McCartney concert gives Strip gaming win a boost

By Liz Benston (contact), Cy Ryan (contact)

Thursday, June 6, 2002 | 11:36 a.m.

A concert by Paul McCartney in Las Vegas helped push casino revenues along the Las Vegas Strip up by 2.6 percent in April, only the third increase in the last nine months.

The state Gaming Control Board reported today that Strip casinos won $381.5 million before taxes and business expenses. The increase came from table games as the slot machine take was down for the third straight month.

The results were in line with companies' earnings results, Merrill Lynch gaming analyst David Anders said.

"Las Vegas is returning to normal and by this summer, we would expect almost a full return to normalcy."

Casinos on the Boulder Strip and in the balance of Clark County both surpassed downtown Las Vegas in the gross revenue or win that was reported.

Frank Streshley, senior research analyst for the board, said the McCartney concert drew a lot of high-rollers to Las Vegas. He said win on Baccarat rose 17.1 percent over a year ago and revenue from the 21 game was up 12.8 percent in Strip casinos.

The board said, however, that gross win from craps fell 16.2 percent and roulette was down .8 percent. Slot win fell by 2.8 percent.

Casinos statewide won $800 million, up 3 percent, only the second increase in the four months of this calendar year.

Revenues from the games rose 8.6 percent and slot win inched up .8 percent.

Streshley said win from the Megabucks slots jumped 31.5 percent as players went after a $20 million-plus jackpot. Betting on basketball rose 105 percent and he said this was mostly on the NBA.

Downtown Las Vegas casinos reported $56.6 million in win, down 5.4 percent, the third time in the last four months the clubs have recorded lower gross revenue. Slot win fell by 4.6 percent and game revenue dropped 9.3 percent.

North Las Vegas clubs rebounded from a 23 percent decrease in March to report $18.4 million in revenue, up 3 percent. Slot win rose 6.54 percent but table revenue dropped 22.1 percent.

The board said casinos in Laughlin posted $48.1 million in gross revenue, down 1 percent. It was the third decline in the last four months.

Slot winnings inched up .3 percent but table win was off 8.4 percent.

For the fifth straight month, clubs along the Boulder Strip posted increased win. The board said casinos win reached $60.2 million up 14.2 percent. Slot win rose 13.8 percent and game win was up 18.1 percent.

Casinos along the Boulder Highway primarily serve locals and haven't been as impacted by the decline in tourism, said analyst Dennis Forst of McDonald Investments.

"I think it's an indication that Las Vegas continues to grow in population and the economy is still OK."

For the 14th straight month, clubs in Mesquite reported higher winnings. The casinos registered $9.9 million, up 6.1 percent. Slot win was up 5.8 percent and game revenue rose 9.3 percent.

Casinos in the balance of Clark County registered $72.1 million, up 8.6 percent. Slot win was up 8.9 percent and table win rose 9.2 percent. Clubs in this area are the third largest revenue producer, behind the Strip and Washoe County.

The board said Washoe County casinos reported $87.1 million in revenue, a 3.8 percent decline. This was the 11th time in the last 12 months that Washoe County has posted a drop in play. Slot machines were off 6.5 percent and game and table win rose 5.2 percent.

South Lake Tahoe casinos won $27.8 million, up 23.7 percent compared to last year when the win was down 10.1 percent. Elko County clubs reported a 6.4 percent increase in revenue to $19.7 million and Carson Valley clubs posted a 9.2 percent increase in revenues to $7.9 million.