Las Vegas NowDowntown Casinos on Revenue Losing Streak

Downtown Casinos on Revenue Losing Streak

November was another big month overall for Nevada casinos. With the exception of one group, downtown Las Vegas casinos have seen profits decline in seven of the last eight months. In November, they saw a 5-percent drop.

Margie Charnock, Binion's marketing director, said, "It seems that we are all doing pretty well."

But downtown casinos are on a bit of a losing streak. Andre Carrier, Chief Operating Officer for the Golden Nugget said, "That is because of the amazing growth on Las Vegas Boulevard. You have a lot of must see attractions this year."

Mayor Oscar Goodman said, "I don't see it as any type of negative what-so-ever."

The exact numbers are not known but representatives from both Binion's and the Golden Nugget say their casinos are doing just fine. They say if there was a drop in revenue in November it's due to a transitional periods and they will come out winners." Carrier said, "Downtown continues to be in a cycle of reinsurgence and reinvention."

Many of the casinos downtown have changed owners in the past year. But casinos are now working to change their image.

Charnock said, "Under Jack Binion it was run one way and under Becky Binion and Harrah's it was run another way. Now, they have to get that comfortable feeling with MTR again."

Carrier said, "In our 60th year we are making the types of changes that will allow us to stick around for the next 60 years." 

Mayor Goodman agrees, "The casinos have to be smart and get the 20 million visitors to come to their casinos."

Charnock added, "It is not going to be an overnight fix."

Despite the fall in revenue, many are banking on the idea downtown gaming will be bigger and better in the years to come. Carrier added, "Downtown is where Las Vegas started and it is what is next for Las Vegas."

In November, downtown Las Vegas casino revenue was down nearly $55 million from the same time a year ago. The Las Vegas Strip was a big winner up nearly $525 million, or 23.8-percent. The Boulder Strip also saw gains, up more than 12-percent.

Contact Reporter Lindsay Patterson