Las Vegas Strip gambling revenue posts biggest drop on record
Bloomberg News Service
Las Vegas Strip casino gambling revenue tumbled 23 percent in December, capping the worst annual decline on record, as the city enters the second year of the U.S. recession with thousands more hotel rooms and fewer visitors to fill them.
Gambling proceeds in the biggest U.S. gaming center slumped 10.6 percent to $6.12 billion last year, the steepest decline since data started being compiled in the mid-1980s. Last year was bleaker than 2001, when the Sept. 11 terrorist attacks frightened travelers and led to a 2.1 percent drop, said Frank Streshley, an analyst at Nevada's Gaming Control Board.
December's gambling proceeds of $474.2 million represent the Strip's 12th straight monthly decline, according to data released today by the state gaming regulator in an e-mailed statement.