Friday, October 10, 2008

Las Vegas Casinos Report 7.4 Percent Decline In August Revenues

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Casinos on the Las Vegas Strip - the largest gaming market in the U.S. - reported a 7.4 percent decline in August revenues compared to the same month last year. It was the eight straight month of revenue declines.

Casinos throughout the state of Nevada recorded an 8.1 percent decrease from the year earlier even though Labor Day weekend landed in August this year.

"Third-quarter results could prove to be challenging statewide, as September weakness could be greater than August revenue figures," said Dennis Farrell, a debt analyst with Wachovia Capital Markets. "August probably benefited from higher international visitation and a favorable operating calendar."

The second largest gaming market in the U.S., Atlantic City, will report its September gaming data today.