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Gaming Guru

Cy Ryan
 

Nevada Gaming Win Off

11 February 2004

CARSON CITY -- After three straight months of gains, winnings at Nevada casinos slumped in December by 1 percent compared to December 2002 as table game revenue weakened.

The state Gaming Control Board reported today that the casinos won $761.2 million before taxes and business expenses in December.

The board said however that for calendar 2003, total win reached $9.6 billion, up 1.9 percent. Frank Streshley, senior research analyst for the board, said the industry in calendar year 2002 had a 0.3 percent decline in gross revenue.

All of the major markets in Clark County posted gains in 2003. But all of the major markets in Northern Nevada, except Carson Valley, recorded lower gross win during the calendar year.

The strongest market in the state last year was North Las Vegas, where gross win increased by 17.1 percent, said Streshley. Streshley said the December figures were disappointing. He said state officials had expected the industry to continue for a fourth straight month to record a single digit increase but that didn't occur.

Gross revenue from the table games statewide fell 4.8 percent to $257.3 million in December and the slot win inched up only 0.7 percent to $497.2 million, said the board.

Gov. Kenny Guinn said, "This month's news illustrates that gaming revenues have been volatile this fiscal year. As we head into the remaining months of the fiscal year, I am hopeful that the little bit of cushion we have accumulated will remain."

So far this fiscal year, the state has collected $359.8 million in taxes, or 3.1 percent above forecasts.

For December, casinos along the Las Vegas Strip reported winnings of $378.6 million, down 0.8 percent; downtown Las Vegas fell 8.1 percent to $48.5 million in gross revenue; North Las Vegas recorded an 11 percent gain to $21.7 million; Laughlin was off 0.3 percent to $40.9 million; the Boulder Strip was down 0.6 percent to $65.6 million; Mesquite casinos reported $9 million in gross revenue, up 6.3 percent and the balance of Clark County fell 2.6 percent to $70.4 million. Streshley said for the calendar year, slot win rose 3.3 percent and now accounts for 67 percent of the total win in gaming. Table games fell 0.8 percent following a 2.9 percent drop in 2002.

The casinos along the Las Vegas Strip last year posted $4.7 billion in gross win, up 2.3 percent from the prior year when it declined 1 percent. During the last ten years, the Strip has increased gaming win an average 5.3 percent annually. The Strip makes up 49.4 percent of the statewide win.

Slot win last year on the Strip was up 4.9 percent, but table revenue declined 0.6 percent.

Downtown Las Vegas casinos reported $657.9 million, up 0.2 percent. Slot win decreased 1 percent but table revenue grew 3.7 percent. Laughlin casinos in 2003 reported $552.1 million in gross win, up 0.2 percent. Slot win was up 0.6 percent but table games were off 2.4 percent.

Casinos along the Boulder Strip registered $690.9 million in gross win, up 3.7 percent. Slot win was up 4.5 percent to $595.9 million but table games were off 1.4 percent to $94.9 million.

North Las Vegas casinos in 2003 registered $236.4 million in gross win, up 17.1 percent. Slot win jumped 18 percent and table games rose 9 percent.

Mesquite casinos posted $112.1 million in gross revenue, up 2.8 percent. Slot win rose 5 percent but table games decreased 8 percent.

The balance of Clark County casinos had $821.4 million in gross win, up 3.9 percent in 2003. Slot win was up 3.6 percent and table revenue rose 5.6 percent.

The board said Washoe County casinos fell 2.4 percent in gross win to $1 billion; South Shore Lake Tahoe was off 0.3 percent to $335.4 million; Carson Valley rose 5.9 percent to $102.9 million and Elko County casinos in 2003 fell 3.8 percent to $219.5 million.