Nevada casinos undone by baccarat and the absence of Mayweather, Pacquiao

Nevada casino revenue took a tumble in May thanks to a double-digit drop on the Las Vegas Strip.

Figures released Thursday by the Nevada Gaming Control Board show statewide gaming revenue of $958m in May, down 4.53% from the same month last year, although up dramatically from the $876m Nevada casinos earned in April 2016.

Revenue on the Strip was down 11.7% to $531m, driven in part by a poor comparison with last May, which featured the long-awaited Mayweather-Pacquiao boxing match and the inaugural Rock In Rio festival. Other factors included baccarat revenue, which tumbled 18.6% to $89m.

The lack of a marquee boxing event was enough to halt the winning streak at Nevada sportsbooks, which reported revenue of $5.9m, a whopping 70% year-on-year decline thanks to a woeful 1.9% hold.