The Gaming Decline

A Lament for Lost Wagers

There was once a time when Nevada’s gaming halls seemed incapable of losing at anything except humility. The dice tumbled favorably, the cards turned precisely, and the slot machines hummed a tune so profitable that one might think the laws of math were in the Silver State’s favor. But alas, February arrived, and with it, a most unwelcome discovery: the house does not always win—at least, not as much as it would prefer.

After two months of raking in fortunes so vast that even the pharaohs of old might have blushed, Nevada’s casinos managed a mere $1.22 billion in winnings. Respectful in gaming terms, but like a prospector trading a mountain of gold for just a pocketful of silver.

Compared to the glories of a year prior, when the Super Bowl filled Las Vegas with eager souls willing to exchange their hard-earned wages for fleeting excitement, the Strip’s take fell by nearly 14 percent. Once the darling of the high rollers, Baccarat suffered a loss so dramatic—51 percent—that one might suspect the ghosts of past gamblers had come back to collect their dues.

Slot machines fared a bit better, with their gains barely registering above last year’s mark. And while December and January had painted a picture of unrelenting prosperity, February took up an eraser and scribbled doubt all over the ledger. The coffers found themselves $202 million lighter, down $150 million, and others could only console themselves with the knowledge that they were, at the very least, not doing quite as bad off as their better-lit brethren.

The decline was not entirely a mystery.

Fewer visitors came to admire the neon wonderland, hotel occupancy dipped to a modest 80 percent, and the once-glorious parade of tourists thinned to a mere procession. Given such figures, one might assume that the gaming halls would take a moment of solemn reflection.

But this is Nevada, where there is always another hand to deal, another wheel to spin, and another month ahead to restore the rightful order of things—provided players return with pockets full of doe and spirits high.