Those with Las Vegas casino jobs recently received some good news.
The Nevada Gaming Control Board has announced that gaming revenue on the Las Vegas Strip increased by 8.3 percent during November 2009, accounting for the first increase in nearly two years.
Overall, proceeds on the Strip came in at $473.8 million. At the same time, revenue for all of Clark County, which includes downtown Las Vegas, came in at $750.8 million, a 6.9 percent increase.
"Consumers are feeling more confident about jobs, probably feeling a little wealthier than they had," Bill Lerner, a Las Vegas-based analyst for Union Gaming Group, told Bloomberg.com. "That can translate quite quickly to Las Vegas."
While November was the first month gaming revenue in Las Vegas increased since December 2007, when it rose less than 1 percent from December 2006, not all gaming hot spots throughout the country were as lucky. For instance, the New Jersey Casino Control Commission reported that gambling proceeds in Atlantic City decreased by 9.8 percent during November.
Part of the reason for the increase in Las Vegas is that resorts there have greatly reduced room prices and increased special offers to spur demand that was lost when businesses cut convention spending. According to the Las Vegas Convention and Visitors Authority, the average daily room rate during October 2009 was $99.59, a 14 percent decrease from 2008.
In response, travel to Las Vegas increased by more than 4 percent during November when compared to the previous year, which is welcome news considering travel declined by 10 percent during all of 2009.
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