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Nevada Gambling Revenue Still Not in Recovery
LAS VEGAS, NEVADA --
Although Wall Street investors seem to disagree, the recession may be ending elsewhere but still continues in Nevada, where income from casinos and gambling fell over nine percent in August. This marks the twentieth month in a row that gaming income has declined in the US state most driven by the gambling industry.
Nevada casinos took in $847 million this August, say figures released by the Nevada Gaming Control Board. In August of 2008, with the recession already causing declines, the gambling industry in the state won $934 million.
The 9.3 percent state drop mirrored the 9 percent decline on the Las Vegas Strip, which does over half the entire state's gaming business.
Analysts credited an almost-fifty percent increase in baccarat play and revenue to preventing an even deeper slide. Many gaming specialists at investment houses accepted the drop as expected.
Even as revenues have plummeted, stock prices have climbed dramatically over the last six months. Companies like Las Vegas Sands and MGM Mirage, which teetered on the edge of bankruptcy, forced new debt arrangements and now are worth four to five time what they were half a year ago.
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