Casino wins down for 14th straight month
April 8, 2009
CARSON CITY ” Nevada casinos suffered through the 14th straight month of declining win totals in February.
Total win statewide was $830.9 million for the month, a $184 million drop from the $1 billion reported in February 2008. South Shore casinos at Stateline reported a 26.8 percent decrease in win to $16.6 million.
Gaming Control Board Analyst Frank Streshley said it is the state’s 14th straight month of decline and the lowest monthly win since July 2004.
Two-thirds of the overall 18 percent decrease was blamed on a near 32 percent drop in game and table win, half of it on baccarat. Slot win was down 9.9 percent to $559.6 million for the month.
Streshley said Chinese New Year and the weekend run-up to the Feb. 1 Super Bowl were both in January this year. Chinese New Year was in February last year.
The Carson Valley Area, which includes valley portions of Douglas County, continued its roller coaster ride through the recession with a 17 percent drop in total win to $7.78 million. The capital was up 5.6 percent in October, down double-digits in both November and December, but up 3.3 percent in January.
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Streshley said slot win was down 20 percent in Carson Valley for February but up more than 40 percent in game and table win. He credited substantial betting on the Super Bowl for the increase.
The size of the decrease came as somewhat of a surprise since the legislators and more than 500 lobbyists were in town this February, where they weren’t a year ago. Streshley said the fact 2008 was Leap Year and Feb. 29 fell on Friday also helped those totals.
Total win on the Las Vegas Strip and in Washoe County were both off 23.4 percent. February was Washoe’s 20th straight month of declines.
South Shore casinos at Stateline reported a 26.8 percent decrease in win to $16.6 million. Gaming win at Crystal Bay has fallen to half what it was two years ago.
North Shore casinos were down 23.9 percent for the month to $1.85 million.
On the bright side, gaming tax collections rebounded with an increase of 22.6 percent over the previous year ” a total of $65 million to the treasury. But that number, like January’s low $47 million in collections, is skewed. High rollers in the state for both Chinese New Year and the Super Bowl were gambling throughout the last week of January but, according to Streshley, probably didn’t settle their debt with the casinos until leaving town the day after the Super Bowl, putting the collections from those players in February.