Nevada casinos win $836.5 million in March

Brendan Riley

Wednesday, May 10, 2000 | 3:37 a.m.

CARSON CITY - Gov. Kenny Guinn gets gloomy when he takes a long-term look at Nevada's economy. But a new report showing record casino wins in many areas and the prospect of a huge state surplus over the short haul should bring some smiles.

The state Gaming Control Board's report Wednesday on March wins by casinos around the state shows the clubs took in $836.5 million for an 11.9 percent gain over the same month a year earlier.

And taxes on the March win paid to the state totaled a record $64.6 million - up 14.5 percent.

A market-by-market breakdown shows record wins during March for clubs in Laughlin, the Boulder Strip, Mesquite and Elko County. Reno-Sparks-Tahoe resorts did well, downtown Las Vegas had a positive month - and the Las Vegas Strip had a big 17.1 percent gain.

This occurred during a month in which there were no major prize fights, mega-conventions, big concerts or other events that tend to draw lots of high-rollers, Gaming Control Board spokesman Frank Streshley said in releasing the report.

Only last week, Guinn said Nevada is "teetering on the very edge" of a financial downturn. He repeated that warning Tuesday in a briefing about Nevada's limited tax base and the need to diversify the economy and broaden that base.

Wednesday's win report from the gaming board didn't seem to approach "teetering." But it doesn't reflect the anticipated negative effects of expanded Indian gambling in neighboring California once that planned expansion is completed in a year or two.

The March win is the money held by Nevada casinos after gamblers bet $12.3 billion - including $10.3 billion in slot machines.

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 March figures bring the win so far this fiscal year to $7.12 billion, up 12 percent over the same period in fiscal 1998-99. The state's percentage fees based on the win total $470.9 million for the fiscal year to date. That's up 14.5 percent compared with the same period as of March 1999.

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

With nine months of the fiscal year gone, it appears state coffers will have far more money by July 1 than what had been estimated by the legislators.

The 1999 Legislature assumed an $84.6 million surplus by July 1. The actual amount could be closer to $150 million, thanks mainly to the casino-related taxes and taxes on sales.

The two taxes account for three-quarters of all revenues needed to run state government.

A breakdown of the March casino win shows Las Vegas Strip resorts collected $414 million, up 17.1 percent. But North Las Vegas was down 4.9 percent, winning $19.8 million - the only major market to record a slump.

Downtown Las Vegas clubs won $61.8 million for a 2.3 percent increase.

Reno casinos won $70.8 million for an 8.7 percent gain. Clubs in neighboring Sparks won $14.4 million, up 7.6 percent.

Clubs on Lake Tahoe's south shore won $26.9 million, up 8.5 percent.

Statewide, the March win included $275.1 million from house-banked table games, up nearly 16 percent. Craps was up 13.3 percent while roulette was down 8 percent, baccarat was up 21.9 percent and blackjack was up 14.3 percent.

The statewide win on slots totaled a record $555.7 million, up 10.1 percent. Quarter slots were up 0.2 percent; dollar slots were up 5.5 percent; and nickel slots were up 37.1 percent.