January casino win up

Tuesday, March 11, 2003 | 11:13 a.m.

CARSON CITY -- Nevada casinos won $844.5 million from gamblers in January, an increase of 10.2 percent from January 2002, the state reported today.

But Gov. Kenny Guinn was still crying the fiscal blues.

Guinn said even with the big increase, gross gaming win in January was $55 million below January 2001.

"This shows the tourist economy is still soft and could decline if fuel prices continue to rise and the conflict in Iraq escalates," he said.

It was the sixth straight month of increased gaming win in Nevada and the highest percentage gain since July 2000.

The state Gaming Control Board today noted this January is compared to a weak January of a year ago, when revenue was down 14.8 percent.

Frank Streshley, senior research analyst for the board, said the Super Bowl, once of the best weekends of the year for casinos, was delayed last January to February because of the Sept. 11 attack. And this January two new casinos -- the Cannery in North Las Vegas and the Tuscany Suites near the Las Vegas Strip -- had opened.

He said the month started slow when New Year's fell on a Wednesday and there was not as many visitors as in the past.

Tax collections from the win totaled $54.9 million, which is 10.1 percent higher than a year ago when the state's economy was still suffering from the Sept. 11 attacks. But for January of this fiscal year, tax collections were $18.2 million or 4.8 percent below what the state budget-predicting Economic Forum projected.

Streshley said statewide win from slot machines totaled $545.5 million, up 4.2 percent. But table game revenue jumped 23.7 percent to $294.1 million. Gross win in 21 increased 25.2 percent; craps was up 69.5 percent, roulette rose 15.9 percent; the sports book win jumped 132 percent but baccarat was still weak, down 35.1 percent.

"It was a good increase in all games except baccarat, which continues to struggle," said Streshley.

Casinos along the Las Vegas Strip had a strong month, posting gross revenue of $429.6 million, an increase of 13.8 percent thanks to a weak comparison. January 2002 was down 24 percent from January 2001. The win is computed before business expenses and taxes are deducted. Today's Strip numbers represented the biggest percentage increase since July 2000, when clubs posted a 15 percent increase on the Strip. The 37 casinos on the strip reported revenue from table games increased 26.6 percent to $210.4 million and slot revenue inched up 3.6 percent to $216.4 million.

The board said 21 win rose 38.6 percent; craps was up 114.6 percent; roulette rose 17.9 percent but baccarat, favored by foreign high-rollers, dropped 35.7 percent. The win from sports books jumped 96 percent, mainly due to the Super Bowl held this January.

In seven of the last eight months, downtown Las Vegas clubs posted lower revenue than the similar month of a year ago. But in January these clubs registered an 11.4 percent increase to $60.4 million. That's the biggest percentage gain since August 1997. In January 2002, revenue was off 10.2 percent.

Slot win rose 7.5 percent and table game revenue was up 23.9 percent in the downtown area.

North Las Vegas casinos posted $20.9 million in win, up 13.9 percent. This comes on top of a 19.6 percent increase in December. Slot win was up 13.9 percent and game revenue rose 14.1 percent

The board said clubs in Laughlin reported $53 million in win, up 7.3 percent, the second straight month of higher gross revenue. Slot win rose 6.3 percent and table win jumped 15.3 percent.

Boulder Strip casinos won $58.4 million in January, a decline of 4.1 percent from a year ago. In December revenue in these casinos rose 30.6 percent. Streshley said this area was one of the few places statewide that registered a decrease in January. But he said it was one of the few places in January 2002 that posted an increase in win.

Mesquite casinos won $10.12 million, up 0.16 percent. And the balance of Clark County casinos posted $70.5 million in win, down 1.6 percent.

In the last 11 months, casinos in Washoe County have reported declining revenue. But clubs in January reported winnings of $81.1 million, up 15.5 percent. This is the largest percentage win in two and one-half years, said the board. South Lake Tahoe casinos won $24.2 million, an increase of 23.4 percent from a year ago.

The board said Elko County casinos won $18.2 million, up 6.9 percent from January 2002.

Carson Valley casinos posted a 7.1 percent increase with winnings at $7.8 million.