Vegas Still Showing Less Than Expected

Nevada is still showing a decrease in the amount of taxes that are being collected – and this is now the third straight month that this has happened. The state shows a decrease for the month, as the two months before did as well. This is also the fourth time in the past eight months that there was a decrease.

They collected $81.5 million for January, which is off $11.8 million from the previous year’s earnings. For the fiscal year so far they are already down 3.55% less than last year as well. They have already lost around $20 million this year.

Experts say that the numbers do not bode well for the slot machine and gambling industry. They say that the forecast for the rest of the year is starting to look somewhat bleak and that Wall Street is looking at a possible economic slowdown for the year. At almost $50 million forecasted below where they should be, a slowdown might just be what is happening.

Experts say that with the housing crisis being what it is, many do not have the money to spend on frivolous pursuits such as slot machines and gambling, so this could be why their income has dropped so drastically this year.

They also said that severe weather factored into it, as slot machine players and gamblers were unable to reach the casinos in the northern part of the state. They said that even the locals have been playing the slot machines less than in past years, but that Baccarat numbers were up. Some experts say that everything is cyclical and that it is too early to start talking trend just yet.


 

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