Things are not as bad as they seemed in May 2008. The revenue statistics for May indicated the second worst year-over-year performance for Nevada in more than ten years.
The gaming revenues for May were down a whopping 15%. This represented the greatest threat to Las Vegas, far greater than the subprime crisis that had already affected the economy there.
But June 2008 seems to have almost squared things up. Some of the smaller regions, gambling wise, posted increase in revenues. The revenues for Clark County were up 2%, for Downtown were up 10%, for North Las Vegas were up 41% and for the Boulder Strip were up 25%. But the revenues were down in the Strip where most of the gaming takes place. The 3% decline in the Strip pulled the state’s overall revenues down 1.1%. But the industry is looking at the brighter side because the fall is considerably less than what it was in May 2008. The annual average for the state was also down only 1.87%.