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LAS VEGAS (AP) — Nevada gambling revenue took another tumble in May, dropping nearly 5 percent statewide as Las Vegas Strip revenues fell sharply year-over-year.
The Nevada Gaming Control Board said Thursday that the state's casinos won $958 million in May, down from over a billion the year before. Analyst Michael Lawton attributed the drop in part to a tough comparison month last May, when Floyd Mayweather and Manny Pacquiao fought and the Rock in Rio music festival brought massive crowds to Las Vegas.
"At the end of the day, we were facing a tough comparison," Lawton said. "We don't hit $1 billion too many times. Last May was a hugely successful month that was driven by a strong events calendar."
Revenue on the Las Vegas Strip totaled $531 million in May, down nearly 12 percent compared with May 2015. Las Vegas Strip winnings are down 3.8 percent so far this calendar year, more than overall state winnings, which are down 1.1 percent this calendar year.
It was an off month for tourism in Las Vegas, with the number of visitors falling 4 percent to about 3.6 million in May, according to the Las Vegas Convention and Visitors Authority.
Smaller markets off the Strip are doing fairly well this calendar year, Lawton said.
In May, downtown Las Vegas winnings were up 13 percent to $50 million. Winnings on the Boulder Strip were up 26 percent to $78 million, and North Las Vegas revenue was up 28 percent to $27 million.
Markets in the north dipped. Reno casino revenue was down 5 percent to $50 million, while South Lake Tahoe revenue fell 15 percent to $14 million in May.
Nevada's "tables and games" category saw an 18 percent drop in May. While gambling numbers are often driven by the performance of the high-roller game baccarat, Lawton said poor performance in craps, roulette and sports pools also weighed down the results.
Revenue from slot machines, on the other hand, grew nearly 5 percent in May, even though the amount wagered was down about 3 percent.
The state collected $52 million in tax money based off the May winnings, which is down 17 percent from the same time last year.
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