By: TJ Gill

With most of America in a financial rut, the state of Nevada has flourished economically in the latter part of 2007. The ever-rising casino industry that has made Nevada – and mainly the city of Las Vegas – the gambling capital of the world reported record earnings for the month of October.

The state’s Gaming Control Board released a financial statement showing that Nevada casinos raked in $1.16 billion that month, barely beating out its $1.15 billion in wins during the month of July. Record losses by high-limit baccarat players helped large Las Vegas casinos jump almost 10% as compared to the same time last year in 2006.

Total wins for October come from the amount left in casino coffers after $13.4 billion was wagered by patrons, including $10.8 billion from slot machine bets and table game final totals.

"These numbers are well above expectations for the month," Control Board analyst Frank Streshley said. "Normally we see a lull, but strong baccarat play really helped."

Unfortunately, while many of the Las Vegas casinos flourished, the same couldn’t be said for the same establishment in Lake Tahoe and Reno, down 6.4% and 8.7% in October, respectively. Overall gaming revenues for Nevada help state officials determine next year’s budget cuts.


- 2007-12-13