Helped by the celebration of Chinese New Year, Nevada gaming revenues during the month of January broke through the $1 billion mark for the first time since the beginning of the recession.
Last year, Chinese New Year fell during the month of February.
According to figures compiled by the Gaming Control Board, casinos won $1.038 billion in January, a number that was 18.4 percent more than they did during the comparable month of 2011.
The total was boosted by a 29 percent increase in revenues won by casinos on the Las Vegas Strip. The total for January was $623.5 million, up from last year’s $482.7 million. Of that amount, the Strip casinos won $365.2 million from table games.
“It’s like moving pieces around on a chess board,” was the way one observer characterized the Monday announcement from Caesars Entertainment Corp. (CZR) that it was selling four properties to Caesars Growth Partners (CACQ), its 2013 spinoff. The deal, worth $2.2 billion, involves Bally’s Las Vegas, the Quad (still under construction on the Las Vegas Strip), the newly-named Cromwell (formerly Bill’s Gamblin’ Hall), and Harrah’s New Orleans.
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