CARSON CITY, Nev. (AP) - If Nevada is in an economic crisis, someone ought
to tell the state's dominant casino industry which, according to a state report
released Tuesday, had a record monthly win of $1.16 billion in October.
The state Gaming Control Board report showed that the win, driven by losses
by high-stakes baccarat players in Las Vegas Strip megaresorts, gave the clubs a
9.6 percent statewide gain over the same month a year earlier.
The $1.16 billion win eclipses the previous month-over-month record of $1.15
billion set in July. The money is the amount left in casino coffers after
gamblers wagered $13.4 billion during October, including $10.8 billion in slot
machine bets and the balance on table games.
"These numbers are well above expectations for the month," Control Board
analyst Frank Streshley said. "Normally we see a lull, but strong baccarat play
really helped."
Las Vegas-area casino action accounted for $1 billion of the total, and
marked the first time the southern Nevada resorts hit that level. It's an amount
certain to be topped as numerous casino projects now under way there open up in
coming months and years.
But the southern Nevada gains, including a nearly 20 percent jump in the win
for Las Vegas Strip properties, didn't extend to the Reno-Tahoe area in northern
Nevada. Clubs in Reno were down 8.7 percent and casinos in Stateline, on Lake
Tahoe's south shore, were down 6.4 percent in October.
The win for the resorts brought the state's tax take from the clubs to
$329.1 million so far this fiscal year. That's $5.3 million, or nearly 2
percent, below the amount predicted last spring by the state's Economic Forum.
But Streshley said the projection probably will be met as casinos collect on
credit play by gamblers.
That's welcome news for government officials who have been planning for
budget reductions of up to 8 percent because of concerns that combined state
revenues could be at least $285 million under projections at the end of the
current budget cycle, in June 2009.
The big problem has been the sales tax, a mainstay for the state budget.
Sales and casino levies combined account for about two-thirds of all revenues.
Streshley said the casinos' slot action wasn't nearly as strong as table
game play which benefited from gambling by international bettors during "Golden
Week," the Asian labor holiday which fell in October this year.
A breakdown showed that slots had a gain of less than 5 percent in October
while table games were up more than 21 percent compared with the same month last
year.
Slots accounted for about $779 million of the $1.16 billion total win in
October. That included $328.6 million won by multidenomination slots, up 8.5
percent. Penny slots were second with a win of $153.9 million, up 20 percent.
Live games, including poker, accounted for the balance of the October total.
That included $114 million won on blackjack tables, up 3.3 percent; $38.9
million on craps, down 12.9 percent; and $25.4 million on roulette, down 2.1
percent.
The win on baccarat was $108.2 million, up 338 percent; and the win on
mini-baccarat was $13.8 million, up 16.7 percent.
Sports books won $14.4 million in October, down 57 percent. Poker games won
$12.4 million, down 0.2 percent.
"Win" is a gross figure, with no operating costs or other expenses deducted.
It represents casino revenue only, not hotel, restaurant or bar revenues.
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