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 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.
As more viewers leave traditional TV packages for streaming alternatives, there is a heightened interest in how much money is being spent on video subscriptions and which companies are benefiting from changes in consumer viewing patterns. In December 2020, we forecast video subscription revenues for the first time, in what will become an ongoing series of estimates. We define video subscription revenues to include revenues from regularly recurring fees for access to video services. This includes revenues from digital video and pay TV services; it excludes revenues from advertising and pay-per-view. When we break out US OTT subscription revenues by company, Netflix, Disney, and YouTube are the largest recipients.
MGM Springfield generated more revenue from its table games last month than it has in more than two years and posted a month-over-month increase in revenue while the other two gaming centers in Massachusetts saw gaming revenues dip in November. All together, MGM Springfield, Plainridge Park Casino and Encore Boston Harbor generated about $87.81 million in gross gaming revenue last month which worked out to a little more than $24.5 million in state revenue, the Mass. November's results appear to mark the end of a streak of record-setting and near-record gaming and state revenues that began in July. MGM Springfield was the only property to post an increase over October's gross gaming revenue, reporting about $21.69 million last month compared to $21.44 million in October. More than $5.7 million of MGM's November take came from its table games, the best month for those games since October 2019.
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.