Nevada gaming win takes another double digit hit
March 11, 2009
Nevada casinos reported a 14.6 percent dip in total win for January, the state’s 13th straight monthly decline.
Total statewide win was $908.6 million ” the fourth straight month of double digit declines.
The Carson Valley Area, which includes valley portions of Douglas County, was one of the few bright spots in January, reporting a 3.33 percent increase in win to $9.2 million. Gaming Control Board Analyst Frank Streshley said there were no special events, casino openings or expansions. He said that leaves him to credit the run-up to the 2009 Legislature which began February 2. Before that, there was a full week of preliminary budget hearings which drew not only lawmakers but several hundred lobbyists to town.
Gaming tax collections were $47 million, a dismal 42.3 percent below collections for January 2008. But Streshley said that number is skewed because Chinese New Year fell on the last weekend of the month. As a result, much of the gaming win generated by the holiday won’t be reported until February. Streshley said credit play during Chinese New Year may not show up until even later when the markers are finally paid off.
Stateline casinos at South Shore reported a 23.7 percent decline for the month to $20.3 million. The most likely cause, he said, is the opening of Redhawk Casino near Placerville. North Shore casinos at Crystal Bay didn’t fare much better, reporting an 11.3 percent decrease in win to $2.24 million.
Both Tahoe reporting areas can be expected to do better in February’s report, however, because of the snow showers which drew crowds at the ski resorts.
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The healthiest market in the state was Elko County which reported a 9.77 percent increase overall. Most of that was in Wendover along the Utah border. Total win for the county was $22.5 million.
Every market in Clark County, from the Strip to Mesquite, reported a double-digit drop in win for January. The countywide average was 16.3 percent down with downtown and the Boulder Strip both approaching 23 percent. The Las Vegas Strip reported $510.4 million in win for a 14.8 percent decline.
Reno was the only bright spot in Washoe County, which has now suffered its 19th straight month of declining gaming win. Overall, the county was down just two one-hundredths of a percent ” a difference of less than $10,000 ” at $69.5 million.
Reno itself was up about four tenths of a percent to $47.8 million in win. Balance of County in Washoe, which has several new properties, was up 2.8 percent.
Slot win totaled $579.2 million, down 17.5 percent. Table Games did a bit better, dropping just 9 percent to $316.7 million. Fully a third of that came from Baccarat win which was up 17.2 percent to $96 million.
Contact reporter Geoff Dornan at firstname.lastname@example.org or 687-8750.
Statewide $908.57 million -14.62%
Carson Valley $9.21 million 3.33%
South Shore $20.3 million -23.74%
North Shore $2.24 million -11.34%
Washoe County $65.95 million -0.02%
Reno $47.83 million 0.39%
Clark County $777.5 million -16.27%
Las Vegas Strip $510.36 million -14.77%