Our network

Gaming News

More Homeowners Falling Delinquent on Mortgages

LAS VEGAS -- The number of Southern Nevada homeowners delinquent on their mortgage payments has climbed steadily for the past several months. In some cases, it's people just willing to walk away from their homes, and in other cases, homeowners are holding out hope that they will get a loan modification.

In any given neighborhood, chances are good that a homeowner is the process of walking away from their mortgage. In the past, five months was typically the longest a homeowner could stay in their home until the bank would come knocking. But that is no longer the case.

Nick Nolf with The Nolf Group has been in the real estate business through the boom, the bust, and now the slow turn-around.

Nevada's Unemployment Rate Rises to 13.2 Percent

CARSON CITY, Nev. --  Nevada's statewide unemployment rate rose to 13.2 percent in February, while the jobless rate in the Las Vegas area climbed another notch toward 14 percent.

The state Department of Employment, Training and Rehabilitation said Friday the unemployment rate in Clark County increased from 13.8 to 13.9 percent.

There was no change in the 13.4 percent jobless rate in the Reno-Sparks area. In Carson City, the rate fell slightly from 13.8 percent to 13.7 percent.

The report says 189,000 workers were out of work in Nevada. But a top state economist says employers added 10,400 jobs in February, representing the first increase since October. Nevada's statewide unemployment rate in January was 13 percent, the second highest in the nation.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

 

Nevada Gaming Revenues Suffer Biggest Percentage Drop

CARSON CITY, Nev. -- Nevada casino revenues plunged 10.4 percent in the 2009 calendar year, when casinos reported a total gambling win of $10.4 billion.

A report by the Nevada Gaming Control Board released Thursday shows last year's steep decline followed a 9.7 percent drop in 2008.

For December, casinos statewide reported a win of $859.3 million, down 3.2 percent from the same month a year ago. The state collected $33.4 million in taxes, down 6.7 percent.

Taxes paid by casinos make up about a third of the state's general fund. Nevada's gambling industry has been especially hard hit in the recession as tourists and residents keep a tighter hold on discretionary spending that historically fueled the state's economy.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

Nevada Casino Winnings Up for First Time in 23 Months

LAS VEGAS -- For the first time in 23 months, gamblers are spending more money in Nevada. In November, casinos won more than $873 million, up more than 4-percent from the same time last year.

But that's not the only number going up. Las Vegas saw a near 3-percent jump in visitor volume in November. The CES convention also saw a 6-percent increase in attendance. Las Vegas leaders are hoping this good luck lasts through all of 2010.

"We think convention numbers are going to be up a little bit, and so we think that is how 2010 is going to go -- that we are going to gradually see some increases in the numbers. That's what we're expecting for the first quarter," said Cathy Tull with the Las Vegas Convention and Visitor's Authority.

The LVCVA says they have 25 major trade shows scheduled for 2010 that will pump more than $2 billion non-gaming revenue into the economy. Last year, they had 24 large trade shows.

Nevada Gaming Revenues Down in October

LAS VEGAS, Nv -- Nevada gambling regulators have released October casino win figures, which show another decline.

Nevada gaming revenue was down 11.6 percent in October as compared to a year earlier. Total gaming revenues for the past year were $800.3 million as compared to nearly $905 million a year ago.

Casino taxes, along with sales and use taxes, account for about two-thirds of state revenues. For the fiscal year that began July 1, total collections are about $50 million short of projections that were used to set the state budget.

 

A First Look Inside the New Rush Tower

The first new hotel tower built downtown since the 1980's opened Friday. The brand new 500-room Rush Tower accepted guests at the Golden Nugget.

The head of Landry's, which owns the Golden Nugget, thinks this will be the first step to what Mayor Oscar Goodman has been talking about since he was elected -- a revitalized Downtown Las Vegas.

From the moment you walk inside the Rush Tower, the rough image of downtown becomes a distant memory. The lobby could be in any new hotel on the Las Vegas Strip. “It's more of a boutique hotel where people can get in and out a lot easier and quicker. I can tell you our pool is second to none. Our restaurants are second to none,” said Landry's founder Tilman Fertitta.

Landry's grew into a billion dollar restaurant empire. In 2005, the company bought the Golden Nugget.

Casino Earnings Down in September

State gambling regulators say September was another down month for a crucial state index of financial health.

The Nevada Gaming Control Board reported Tuesday that casinos in the state won $911 million from gamblers during the month. That's a nearly 9 percent decrease compared with the same month in 2008.

September became the 21st month in a row of year-over-year declines in casino winnings. Regulators say the state collected $54.3 million in taxes last month based on the September revenues. That's a nearly 14.6 percent decrease from the same month a year ago. Revenue from gambling wagers make up about 30 percent of the state general fund.

Nevada has been particularly hard hit by the recession as gamblers pull back on discretionary spending.

(Copyright 2009 by The Associated Press. All Rights Reserved.)