Las Vegas Sun

March 29, 2024

July win revenues up 4.8 percent compared to 11 percent in June

Nevada casinos won $733.6 million from gamblers in July, up 4.8 percent over the same month a year ago, but less than half the 11 percent win recorded statewide in June.

The win was also below the 7.9 percent gain statewide for the past fiscal year.

The July 1998 win was $700.2 million statewide.

A drop in high stakes baccarat play and a dramatic decrease in winnings at the state's sports books were key factors in the lower win figure.

"Some people may view the figures as not being that strong, with three new properties on line" in Las Vegas, said Russ Guindon of the Nevada Gaming Control Board.

"Baccarat played a role, definitely on the Las Vegas Strip and statewide," Guindon said. The baccarat win was down 22 percent statewide, 23 percent on the Strip.

In the sports books, the win was down 445 percent statewide.

The single-digit increase comes after a year that saw a rebound, fueled by the opening of Bellagio last October, Mandalay Bay in March and The Venetian in May. Statewide, the casino win figures had been in double digits four of the first seven months of 1999.

"I don't see this as a bad sign," Guindon said. "I just think a lot of people, with three new properties, were expecting a bigger month."

The lower win can be attributed to the volatility of baccarat, he said.

The win on the Strip was 5.5 percent, "but if you factor out baccarat, the win on the Strip would have been up 10.1 percent," Guindon said.

"Once you account for baccarat, it was a much stronger month after accounting for that particular game," Guindon said.

The win on the Las Vegas Strip was $344.7 million, up 5.5 percent. Downtown Las Vegas dropped 6 percent to $52.2 million while North Las Vegas was up 7.8 percent at $16.6 million and Laughlin was up 7.3 percent at $41.9 million. Mesquite was up 10.8 percent at $7.1 million and the Boulder Strip was up 2.6 percent at $43 million.

Reno was up 6.1 percent, at $73.4 million, while North Lake Tahoe was up 10.7 percent at $5.1 million. Sparks was up 7.9 percent at $14.3 million and South Lake Tahoe was up 2.5 percent at $40.3 million.

Elko County was up 10.1 percent at $19.3 million and the Carson Valley was up 4.3 percent at $8 million.

The state collected $46 million in percentage fee taxes during August 1999, based on taxable revenues generated in July 1999. This represents an 8.6 percent increase compared to August 1998 when percentage fee collections were $42.4 million.

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