Nevada casinos start 2000 with record January win of $866.5 million

Brendan Riley

Thursday, March 9, 2000 | 10:58 a.m.

CARSON CITY - Y2K fears slowed Nevada's tourist traffic at the start of the year - but casinos still had a record January win thanks to big-spending gamblers on New Year's and Superbowl weekends.

The statewide $866.5 win, up 7.3 percent from January 1999, surpassed the previous record month of September 1999, when casinos won $819.6 million, Frank Streshley of the state Gaming Control Board said Thursday.

January was a good month for resorts on the Las Vegas Strip - which hauled in more than half the statewide total - and for Reno. But the win was down for casinos in downtown Las Vegas casinos and on Lake Tahoe's south shore.

The "win" is what's left in casino coffers after payouts to gamblers are subtracted from money that's bet on tables, in slots and on sports events. It's a gross figure, with no operating costs or other expenses deducted. And it's casino revenue only - separate from hotel, restaurant or bar revenues generated by clubs.

The January figures bring the win so far this fiscal year to $5.53 billion, up 11.8 percent over the same period in fiscal 1998-99. The state's percentage fees based on the win total $366 million for the fiscal year to date. That's up 14.6 percent compared with the same period as of January 1999.

In passing a state budget late last spring, cautious Nevada lawmakers figured on a percentage fee increase of only 4.6 percent for the entire fiscal year.

With the fiscal year more than half over, it remains clear that state coffers will have far more money by July 1 than what had been estimated, absent some unforeseen economic catastrophe.

Casino-related taxes along with sales taxes account for three-quarters of all revenues needed to run state government.

A breakdown of the January casino win shows Las Vegas Strip resorts collected $465.9 million, up 7.7 percent. A big factor was a 58 percent jump in the win from craps action at Strip megaresorts.

But downtown Las Vegas clubs were in a slump for the third month in a row, winning $60.1 million for a 4.7 percent decline.

Reno casinos won $63.7 million for a 7.46 percent gain. Clubs in neighboring Sparks won $12.4 million, barely down 0.6 percent.

Clubs on Lake Tahoe's south shore won $24.8 million, down 4.2 percent.

Statewide, the January win included $359.2 million from house-banked table games, up 2.6 percent. Craps was up 34.6 percent, roulette was up 14.8 percent and baccarat was up 3.5 percent, but blackjack was down 5.1 percent.

The statewide win on slots totaled $501 million, up 11 percent. Quarter slots were down 4 percent; dollar slots were up 3.8 percent; and nickel slots were up 35 percent.