were off by 1.4 percent, while general merchandise stores were off by 1.5 percent.

The largest categories continue to show a state economy that is in a protracted slowdown, however.  Motor vehicle and parts dealers were down 9.3 percent, bars and restaurants were down 10 percent, the construction industry classification was off by 44.6 percent and merchant wholesalers-durable goods were off 30.2 percent.

Thirteen of Nevada’s 17 counties recorded a decrease in taxable sales for November 2009 compared to November 2008. Only Humboldt, Lincoln, Mineral and Nye counties recorded positive taxable sales for the period.

The taxes generated by the sale of goods are a major source of revenue for the state budget. In part because of the continued slump in taxable sales, Gov. Jim Gibbons and the Nevada Legislature face a $1 billion shortfall in the current two-year budget that will require major cuts to programs and services. A special session of the Legislature to deal with the shortfall is expected in late February or early March.

The 2009-2011 budget was balanced by the Legislature using the assumption that taxable sales would decline by an average of 4.9 percent this year and grow by 2.1 percent in the fiscal year that begins July 1.

But on Friday, those estimates were revised downward to reflect an average 13.4 percent decline this year and a 4.7 percent decline next year. The difference is nearly a $183 million shortfall in this state budget revenue source alone. Assumptions for other major tax revenues were lowered as well.

Dino DiCianno, executive director of the Tax Department, said Friday during a hearing on the new revenue estimates that Nevada has a long way to go to get out of the current slump.

“I do see some glimmer of hope; there are certain sectors within the economy in this state that are starting to rebound,” he said. “But the problem is, without construction, which is a major driver, and without automobile dealerships selling cars, we’ve got a long ways to go folks, a long ways to go.”

Data from Nevada Department of Taxation

Nevada Gaming Industry Reports First Revenue Increase in Nearly Two Years in November

By Sean Whaley | 10:53 am January 12th, 2010

Nevada gaming revenues increased in November for the first time in 23 months, the state Gaming Control Board reported today. A big baccarat win by Las Vegas Strip casinos was a major reason for the increase.

The $873.2 million in total gaming revenue statewide was a 4.35 percent increase compared to November 2008, when the casino industry reported $836.8 million in revenue.

Revenues were up 6.9 percent in Clark County to $750.8 million, with the Las Vegas Strip showing an 8.3 percent increase with $473.8 million in revenues.

Washoe County continued in the negative category, with a 4.2 percent decline in gaming revenues compared to November 2008.

For fiscal year 2010 through November, gaming revenues are now 7.9 percent below the prior fiscal year.

“November’s gaming win increase of 4.4 percent ends 22 straight months of declining gaming win for the state,” said Frank Streshley, chief of the Tax and License Division. “The last increase in statewide gaming win, prior to this month, was in December 2007.

“This month’s results benefited heavily from strong table games play, including a 137 percent increase in baccarat win,” he said.

Casinos that offer the card game, most of which are located on the Las Vegas Strip, won $94.2 million on the game in November for a 137 percent increase over November 2008. The game is preferred by high end gamblers.

Unemployment Rate Drops in November Due to Smaller Labor Force

By Sean Whaley | 8:31 am December 17th, 2009
CARSON CITY – Nevada’s unemployment rate fell for the second consecutive month in November, declining six-tenths of a percentage point to a seasonally adjusted 12.3 percent, but the drop was attributed to a decline in the state labor force.

The decline from a revised 12.9 percent unemployment rate in October was reported today by the Nevada Department of Employment, Training and Rehabilitation. An estimated 161,400 Nevadans were actively searching for work in November.

“On the surface, the decline in the rate is a positive sign, indicating the recession is beginning to subside,” said Bill Anderson, chief economist for the agency. “Unfortunately, a more detailed review of the components of the unemployment rate reveals a troubling trend. Primary amongst them is the decline of the state’s labor force.”

Nevada’s labor force contracted for the second month in a row in November, falling by 1.5 percent, meaning roughly 13,900 workers either left the state or were too discouraged to seek employment, he said.

The labor force deteriorated in both of the state’s major metropolitan areas, causing the unemployment rate to decline significantly. In the Las Vegas area, the rate declined nine-tenths of a point, to 12.1 percent, marking the largest one month drop on record going back to 1990.

A similar drop occurred in the Reno-Sparks area, where the jobless rate fell from 12.2 to 11.3 percent. Carson City’s unemployment rate declined six-tenths of a percent to 11.2 percent.

Unemployment rates for the state’s metropolitan areas are not adjusted for seasonality. For comparison purposes, the state’s unadjusted unemployment rate was 11.8 percent in November.

Some of Nevada’s rural economies continue to enjoy the benefits of a robust gold market.

Gold prices recently topped $1,200 per ounce, Anderson said.

“All of this bodes well for the mining region’s labor market,” he said. “The unemployment rate is already considerably lower than the state as a whole.“

In the Elko metropolitan area, which includes Elko and Eureka counties, the unemployment rate is just 5.9 percent, nearly 6 points lower than the statewide average.

“Nevada’s mining industry will continue to thrive as long as the current economic situation persists,” Anderson said.

Following a one month reprieve, employment in both the private and public sectors of the state continued to fall, losing 9,200 jobs in November. Despite the partial opening of City Center in Las Vegas, prolonged weakness in the leisure and hospitality industry resulted in the industry losing another 5,700 jobs statewide.

Public sector employers shed 2,100 jobs, perhaps due to ongoing budget woes, he said.