South Tahoe casino revenue up for second consecutive month
October 11, 2011
LAS VEGAS (AP) – Nevada casinos won $887 million in August – a 6.1 percent decrease compared with the same month last year as the state’s biggest gambling centers showed downturns, state officials said Tuesday.
The Nevada Gaming Control Board reported that gambling revenue on the Las Vegas Strip dropped 8.7 percent compared with last year, with $497 million in winnings. Reno casinos brought in $47 million, or 11.2 percent less than last August. Downtown Las Vegas winnings dropped a more modest 4.2 percent.
South Lake Tahoe casinos were the aberration, winning $27 million in August to bring in 16.2 percent more than one year ago. Only two other jurisdictions increased revenues, the Boulder Strip and a category for casinos not located in Nevada’s more metropolitan areas. Each area saw year-over-year monthly increases of more than 3 percent.
The $47.2 million collected in taxes statewide was a drop of 23.6 percent. Casino taxes account for about one-third of Nevada’s general fund revenues.
For the fiscal year, which started in July, gambling revenues statewide were down 1.5 percent to $1.75 billion.
Baccarat accounted for the biggest drop in revenues among table games statewide. Casinos statewide won $96.4 million at the game in August, a drop of nearly 40 percent compared with the same month one year ago. Mini-baccarat revenues were down 20 percent.
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Slots overall were relatively flat year-over-year, pulling in $584.3 million for an increase of less than 1 percent, as gamblers ditched the nickel and quarter machines and gravitated toward penny slots and Megabucks machines.
State tax collections on gambling winnings during the fiscal year were down 4.24 percent to $148 million.