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Gaming Guru

Cy Ryan
 

Growth in Nevada Gaming Win Cools in June

12 August 2004

CARSON CITY, Nevada -- After four straight months of double-digit increases in gaming win, Nevada casinos cooled off in June, posting a 5.7 percent gain over June 2003 with gross revenue of $855.4 million.

But the state Gaming Control Board reported there were still some hot spots in Southern Nevada in June with casinos on the Boulder Strip registering an increase of 17 percent in win and the balance of Clark County up 21.7 percent.

And the $855.4 million gross win was a record for the month of June. Frank Streshley, senior research analyst for the board, said this was the fifth consecutive month of record wins for the casinos in month-to-month comparisons.

Gov. Kenny Guinn said, "We should all be pleased that our state gaming win finished the fiscal year 5.7 percent more than a year ago. The turnaround in revenue is a key sign of sustained economy recovery and suggests this trend will continue into the next fiscal year."

Streshley said the Nevada casino win for the fiscal year ending June 30 grew to a record $10.1 billion, up 5.7 percent. This compares with growth of 2.8 percent last fiscal year.

Streshley said the market in Nevada rebounded in the last six months of the fiscal year, growing 10.1 percent.

In the fiscal year, revenue from slot machines totaled $6.7 billion, which is an all-time high. And slot revenue now accounts for a record high of 67 percent of the total gaming revenue.

Streshley said players wagered a record $142.9 billion during the fiscal year. And gross win on the Las Vegas Strip accounts for 50.4 percent of the state total, up from 49.4 percent last fiscal year.

The state collected $54.4 million in taxes in June, an increase of $10.1 million or 23 percent. The board noted that taxes were increased for casinos by 8.6 percent in the 2003 Legislature. Although the taxes were paid in June, the amounts are credited to July, the first month of the fiscal year.

The Legislature predicted gaming tax receipts will rise 5.8 percent this fiscal year.

The board said that statewide in June, slot machine gross revenue jumped 9.7 percent but game and table win fell by 3.5 percent.

Gross win on the 21 tables inched up 0.5 percent; craps was down 0.2 percent; roulette was off 5.4 percent; baccarat games reported an 8.6 percent decline in win and sports pools rose 28.9 percent.

The 44 casinos on the Las Vegas Strip reported win of $420.5 million, up 4.3 percent from a year ago in June. This was also a record June for the Strip clubs. Slot revenue rose 15.5 percent, but table games were down 8.7 percent.

The board said the Strip casinos registered a 6.9 percent decrease in gross win from the 21 tables; 1.4 percent down on craps, 8.6 percent below last year on roulette; and 9.2 percent down on baccarat. The sports pool betting revenue fell 23.7 percent at the Strip casinos.

The 19 casinos in downtown Las Vegas in June posted gross win of $52.9 million, up 0.7 percent, the third straight month of an increase. Slot machine winnings dropped 6.1 percent, but revenue from the gaming tables jumped 19.7 percent.

North Las Vegas casinos reported win of $22.9 million, up 8.6 percent. Slot win rose 7.4 percent and table revenue was up 18.6 percent.

The board said Laughlin clubs reported a 6.5 percent increase to $45.1 million in gross win. Slot winnings increased 5.2 percent and revenue from the table games grew 14.1 percent.

Boulder Strip casinos reported $72.1 million in gross win in June, up 17.4 percent. In June a year ago, revenue was up 26 percent. Slot winnings jumped 18.4 percent and table game revenue rose 7.9 percent.

Mesquite clubs reported $8.4 million in win, up 1.6 percent. Table game revenue fell by 15.9 percent but slot win increased 3.4 percent.

Casinos in the balance of Clark County posted $82 million in revenue, up from the $67.4 million of a year ago. Table game revenue rose 22.8 percent and slot machine winnings jumped 21.4 percent.

In the fiscal year comparisons, Streshley said downtown Las Vegas casinos won $653 million, down 1 percent and the third straight year of decline; Strip casinos accounted for $5 billion in win, up 7.7 percent; Laughlin casinos reported $572 million, up 4 percent; Boulder Strip clubs grew 8.1 percent in gross revenue to $736.3 million and North Las Vegas registered the largest percentage gain in the state in the past fiscal year with an 11.3 percent gain to $242.2 million.

Mesquite casinos won $115 million, up 5 percent and the balance of Clark County had $882 million in gross gaming win, up 9.7 percent.

The board said casinos in Washoe County had gross revenue of $894.8 million in June, down 1 percent and the second straight month of a decline.

Clubs at South Lake Tahoe registered $25.2 million in win, off 8.4 percent from a year ago.

Elko County reported $20.1 million, off 1.1 percent and Carson Valley clubs registered $9.3 million in win, up 2.9 percent, the 14th straight month of an increase.