State casino win is down again
October 9, 2008
CARSON CITY (AP) — Nevada casinos had a rough August, reporting a 8.1 percent slump in money won from gamblers for a record eighth straight month of declines in growth rates, a state report showed Thursday.
The resorts won $934.1 million during the month, and had declines compared with the same month a year earlier in many major markets, the state Gaming Control Board report shows.
“What you’re seeing is customers still coming in, but their spending is way off from what it was a year ago,” said GCB analyst Frank Streshley. ” It’s a continuation of a lack of consumer confidence.”
State taxes based on the casino wins — a major revenue source — amounted to $54.6 million. That’s about 6 percent below the collections at the same point a year ago.
So far this fiscal year, the tax collections are off 9.4 percent. The state’s Economic Forum had projected in June that the collections would be up slightly.
The $934.1 million win in August was the amount left in casino coffers after gamblers wagered $13.5 billion during the month, including $10.9 billion in slot machine bets and the balance on table games.
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The GCB report shows declines during August for all but one of several major markets in the Las Vegas area. The Las Vegas Strip was down 7.4 percent and Laughlin was down 10 percent, while downtown Las Vegas was down 9.5 percent, North Las Vegas was down 17.8 percent and the Boulder Strip was down 22.4 percent.
The lone bright spot was Mesquite, up 2.1 percent.
In northern Nevada, clubs in Reno were up 0.9 percent while resorts in Elko County, in northeastern Nevada, were up 2.9 percent and casinos on Lake Tahoe’s south shore were up 1.3 percent. For Reno, that was the first increase in nine months.
A statewide breakdown showed that slots were down 12.3 percent while table games were barely up 0.4 percent compared with the same month last year.
Slots accounted for $598.6 million of the total August win. That included $272.4 million won by multidenomination slots, down 7.2 percent. Penny slots were second with a win of $147 million, up 7.2 percent.
Live games, including poker, accounted for the balance of the August total. That included $98.2 million won on blackjack tables, down 12 percent; $47 million on craps, up 47.2 percent; and $29.5 million on roulette, down 10.3 percent.
The win on baccarat was $73.7 million, up 4.7 percent; and the win on mini-baccarat was $10.5 million, up 16.4 percent.
Sports books won $7.9 million, for a gain of 18.5 percent. Poker games won $13.1 million, up 0.8 percent.
“Win” is a gross figure, with no operating costs or other expenses deducted. It represents casino revenue only, not hotel, restaurant or bar revenues.