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Las Vegas casinos gaming revenue was a cool $949 million during June, 2008.  Year to date total was a 1.1 percent deficit for Nevada casinos.

This is the longest decline since the terrorist attacks on September 11, 2001.  During that time there was only a five month decline in casino gaming revenue.

The fiscal year for Nevada ended in June and tabulated $12.5 billion in gaming revenue.  This was the first fiscal year decline in six years at 1.87 percent.

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Harrah’s Entertainment continues construction progress on $1 billion Caesars Palace NV hotel.  Even though last quarter’s loss was almost $100 million, they continue with their expansion of convention space and a new hotel casino tower.

In the past month other hotel chains have reported they are halting expansion including Echelon resort, a $5 billion version of New York’s Plaza Hotel. Crown Las Vegas and Morgan’s Hotel Group.  Last year’s net profit during the same quarter was $237.5 million.  Revenues for Harrah’s during the second quarter declined year to date 3.7 percent or $2.6 billion.

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Las Vegas Nevada Real Estate

Luxury Real Estate Home Sales For July 29 - Aug 4 2008

$1.6 million, South Las Vegas Real Estate, 4,703 square feet, 4 bedrooms, 4.5 baths, gated estate on an acre, single-story home, over $750,000 in renovations, inlaid floors, Viking appliances in gourmet kitchen with island.

$1.15 million, Southern Highlands Luxury Home, 3,936 square feet, 3 bedrooms, 3.5 baths, golf course model home, courtyard with fireplace, Tuscan-inspired design and French country interior.

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M Resort Las Vegas hotel on the Strip expects to open early in March, 2009.  Local real estate developer, Anthony Marnell III, caters to locals with his version of a place visitors feel at home when they step through the door.  Will he be able to carve out his niche in this heavily competitive casino market?

Because construction has been ahead of schedule at M Resort, millions of dollars in savings will be used in other aspects of the hotel casino.  Hopefully locals will embrace the upgrades including 180 degree views of the valley from the rooftop restaurant and a wine cellar controlled with technology.

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