February Strip gaming win soars 20 percent

Wednesday, April 7, 1999 | 10:48 a.m.

CARSON CITY -- A championship fight and the celebration of the Chinese New Year in February produced a strong win for casinos along the Las Vegas Strip, the state Gaming Control Board reported today.

Casinos statewide posted gross revenues of $659.4 million before taxes and business expenses. That's 12 percent higher than in February 1998.

The casinos on the Strip reported winnings of $331.7 million, an increase of 20.1 percent.

Russell Guindon, senior research analyst for the board, said, "We should not be particularly surprised it was a strong month." The Chinese New Year, which fell in January in 1998, came in February this year and produced heavy play in high roller games such as Baccarat and mini Baccarat.

The Oscar De La Hoya-Ike Quantey championship fight in Las Vegas also brought in some high-end players, Guindon said. President's Day and Valentine's Day fell on the same weekend, helping bring in more tourists. And operation of the Bellagio in February contributed to the Strip's performance. Bellagio was not open a year ago.

On the Strip, casinos recorded a 15 percent increase in slot machine win and a 25.9 percent jump in game and table revenues. Baccarat win rose by 108.4 percent. If Baccarat was taken out of the computations, Guindon said the win on the Strip would have been up only 8.4 percent.

After two straight months of declining gross revenue, downtown Las Vegas casinos posted a 2.5 percent gain, reporting revenues of $53.2 million. Slot winnings rose 2.1 percent and game and table win was up 4.4 percent. Total wagering on slots and games was down but the casinos won more from the players compared to a year ago, Guindon said.

Two big surprises hit this month in Southern Nevada. The Boulder Strip recorded its first decline in gross revenue since October 1991 and North Las Vegas clubs showed their first decline since October 1994.

Casinos on the Boulder Strip produced $40.1 million in win, down 7.3 percent. Gross revenue in North Las Vegas fell to $14.4 million, off 1.1 percent from a year ago.

Guindon believes this was an "abnormality" rather than a trend.

On the Boulder Strip, he said this was the first month the Reserve has been in the year-to-year comparison. but he added, "I still didn't expect to see the market post a negative number." Slot win was down 6.3 percent and game and table win was off 14.9 percent.

Guindon noted however this February is being compared to February 1998, when the Boulder Strip recorded a 40 percent increase in winnings.

In North Las Vegas, the slot revenue was off 1.9 percent and game and table revenue fell 22.3 percent. He said the play in this market was up but the customers won more this February than a year ago.

For the sixth straight month, Laughlin reported an increased win in its casinos. Gross revenue in Laughlin rose to $45 million, up 8.2 percent. Slot win rose 9.4 percent and game and table revenues were up 2.1 percent.

Washoe County casinos, which includes clubs in Reno and Sparks, posted $67.8 million in gross win, up 4.4 percent; South Lake Tahoe reported $23 million in revenue, up 43.1 percent; Elko County clubs rose .75 percent to $15.1 million and Carson Valley casinos increased 11 percent to $5.9 million.

Guindon said good weather in Northern Nevada contributed to the strength. There were not as many road closures due to weather this year. And revenues were up in Reno despite the closure of the Holiday Hotel and the Riverboat casino.