Gaming revenue and visitation stats released yesterday (March 8) showed significant decreases in revenues and a slight dip in visitation in January 2013 as compared to January a year ago.
The Nevada Gaming Control Board said revenues on the Las Vegas Strip were down 18.7% after total winnings of $507 million in January 2013. Downtown casino revenues ($45 million) decreased 5% in the year over year January comparison. Overall Clark County revenues dropped 13% to $802 million in the January year over year comparison. Statewide, Nevada gaming revenue decreased 12.5% in January 2013 vs January 2012.
The Las Vegas Convention and Visitors Authority (LVCVA) reported on Friday that 3.1 million visitors came to Vegas in January 2013, down slightly (- 0.7%) from visitation numbers in January 2012. Convention attendance actually increased 6% (572,000 attendees) in January 2013 compared to January 2012. Room occupancy for the month was flat at 78%, with average daily room rates up slightly to $114 per night.
The observed 18.7% decline in January 2013 revenues followed a 13.5% increase in revenue seen in December 2012. That 30+ percentage swing indicates a high degree of revenue volatility during a relatively short time span.