Nevada gaming win total tops $9 billion in 1999

Cy Ryan and Richard N. Velotta

Thursday, Feb. 10, 2000 | 11:08 a.m.

Nevada casinos won a record $9 billion last year as revenues on table games rebounded from 1998.

The state Gaming Control Board reported today the win, before taxes and business expenses, was 11.9 percent above 1998 -- the previous record year. And it shows Clark County continues to play the dominant role in the gaming industry with 79.9 percent of the state's revenue.

Board spokesman Frank Streshley said the statewide win on game and tables grew 15.7 percent, after decreasing by 3.9 percent in 1998. Baccarat gross revenue was up 22 percent and blackjack win grew 14.2 percent.

Winnings from slot machines rose by 9.8 percent with the nickel slots leading the way with a 36.5 percent growth.

Because of the strong performance of the table games in 1999, slot win accounted for 64.1 percent of total gaming revenue, down slightly from 65.3 percent win in 1998.

Gross revenue reported by the sports pools reached $109.1 million for the year, up 40.6 percent.

Some of the higher revenues can be attributed to the 1999 addition of three mega-resorts on the Las Vegas Strip -- Paris, Mandalay Bay and the Venetian.

Strip casinos reported $4.4 billion in gross revenue, up 17.7 percent. In 1998, the win on the Strip grew only .1 percent. The Strip market now accounts for 49.8 percent of the gaming win in Nevada.

Streshley said slot win increased by 13.7 percent and game and table revenue grew 21.9 percent after a decline in 1998 of 5.8 percent.

For the third consecutive year, downtown Las Vegas clubs posted zero or negative growth. For the year, the casinos in "Glitter Gulch" recorded $666.9 million in win, down 1.7 percent from 1998. There was no increase in slot win and revenues from table games fell by 6.4 percent compared to the previous year.

Laughlin casinos posted their second annual increase in revenues in the last six year. Streshley said the clubs won $531.9 million, up 8.3 percent. Slot revenues were up 8.9 percent and table win rose 4.7 percent.

After posting five straight years of double digit increases in gross revenue, casinos on the Boulder Strip reported a 1999 win of $560.9 million, up 9.5 percent. In 1998, the clubs posted an increased win of 23.1 percent. Slot win rose 9.8 percent and game revenue jumped 7.3 percent.

North Las Vegas casinos reported $222.1 million in revenues, up 17.4 percent for the year. Game and table win jumped 28.6 percent and slot play rose 15.7 percent.

The board said clubs in Washoe County grew 4.8 percent in revenue to $1 billion. Casinos at the South Shore of Lake Tahoe recorded a 6.3 percent increase in win to $328 million. Carson Valley casinos posted a gross win of $88 million, up 8.7 percent. Elko County clubs reported $217 million in win, up 4.8 percent.

Despite complaints that the Millennium celebration didn't live up to expectations, the casino industry finished 1999 with a strong performance in December.

The board reported winnings statewide at $751.3 million, up 9.9 percent.

The month was highlighted by a 150 percent increase in revenues for Megabucks as players chased a jackpot that topped $30 million.

Streshley also reported there was strong table game play during the month. Revenue from blackjack skyrocketed 36.1 percent; roulette revenue grew 47.8 percent and baccarat win was up 8.4 percent. Slot win increased by 7.8 percent during the month.

Strip casinos produced $393.7 million in gross revenue. up 13.5 percent. Play on the table games paced the increase, growing 18.7 percent. Win on the 21 games rose 64.9 percent or $25.5 million. Baccarat revenues grew 9.6 percent and slot win rose 7.6 percent.

"The 13.5 percent increase for the Strip is really surprising to me, particularly since the Grinch canceled Christmas here," said Dave Ehlers, a gaming analyst for Las Vegas Investment Advisors.

"Gaming win numbers had been running with visitation numbers, but in December they were much higher," Ehlers said.

Joseph Coccimiglio, an analyst with Prudential Securities, noted December 1998 wasn't a particularly good month, making the 1999 increase more dramatic.

Downtown Las Vegas casinos accounted for December win of $51.8 million, a drop of 2 percent. While slot win was up .9 percent, game and table revenues fell 3 percent.

North Las Vegas casinos reported $18.6 million in revenues for December, up 16.5 percent. Slot win was up 16.4 percent and game and table win grew 18.3 percent.

The board said Laughlin clubs reported $38.5 million in gaming win in December, up 3.2 percent. Slot win rose 4 percent and table revenues increased by .9 percent.

Boulder Strip clubs won $50.4 million during the month and it is nipping at the heels of downtown Las Vegas to become the third biggest gaming market in the state behind the Strip and Reno. Slot win grew by 15.1 percent and table revenues was up 1.8 percent.

The board said gaming revenues grew to $82 million in Washoe County, an increase of 5.5 percent in December compared to the previous year; South Lake Tahoe produced $26.6 million in casino win, up 15.9 percent; Elko County slumped 12.7 percent to $15.2 million and the Carson Valley enjoyed a strong December with revenues at $7.3 million, up 22.7 percent.