January gaming revenues at Las Vegas casinos fell 1.3 percent to $597.3 million compared to last year. It's the first time gaming revenue has slipped since 2001.
America's weakened economy is taking the blame. Across the entire state of Nevada gaming revenue dropped 5 percent to $1.06 billion according to the Nevada Gaming Control Board.
While other industries were feeling the financial crunch, Las Vegas was thought to be immune. A weak American dollar means international tourists have lots to spend, but this year the Chinese new year celebration, which is traditionally one of the biggest gambling events on the calendar, did not yield any revenue surges.
Generally, it seems high-end gamblers continue to spend large sums in Las Vegas, but mid-market gamblers are being frugal.
All operators have been affected, and even convention bookings are falling off. MGM Mirage and Harrah's Entertainment have cut jobs to maintain margins.
2007 was a record year for Las Vegas, with more than 39 million visiting and contributing $10.9 billion in gaming revenue.