The paradoxical budget picture is a result of revenue growing more slowly than economists had predicted after years of rapid increases from a hard-charging economy. While Brown expects revenue to be up 3 percent next year, the governor and lawmakers assumed revenues would be even higher when they planned the current budget, and they spent accordingly. Costs are higher than expected, too.
State officials say Nevada gambling revenue was down 3 percent in March compared with last year due to lower winnings in the Las Vegas area. The Nevada Gaming Control Board said Thursday that the state's casinos won 922 million in March. Revenue fell in the areas with the most gambling activity. Las Vegas Strip gambling revenue was down 4 percent to 487 million last month, and downtown Las Vegas was down 4 percent to 51 million. The picture was rosier up north.
The Department of Finance and Administration said Monday that the state's net available revenue in May totaled $347.4 million, which is $8.1 million below the same month last year and $9.6 million below forecast. The state's net available revenue for the fiscal year that began on July 1 totaled $4.9 billion, which is $44.2 million above forecast.
Adobe released fourth quarter financial results after the bell on Thursday and once again the Photoshop maker broke a corporate record for quarterly revenue. The software giant reported fiscal third quarter earnings of $501.5 million, or $1.00 a share. Non-GAAP earnings in the quarter were $1.26 a share on revenue of $2.01 billion, up from $1.84 billion from last quarter and 25 percent from the same period last year. Wall Street was looking for earnings of $1.16 a share on revenue of $1.95 billion. For the fiscal year, Adobe said non-GAAP earnings were $4.31 a share on revenue of $7.30 billion.
Paid music streaming subscriptions now account for almost two-thirds of the U.S. music industry's total revenues. In the first half of 2019, retail revenues in the U.S. market for recorded music rose by 18% to $5.4 billion, compared with revenues of $4.6 billion in the first half of 2018. Paid subscriptions (think Spotify and Apple Music) accounted for 62% of all U.S. revenues and 77% of all streaming revenues in the first six months of 2019. The music industry's main professional organization, the Recording Industry Association of America (RIAA) reported the data earlier this week. The number of paid streaming subscriptions rose from 46.9 million in the first half of last year to 61.1 million.