Gambling Revenue in Las Vegas is still on the decline
It looks like the recession is still continuing to bite as people travelling to the Sin City is falling. The reported gambling revenue in Las Vegas for June is said to have fell by 15%, which is more that double the rate of the previous month.
It has been reported by the Nevada’s Gaming Control Board, that the proceeds of the strip casinos have dropped to $414.5 million in June. The smallest decline in gambling revenue since last September was a fall by 6.4% which was in May.
The casino resorts in Las Vegas have been unable to attract tourists to the city by slashing the room prices and increasing the special offers, even companies cancelled conferences that were to be held in the casinos. CEO’s of the major casino resorts have said the business has stabilized since the release of the second quarter results.
Around 18 million people visited the Sin City in the first half of the year, if compared to the year before there is a decline of 6.8%, this is according to the Las Vegas Convention & Visitors Authority. Even the convention attendance fell by almost 28%. The Department of Aviation for Las Vegas also reported 12% fall in airport passenger traffic in the first half of 2009.