Nevada Gambling Revenues Down For Third Straight Month

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EX BOOKIE
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[FONT=Verdana, Arial, Helvetica, sans-serif]DIRECT FROM NEVADA
WITH NICK BOGDANOVICH
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[FONT=Verdana, Arial, Helvetica, sans-serif]NEVADA GAMBLING REVENUES DOWN FOR THIRD STRAIGHT MONTH[/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]It's a trend that's concerning the casino/sportsbook industry in Las Vegas and Reno:[/FONT]
  • [FONT=Verdana, Arial, Helvetica, sans-serif]Gambling revenues were down 1.3 percent in January[/FONT]
  • [FONT=Verdana, Arial, Helvetica, sans-serif]Gambling revenues were down 3.1 percent in February[/FONT]
  • [FONT=Verdana, Arial, Helvetica, sans-serif]Gambling revenues were down 4.8 percent in March[/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]Just like those earthquakes that were hitting Reno a few weeks ago, the trend is scary because the numbers are getting bigger and bigger![/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]And, if you're into sports...you know that those are key months. January includes the big college football bowl games and most of the NFL playoffs. February includes the Super Bowl (played on the first Sunday of the month the past two seasons), which is the single biggest betting game on the planet. March is famous for "March Madness" in college basketball. That's the single biggest betting "event" on the planet. [/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]Yes, the "gambling" revenues listed above apply to ALL gambling, not just sports. But, sports gambling traditionally helped the table games too, because tourists would spread their money out in a variety of areas during those big events. The fact that revenues are down during the most important wagering times of the calendar year is big news. And, the fact that the declines are GROWING from the Super Bowl through March Madness really has everyone's attention. [/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]There's been a lot of talk here in the stat about what's driving the declines.[/FONT]
  • [FONT=Verdana, Arial, Helvetica, sans-serif]Some point to the "diversification" of options at the resorts. Now people can spend their money on restaurants, shows, and other perks. There's not as much income devoted to gambling as there used to be. If tourists come to Vegas or Reno for a big event, the money that used to go to blackjack now goes to a spa trip for the wife, or a night at a fancy restaurant. Multiply that by ALL the people coming to Nevada and it adds up.
    [/FONT]
  • [FONT=Verdana, Arial, Helvetica, sans-serif]Most agree that a downturn in the economy has played a big role. Gas prices have been going up for a couple of years now. That discourages travel, which is always bad news for a tourist destination. People have less discretionary income (or don't have any!), which makes gambling junkets less appealing. [/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]Those are the two main culprits in the stories I've seen. The economy is worse, and people have other things in Vegas to spend their money on. [/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]Let me throw in a few extras:[/FONT]
  • [FONT=Verdana, Arial, Helvetica, sans-serif]POKER! The poker boom may have slowed down a little bit. But, the people who are still playing are the type that used to lose money playing blackjack or betting on sports. Many are finding success at the poker table. If you used to "pay for entertainment" by losing at blackjack and sports...but now you're winning at the poker tables...there's no reason to stop playing poker. Casinos clear much less from their poker rooms than they used to from other options. So, not only are fewer people gambling, those who are still gambling are doing it at the Hold-em tables.
    [/FONT]
  • [FONT=Verdana, Arial, Helvetica, sans-serif]SERVICE! Sportsbooks in this state developed a bad habit over the years of treating bettors poorly. They acted like it was an honor for the bettor to have an out. Ticket writers were rude (not all, but enough that it got noticed). Management typically gave the benefit of the doubt to themselves rather than customers in conflicts. Many even reportedly got cute with the lines they were dealing, changing numbers at the last second and blaming it on the computer. I've never been involved with anything like that, but I hear stories all the time. When you're the only game in town, you can get away with that. When sports bettors started spending more time in the poker rooms...or pursued online alternatives, the poor service came back to haunt the casinos. [/FONT]
  • [FONT=Verdana, Arial, Helvetica, sans-serif]WHALE HARPOONING! You may have seen some of those TV shows on the travel channel that talked about how all the casinos tried to lure in high rollers ("whales" in the local vernacular) to bet (and lose) money at their locales. They would lavish the very rich with great treatment, knowing those guys would lose a fortune playing games they couldn't possibly beat over time. Well, the rich and famous saw those TV shows too! They wised up, and stopped losing tons of money at blackjack and other table games. There are still some whales to contribute to the coffers. As we've seen in the other areas, many of the rich and famous have moved to poker to get their fix.
    [/FONT]
  • [FONT=Verdana, Arial, Helvetica, sans-serif]CASINOS ARE EVERYWHERE! This hurts table games a lot more than my field of sports betting. But, it's certainly true that people who love to gamble now are likely to have a place closer to them than Las Vegas to enjoy. There are riverfront, lakefront, and Native American casinos within a reasonable drive of most major cities. This has always been a threat to Nevada. One reason all the fancy restaurants and shows sprung up was because the state had to compete with these other places. [/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]Can the turnaround be fixed? [/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]I'm very optimistic about that. These things go in cycles. Sports fans love betting on the games, and I think they'll come back with increased enthusiasm after some time at the poker tables. It's not like the passion for football has decreased. If anything, interest in the NBA is picking up. Sports will still be a big part of America, which means betting on sports will still be as well. There's no better place to do that than in Nevada (because it's legal!).[/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]The economy tends to go in cycles too. It may be true that Nevada was "recession-proof" in past years. The world has changed. When the markets pick up again, there will be people coming back here to gamble. [/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]And, it wouldn't hurt if sportsbooks and casinos thought a little more about SERVICE. They just have to provide a pleasant experience at a time when people have options. I'm amazed how many Las Vegas sportsbooks in particular look like ghost towns at times when they used to be buzzing. Some resorts have cut the size of their sportsbooks in half to put in more slots, table games, or poker tables. Nobody complained, because nobody was there to complain! It's not sports bettors' job to find you, it's your job to attract them![/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]When there's a big event, this isn't an issue because everyone knows where to go for the big events. When there isn't a big event, it's the experience that brings people back. Give customers good experiences. [/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]Maybe this recent short term downturn will give casinos a kick in the pants. [/FONT]
[FONT=Verdana, Arial, Helvetica, sans-serif]One danger for sports gamblers across the country is that the betting lines get sharper when the public isn't involved. You can't go against the public if they've stopped betting for awhile! If wagering is going down, that means the numbers are based on the insights of professional oddsmakers, and professional wagerers. Those who make their livings in this field aren't taking any time off. If YOU are trying to beat the numbers on your own, you're going to be in for a challenge. [/FONT]
 

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i was their for march madness and it was packed. the sportsbook, the tables, the shows and the restaurants. seen no differences from other years. Ceasars and Rio mostly.
 

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