Nevada casinos win $8.5 billion in fiscal 1998-99

Angie Wagner

Friday, Aug. 13, 1999 | 8:23 a.m.

LAS VEGAS - Helped by a trio of new megaresorts in Las Vegas, Nevada casinos won $8.5 billion from gamblers in fiscal 1998-99 - a 7.9 percent gain over the previous year and the strongest growth in five years.

The Nevada Gaming Control Board said Thursday the opening of the Bellagio in October, Mandalay Bay in March and The Venetian in May gave casinos their best fiscal year since fiscal 1994, when winnings were up 10.4 percent. During that period, the Luxor, MGM Grand and Treasure Island opened.

"It does appear that when they build these new properties, the type we have had come on line, it does tend to create an increased demand in the Las Vegas market," said Russ Guindon of the control board.

After struggling for years, winnings at Stateline casinos were up 30.8 percent in June and 12.43 percent in fiscal 1999.

"One of the things I found interesting and encouraging was the south shore market, up 12.4 percent," Guindon said. "It's been a market that hasn't been real strong. That's encouraging that they posted a strong 1999."

A breakdown of the $8.5 billion total shows that slots accounted for $5.5 billion, or about two-thirds. The average during the '90s has been about 62 percent, and for fiscal 1999 the slot win hit a high of 64.7 percent.

Quarter slots accounted for 45 percent of all the money won by slots, followed by $1 slots with 26.2 percent of the win.

Table games accounted for almost $3 billion of the total, led by blackjack which accounted for 35.4 percent of the live game win, a slight increase over the prior year's percentage. Baccarat accounted for nearly 17 percent of the 1998-99 table game win, about the same as the year before.

Statewide, resorts wound up fiscal 1998-99 by winning $692.4 million from gamblers in June for a 11.03 percent monthly increase.

"June was a very good month, statewide up 11 percent. Most of our markets had very good months," Guindon said.

Las Vegas Strip clubs accounted for $4.1 billion of the total fiscal year revenues, up 9.6 percent. The June win on the Strip was $322.4 million, up 15.56 percent compared with the same month a year earlier.

Downtown Las Vegas accounted for $669 million of the fiscal year win, down 2.33 percent. The June win for the downtown clubs was $49.6 million, down 8.11 percent.

"Downtown is going through some adjustment. What's going on on the Strip might be causing some of the adjustment going on downtown," Guindon said.

Reno casinos won $783.3 million, up 2.38 percent. The June win was $69.3 million, up 2.3 percent.

Sparks casinos won $157.5 million, up 4.6 percent. The June win was $13.4 million, up 3 percent.

Stateline casinos, on Tahoe's south shore, won $326.7 million, up 12.43 percent. In June, the win was $30.1 million, up 30.81 percent.