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16% Increase on Casino Gambling Revenue in Nevada
According to a spokesperson of the state, the casino gambling revenue in Nevada rose this year with 16.01% to $999.62 million. Main reason for this enormous increase in revenues is the growing entertainment sector in Las Vegas. Las Vegas is getting more and more popular, thanks to performances of popular music artists in the casinos.
The gambling revenues (as taken in November 2005) from the casinos in the heart of Las Vegas, along the Las Vegas Strip, had an increase in casino gambling revenues of 23.78% to $524.68. Frank Streshley, an analyst from the state's Gaming Control Board stated that the numbers are much higher than the years before, because of a large number of visitors that came to Vegas to visit concerts.
This year, Vegas had a very special musical calendar for November, including performances of Paul McCartney, The Rolling Stones and U2.
The most famous properties along the Las Vegas Strip are Harrah's Entertainment Inc., which owns Caesars Palace and the Wynn Las Vegas resort and casino of Wynn Resorts Ltd. and the Mandalay Bay, owned by MGM Mirage. Other well-known casino gambling properties are Station Casinos Inc. and Boyd Gaming Corp.
A 7.11% increased in casino gambling revenues was measured for the casinos in Reno. They had revenue of $61.66 in November last year. According to Streshley, the reason for this increase is the strengthened economy of the neighboring state California. Streshley claims that the high gasoline prices failed to discourage visitors from California in the end of last year from driving to Las Vegas, adding that casino gambling revenues for the state‘s fiscal year (starting in July to November) increased 13.28 percent from the year before.
The state‘s share of the casino gaming-win revenues of November 2005 was $63.29 million, which was a 15.88 percent increase from a year earlier. Nevada‘s share of casino gambling revenues since the start of its fiscal year are 6.2 percent above forecasts, and were $22.41 million.
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