Nevada gaming win again up

Friday, July 9, 2004 | 10:52 a.m.

SUN CAPITAL BUREAU

CARSON CITY -- For the fourth straight month, Nevada casinos registered a double-digit increase in their gross win -- the first time this has happened since at least 1997. And this is helping the state produce an extra $100 million for its treasury.

The state Gaming Control Board reported today gaming win in May reached $908.2 million, up 12.7 percent from a year ago when the clubs were suffering from the Iraq war.

Gov. Kenny Guinn said he was pleased "with the resurgence and strength" of the industry "considering the proliferation of gaming nationwide, especially next door in California."

All of the markets in Southern Nevada showed gains, led by 34.1 percent on the Boulder Strip and 16.1 percent on the Las Vegas Strip.

For the fiscal year, the board reported it has collected $677.5 million, or $38.1 million above the forecast. The Legislature had predicted the tax collections would rise at 10.6 percent this year with its increase in the casino tax. But the receipts have come in at 21.1 percent above the past fiscal year.

Guinn said this $38 million "puts the state's general fund $100 million ahead of projections."

This is the first time there have been four consecutive months of double digit increases at least since 1997. Frank Streshley, senior research analyst for the board said the win for each of the past four months have set records for that particular month.

Streshley said two special events in Las Vegas helped spur the gaming economy. There was an Eagles concert at MGM Grand, and a Madonna appearance at MGM Grand "drew in the high-end play."

Statewide table games won $306.9 million or a 13.6 percent increase. Slot machines produced $592.4 million, up 12.2 percent.

The board said gross win from the 21 games rose 19.2 percent; craps was up 9.7 percent; roulette rose 19 percent; baccarat revenue jumped 25.5 percent, but sports pool betting fell by 18.7 percent. Streshley said he did not have any reason for the decline in sports betting for the month.

Casinos along the Las Vegas Strip reported gross win, computed before taxes and business expenses, of $469.4 million in May -- the fifth consecutive month of a double digit increase.

Slot machine win on the Strip totaled $237.9 million, up 15.1 percent. Table games brought in $226.8 million or a 16.7 percent increase. The board said 21 win rose 28.8 percent; craps was up 5.2 percent; roulette gained 17.2 percent; baccarat rose 25.8 percent and the sports pool was up 11 percent.

The board said downtown Las Vegas clubs registered a win of $50 million, up 7.5 percent, the biggest percentage increase since the 11.4 percent registered in January 2003. Streshley said the downtown area benefited from the World Series of Poker at the Horseshoe Club. Slot win rose 4.4 percent, and table revenue jumped 24.9 percent.

It was the second straight month of a gross win increase in what has been a bumpy market in the downtown area.

After a 7.9 percent decline in revenue in April, North Las Vegas clubs posted a 9 percent gain to $20.7 million. Streshley said this comes on an increase of 9 percent in May 2003 and shows a strong market in North Las Vegas. Slot machine win rose 12.1 percent but table revenues were down 18 percent.

The board said gross win in Laughlin inched up 1.4 percent to $47.8 million in May.

Slot gross revenue was up 2.2 percent but games win fell 3.6 percent.

Casinos along the Boulder Strip reported $65.2 million in gross win, up 34.1 percent. This was the biggest increase since May 1998 when revenues rose 35 percent. Streshley cautioned however that in May 2003, revenues were down 12 percent. This year slot revenue jumped 36.8 percent and table win rose 19.4 percent.

Mesquite clubs won $10 million, up 2.4 percent. Slot win was up 3.1 percent but table games fell 3.4 percent.

The board said casinos in the balance of Clark County posted a 14 percent gain with $75.6 million in gross win. It was the fourth consecutive month of double-digit increases in casino win in this section of Clark County. Slot win rose 13.7 percent and table revenue increased 14.8 percent.

Washoe County was the only soft spot in the state with gaming win declining 3.3 percent to $90.4 million. This comes after three straight months of increases, Streshley said. Slot win fell 2.2 percent and table revenue was off 8.2 percent.