Vegas Revenues Heat Up in June
Las Vegas continues to show signs of recovering from a prolonged downturn, with revenues in June up 32% compared to the previous year.
The boom times may still not be back in Las Vegas but the good news is that signs of improvement have been readily apparent in recent months. June gambling revenues were up 32% over the previous year and up 8.5% over the first six months of 2011 as compared to the same period in 2010.
US casinos have struggled in recent years to recapture the magic they experienced in the early to mid 2000s, with Las Vegas hit harder than most cities due to a glut of new casinos and hotels that opened during the boom times.
The news was even better for Vegas casinos in June, as not only did gambling revenues from games such as Slots and Blackjack increase but revenues were up as well for income from room rates, food, and entertainment.
The state of Nevada as a whole showed improved signs of life in the gambling industry, with casinos outside of Vegas logging a 16% gain in revenues. Both Las Vegas Strip casinos and downtown casinos have turned in better results in recent months, leading to hope that the city is finally emerging from a protracted period of sluggish revenues and profits.
Las Vegas has benefited from a weak US dollar that has encourage foreign travellers to visit the city and gamble and shop, with their money going much further than in the past when the US dollar was stronger.
Macau has captured much of the industry's attention with blockbuster numbers and phenomenal growth over the last year but Las Vegas is still one of the world's largest gambling destinations.
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