Slot gaming in the state of Nevada has been down for some time in terms of revenues but reports now show the gaming option is starting to see a turnaround. Being one of the most popular gaming options in the past, it was hard for operators to see slot gaming slow down once the recession hit in Las Vegas. It has been years since revenues for slots have seen a pick-me-up, but it seems as though 2015 is the year for change.
Back in 2008 and 2009, slot gaming took a big hit, with revenues going down in record numbers. The games are still not earning as much as they did before the economy in Las Vegas began to suffer, but a few years of stable game play has resulted in the overall situation improving for operators.
Recent reports show that slot revenue on a statewide basis has increased by 4.3% when compared to last year from the first of the year to May. The state Gaming Control Board has released figures which show the increase, including a 6.1% jump for the slot gaming along the Las Vegas Strip. The amount of money spent by gamblers at the slots has also increased statewide with an increase of 2.1% for 2015.
These numbers may not seem like a lot, but any increase is good when Las Vegas has suffered from less than stellar revenues with slot gaming for many years. The revenues are far from the big numbers earned in years past. Take for example, the statewide revenues for gaming in 2007, which was $12.8 billion. Slot gaming was $8.4 billion of this total number, more than half of the earnings. In 2014, slot gaming only brought in $6.7 billion, a much lower amount.
State Gaming Control Board Senior Research Analyst Michael Lawton stated that currently Las Vegas slot gaming is trending in a more positive direction than has been seen in a very long time. The gaming revenues are nowhere near the peak but operators are seeing movement in the right direction.
The recovery for slot gaming in Las Vegas has been slow with revenues over the past few years remaining flat. However, the nice increase has begun to help the industry get back on the right track. Slot gaming is critical to funding the casinos in Nevada especially those that are not located in the busier sections of the state, such as the Strip. Like Vegas, Macau has also experienced a dramatic decline in revenue over the last few years, with that market relying on Baccarat to drive most of the revenue for properties.
Slot revenues make up for than 50%, in most cases, 70% or more, of the revenues for casinos in Nevada. This is why it is so important for slots to stay busy and bring in revenues, to help the casinos survive. Casinos are now looking to stay on top of gaming trends, even offering video or arcade style slot gaming, to bring in gamblers and keep their slot gaming afloat.
New regulations have been passed in Nevada that will change the crafting rules which control the way that skill is introduced in slot gaming. The industry is certainly growing and changing with nice trends currently taking place, helping casinos to rely once again on slot gaming.