Vol. 5, No. 20
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August 15, 2008
Nevada's Online State News Journal-- Serving Informed Nevadans Since 2003
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Nevada Casinos Rake It In,
Just Not Quite As Much
Sixth Month Below
The Year Before
The nation’s economic slump is continuing to have its affect on Nevada’s largest industry, as the casinos report a “take” in June about 1.11 percent below one year ago. Called the “win’, it is the money taken in from gamblers across the tables and through the machines before any expenses are accounted for and does not include anything except gambling. The take in June was $949,316,713. Of that, the state collected $52,096,054 in gaming taxes, which turns out to be 8.43 percent higher than one year ago. June’s taxes are collected in July, thus becoming the first tax collected in the fiscal year 2008-09 which began on July 1.
Clark County’s gaming establishments were up slightly more than two percent while the Washoe County gamblers were off by a whopping 19.18 percent in June compared to one year ago. Little Wendover, on the border with Utah, usually a winner, came in with a loss of 11.6 percent.
In southern Nevada, The Strip showed a loss of slightly more than three percent while downtown Las Vegas was off by more than ten percent. Reno casinos were down by more than 19 percent, and North Lake Tahoe was off by almost 29 percent. At the south end of Lake Tahoe, the casinos showed a loss of almost 24 percent compared to June of 2007.
Revenue from Nevada’s gambling palaces contributes almost 30 percent of Nevada’s income and is an economic barometer as well. The state budget for fiscal year 2008-09 is showing a shortfall of almost $1 billion. The legislature will go into session in February and will create a biennial budget for fiscal years 2009-10 and 2010-11. The state’s agencies have been ordered to trim their existing expenditures drastically to bring the current budget under control.
Nevada, along with most of the nation, has been in a period almost run away growth with money flowing into the coffers. The sub prime mortgage melt down, which was created by glut and greed, has put a halt to Nevada’s growth, all but shut down the construction and housing industries, and forced many in state government to take a serious look at finances, maybe for the first time is as much as ten years. While unemployment rates have been climbing regularly, it has been reported that government agencies have been continuing to hire, despite all the warning signs.
The fiscal integrity of the state is being called into question, and it will take legislators with strong wills to bring about the changes needed to put the ship of state back on an even keel. Nevada’s Constitution demands a balanced budget.
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