Nevada gaming win off again

Tuesday, Sept. 10, 2002 | 11:17 a.m.

CARSON CITY -- Winnings by Nevada casinos totaled $804.3 million in July, down 0.5 percent from a year ago and the third straight month of declining revenues.

The state Gaming Control Board reported today this was the fifth time in the past seven months that the gross win of the industry has fallen compared with a year ago.

Board Senior Research Analyst Frank Streshley said there were no major attractions or boxing events during the month. He said the casinos expected a big Fourth of July weekend, because the holiday fell on a Thursday, potentially creating a four-day weekend.

Some casinos cashed in, but Streshley said others reported the tourists starting leaving on Saturday.

"It ended on a soft note," he said.

"These are not good numbers," Bill Bible, president of the Nevada Resort Association, said. "They continue to reflect the events of 9-11, the continuing weakness of the economy and the continued competition from tribal gaming operations in neighboring states."

Making matters worse, Streshley said this July is being compared with a weak July last year, when revenues were down 2.3 percent.

Table games contributed mostly to the revenue loss. Streshley reported win from the games dropped 2.7 percent. Baccarat was off 29 percent; 21 fell 5.2 percent; craps was off 6.4 percent; roulette dropped 8.4 percent and the sports pool gross win dropped 311 percent

Streshley said he did not have an explanation for the huge drop in the sports pool wagering.

Slot machine revenue statewide was up 0.6 percent.

Casinos along the Las Vegas Strip reported $371.6 million in gross win, computed before taxes and business expenses. That's down 2.8 percent from last year and it was the third straight month of decline for the Strip. It also compares with a weak July last year, when revenues dropped 3.8 percent.

Game and table win on the Strip fell 3.6 percent. Baccarat was down 12.7 percent; 21 fell 7.9 percent; craps was off 14.3 percent; roulette dropped 9.1 percent and sports pools were off 143.1 percent.

Bible said the drop in games on the Strip represents the continuing weakness in drawing customers from the Asian market.

Slot win on the Strip rose 2.2 percent.

Downtown Las Vegas casinos reported $52.9 million in gross win, a drop of 5.1 percent, also the third straight month of declining revenue. Slot win dropped 5.6 percent and table gross revenue was off 2.7 percent.

North Las Vegas casinos registered $16.5 million in gross win, off 12.1 percent from a year ago. Slot win dropped 13 percent and table revenue was off 5.5 percent.

The board said the clubs in Laughlin reported $42.9 million in revenue, down .09 percent. Slot win rose by 1.1 percent but table revenue was down 6.8 percent.

Casinos in Mesquite reported $8.1 million in revenue, up 5.4 percent. Slot win rose 6.1 percent and table play jumped 23.5 percent.

The board said the casinos in the balance of Clark County reported $70.9 million in gross win, up 3.5 percent. This comes on top of an increase in July last year of 11 percent. Slot win was up 7.6 percent but table win fell 17.2 percent.

For the 15th time in the past 16 months, Washoe County casinos reported declining revenues. The clubs took in $96 million, off 3.7 percent.

South Lake Tahoe registered a slight increase of 0.8 percent with revenues of $42.1 million.

Elko county clubs posted a 3.1 percent increase in gaming win to $20.1 million.

And the Carson Valley area recorded its first decline after 17 months of increased winnings. The casinos reported $8.2 million in gross win, down 5.2 percent. Streshley said this was due in part to the forest fires that closed U.S. 395 from California into Douglas County and Carson City.

For the first two months of collections this fiscal year, gaming tax receipts totaled $85.3 million, down 7.3 percent. The prediction for the budget was that gaming tax revenues would increase by 3.9 percent this fiscal year -- meaning today's report adds to the state's budget woes.