Las Vegas Strip Receives Gambling Revenue Boom

Real Money

The Las Vegas Strip has experienced some of the worst revenue declines in the gaming industry over the past three years, but this week casinos in the city finally received some good news. Casino revenue jumped on the Strip by over thirty-two percent in June.The World Series of Poker was in full swing during June, and that is being credited as a major reason that revenue increased to the grand level it saw in June. The total revenue of $506.7 million is up thirty-two percent from June of 2010. The WSOP was happening back in 2010 as well, but attendance was down due to the global economic recession.This year, the WSOP set records for number of participants, and with each player that entered a tournament, there was more revenue flowing through the slot machines at casinos on the Strip. Casino executives were excited about the increase in WSOP attendance, as they understand that players cannot all win, and when they lose, they head to gamble inside the casinos.The recovery process did not just start in June. The first six months of 2011 have seen an increase in revenue of 8.5%. At this rate, analysts predict that the gaming industry on the Las Vegas Strip may recover fully by the end of 2012. The Strip increase has executives around the country believing that an entire recovery may be on its way.Nevada casinos on a whole had a strong June. Revenue was up sixteen percent at state casinos. The $885.7 million in June gave officials hope that better days are in front of the industry. Newly renovated casinos are expected to boost revenue figures even more in the final six months of 2011, and into next year.With customers coming back, casinos have again increased their hotel room rates. The rate increase has helped the bottom line revenue figure, and company’s such as Caesars Entertainment and MGM Resorts International are hoping that the path to recovery continues on a swift pace. Dozens of casinos had to shut their doors for good during the recession, and the ones that have survived are now starting to prosper again.Nevada lawmakers are prepared to give casinos even more relief in the future. Lawmakers passed a bill that legalizes online casino gambling, as soon as the federal government passes increased regulations on the industry. The online casinos could pump billions of dollars into the Nevada gaming industry over the next decade.

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