Tuesday, July 12, 2005 | 11:05 a.m.
CARSON CITY -- Another month, another record win. Make that Wynn.
Fueled by the opening of Wynn Las Vegas and overall strong play in Las Vegas, Nevada casinos won $1.02 billion from gamblers in May, the best May ever.
The 10-figure monthly haul was the second highest monthly win in history, trailing only March of this year by about $7 million. The May total was an increase of 12.5 percent from the $910.2 million won in May 2004, the biggest percentage jump this year, topping March's 10.9 percent increase.
Five of the seven gaming markets in Clark County posted double digit increases compared to a year ago, the state Gaming Control Board reported today.
Gov. Kenny Guinn said, "May marked the 10th straight increase Nevada has had in monthly gaming win" and "The Las Vegas market continues to exhibit tremendous strength with no signs of a slowdown in the near future."
The win reported by the Las Vegas Strip casinos grew 14.8 percent to $538.8 million and it compares with a strong 2004 May when win rose 16.1 percent.
Frank Streshley, senior research analyst for the Control Board, said May was the first full month of operation for Wynn Las Vegas, which opened April 28. He said the Wynn did not "cannibalize" business -- steal customers that might otherwise have lost at other casinos. "They grew the market," said Streshley, noting many other casinos topped their May 2004 win.
Strip gaming results, Streshley said, were helped by the Winky Wright-Felix Trinidad fight May 14 at the MGM Grand and the Tiger Woods Benefit May 22 at Mandalay Bay.
The win in May was even more impressive, Streshley said, because there was one less Saturday in the month compared to a year ago. Saturday is the biggest money-making day in the casino business.
Bear Stearns gaming stock analyst Joe Greff said revenue growth on the Strip was "impressive" given that May had one less weekend than a year ago and that those gains were achieved on top of 13 percent growth in May 2004.
Slot revenue drove results on the Strip, rising 20 percent in spite of an 8 percent decrease in volume, Greff said in a research note today. A 27 percent increase in table game volume drove table revenue 8 percent higher in May.
Revenue at baccarat -- the game of choice for high rollers -- rose 22 percent in May. Volume at luxury properties such as Wynn Las Vegas and Bellagio were strong that month, Greff said.
The win reported by casinos is tabulated before business expenses and taxes are deducted. For the current fiscal year the casinos have paid $712.1 million in taxes, an increase of 5.1 percent over the 2004 fiscal year, and 0.8 percent higher than the Economic Forum predicted in early May.
The board said that the 346 casinos statewide reported slot machine winnings of $690.3 million, a 16.1 percent gain from May 2004. Penny slot win reached $82.3 million, an increase of 133 percent, while penny-slot revenue trailed the nickel slots by only $2.2 million.
Table game revenue statewide increased 4.9 percent. Baccarat revenues grew 21.3 percent but the 21 games fell by 8.3 percent and craps revenue was down 7.5 percent. Roulette statewide increased 5.1 percent; sport pool gross revenue rose 3.4 percent; and poker win increased 33.5 percent.
The 14.8 percent increase by the 43 casinos on the Las Vegas Strip was the biggest percentage gain for the state's biggest market this year. The previous high was 10.9 percent in March. The resorts reported $286 million in win from slot machines, a 20.2 percent increase.
Streshley said table-game win grew 8.1 percent on the Strip to $245.3 million. Baccarat win grew 21.5 percent to $58.3 million; blackjack win dropped by 12.3 percent to $76 million; craps inched up 0.6 percent to $27 million; roulette gained 13.5 percent to $22.2 million; and the sports pool fell 0.2 percent to $2 million.
For the second straight month, gaming win fell in the 19 downtown Las Vegas casinos. The clubs posted a win of $58.1 million, down 3.3 percent. Slot machine revenue rose 5.3 percent but table game winnings fell 20.8 percent. Streshley said the table game market in downtown Las Vegas has struggled for the past six months.
The Las Vegas locals markets posted results every bit as strong as the Strip's.
North Las Vegas' 11 casinos posted a record win of $29.4 million, up 41.8 percent. Slot win rose 40.2 percent and table-game win jumped 59.1 percent.
The board said the 32 casinos on the Boulder Strip produced $77.4 million, up 18.6 percent, the third time in the five months so far this year there has been a double-digit gain. Slot win grew 20.7 percent and table games were up 4.2 percent.
In the balance of Clark County, which includes properties in Jean and Primm as well as the Suncoast in unincorporated Clark County, the 67 casinos reported winnings of $94.1 million, an increase of 24.3 percent -- the highest percentage gain this year. Slot machine win grew 27.3 percent and table-game win was up 7.3 percent.
In a separate research note, Morgan Stanley analyst Celeste Brown said the data showed strong growth in the locals casino market, "a good sign" for locals operators Station Casinos Inc. and Boyd Gaming Corp.
The 10 Laughlin casinos reported $51.4 million in gross win, up 7.3 percent. Slot machine winnings rose 8.8 percent but table games were off 2 percent.
The seven casinos in Mesquite reported $11.4 million in gross win, up 13.4 percent and a rebound from the previous month when revenues were off 0.4 percent. Slot win rose 13 percent to $9.7 million and table-game win was up 14.8 percent to $1.5 million.
The board said casinos in Washoe County won $88.6 percent, down 2.1 percent; South Lake Tahoe clubs reported $28 million, down 3.5 percent; Carson Valley clubs reported their 25th straight month of increased win at $10.6 million, an 11.6 percent gain; and Elko clubs had a $22 million win, up 8.5 percent.
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