Strip gaming revenues decline

Monday, May 12, 1997 | 11:59 a.m.

CARSON CITY -- After two strong months, winnings in Nevada casinos fell in March.

A big reason: Players were luckier at the baccarat tables on the Las Vegas Strip.

The State Gaming Control Board reported today that casinos won $631 million, off 3.7 percent from March 1996.

"It was not a good month overall for the state," said Russell Guindon, senior research analyst for the board.

Slot machine winnings rose to $430.9 million, up 3.9 percent. But table game revenues fell to $194.6 million, down 17.2 percent. There was a $40.8 million decline in baccarat revenue, Guindon said.

One bright spot statewide was betting on basketball, which jumped nearly 75 percent to $8.4 million, probably because of the NCAA Tournament, which featured the University of Arizona. During the tournament, there were reportedly thousands who came to Nevada casinos from Arizona to bet on their favorite team. Arizona won the tournament.

In January and February, the Strip casinos posted gross revenue increases of better than 6 percent. But in March, the winnings nosedived to $280.3 million, down 9 percent.

Slot play on the Strip rose 4.4 percent but table game activity fell 22.6 percent. And baccarat winnings fell nearly 78 percent when compared with March 1996.

There was less activity on the baccarat tables, Guindon said. But the players also won more. A year ago, Strip clubs held 13.6 percent compared with 5.6 percent this year, meaning players won more than twice as much as they did last year for each $1 bet.

Downtown Las Vegas casinos posted a 1.4 percent increase, up to $62.1 million. Slot win rose 10.4 percent but table games fell 16 percent, "ending with a flat month," Guindon said.

It was another strong month in North Las Vegas, where revenues rose 17.8 percent to $14.1 million. It was the fifth straight month of double-digit increases for North Las Vegas, which is led by the Texas and Fiesta hotel-casinos.

Laughlin casinos continued their downward spiral, with a 6.8 percent decline to $46 million. The casinos on the Colorado River have posted lower revenues in 11 of the last 12 months.

The Boulder Highway casinos registered revenues of $33.4 million, up 6.7 percent. While it isn't the double-digit increases in the past, Guindon said this was "still good growth."

It was a flat month for casinos in Washoe County with revenues of $85.8 million, a 0.04 percent increase. Guindon said the Reno market was down 1.1 percent but Sparks rose 6.3 percent as the Nugget opened its new hotel tower.

Elko County casinos reported winnings of $18.9 million, down 7.2 percent. He said the fall was due to slot machine players winning more than in the past.

"The volume was up but they held less than a year ago," Guindon said.

Casinos in Carson City, Minden and Gardnerville reported $5.8 million in winnings, up 0.14 percent.

South Lake Tahoe casinos won $24.2 million, down 6.9 percent. But Guindon said that was an improvement over past months when the resort center showed double-digit decreases.

For the fiscal year so far, casinos statewide have won $5.6 billion, or 1.1 percent lower than a year ago at this point. Guindon said the casinos would have to have some strong months in the remainder of the fiscal year to hit the predictions of the state's Economic Forum, which was a gain of 1.1 percent. The Economic Forum helps Gov. Bob Miller and the Legislature determine its budget.