Las Vegas Casino and Gambling Revenue Declined in November

As the country's economic problems with both recession and inflation loom, Vegas casinos must work harder than ever to attract the

Revenues on the Las Vegas Strip from gambling and casinos declined in November 2007 from the same month of the previous year, according to data from the Nevada Gaming Control Board released Friday. Casinos took in $519 million, a 19% decrease from 2006.

However, experts felt the drop was just a hiccup rather than a trend, citing several reasons to believe the figures were not indicative of a genral movement downward.

November of 2006 had an unusual number of special events and major draws, including the Mayweather-Baldomir fight and concerts by Barbra Streisand and the Rolling Stones.

This led '06 to draw more visitors, especially high-limit gamblers, resulting in a 22%increase over November '05. The lack of high rollers this past November was confirmed by a 61% drop in the play of baccarat, almost exclusively a high-roller game.

October 2007 had already posted a 20%increase in revenue over the previous year, despite the number of visitors remaining essentially the same. This illustrates the growing importance to Las Vegas of high-limit players, who have fueled the continued growth of the Strip the past few years.

Across the state, casino revenues declined at a rate of 14% to just under $1 billion, the largest decline since immediately following 9/11. As the country's economic problems with both recession and inflation loom, Vegas casinos must work harder than ever to attract the "whales" that now drive the gambling industry, striving not to lose out to challenges by Macau and a redeveloping Atlantic City in the fight to maintain destination oriented, high-limit players.