It has been a long couple of years for Nevada and New Jersey, two states that rely heavily on casino gambling tax revenue to support the state budgets. In August, Nevada casinos finally received some good news regarding their casino revenue.
For the month of August, Nevada casinos won almost $945 million. That figure represented an increase of
"It has been a long, tough road over the past couple of years, and the casinos have suffered greatly," said Maryann Levitt. "I have friends that lost their jobs because of the slow down at the casino. Hopefully now the casinos will again start hiring some of the people they laid off."
The Las Vegas casinos may not be at that point yet. There have been declining revenue at Sin City casinos for so long, that some of the companies have started to expand to other states and even other countries to try and recoup some of the lost revenue.
Casino gambling is becoming a number one tool around the US to help fix budget deficits. Many states have turned to casino expansion, and that has worked out well for dealers, pit bosses, and other hospitality workers that were fired from their jobs in Nevada. Hundreds of these workers have relocated to areas of the country where new casinos have been built.
Although Nevada casinos had revenue that increased in August, downtown Las Vegas casinos continued to see revenue decreases. The casinos in downtown Vegas declined by 1.4% in August from the same period last year. In August, revenue was $41.4 million. Clark County saw the biggest increase in revenue, with the other counties continuing to struggle.
Casino tax revenue makes up over thirty percent of the Nevada budget. Over the past few years, funding for many programs had to be cut due to the loss of millions of dollars in gaming revenue. The revenue drop has even caused Las Vegas-based casino companies to consider supporting online gambling regulations in the US.
October 9, 2010
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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