Strip gaming win plummets 25 percent in October

By Cy Ryan

Wednesday, Dec. 10, 2008 | 10:32 a.m.

CARSON CITY – Casinos on the Strip suffered through their worst month in at least 25 years in October, as the gaming win dropped 25.7 percent.

Statewide, casinos recorded their biggest monthly decline, 22.3 percent.

Frank Streshley, economist for the state Gaming Control Board, said it was the biggest percentage drop since monthly records were kept in 1983. But, he added, it’s being compared to a strong month in October 2007, when the gaming win on the Strip rose 19.8 percent.

Casinos on the Strip reported October win, figured before taxes and business expenses, at $475 million, down $165 million from a year ago. He said bettors played $5.4 billion in the slot machines and table games, a drop of 18.6 percent from a year ago.

The only bright spot on the 41 Strip casinos was the sports pool that recorded a win of $7.9 million, up 110 percent.

This was the 10th straight month of declines for the state and the Strip. There were no major special events to draw in players, Streshley said.

The Strip casinos reported a 9.5 percent decline in 21 games; 4.1 percent from craps; 7.5 percent from roulette, 63.4 percent from baccarat; 25 percent from keno and 22.7 percent from slot machines.

The only category of slot machines that showed an increase were penny slots, which were up 10 percent.

The decline in the state mirrors declines in the stock market and other segments of the economy. “There’s been a tremendous drop in consumer spending,” Streshley said.

Statewide, the gaming industry reported $904.9 million in win, off 22.3 percent or $260.2 million. Slot machine win fell 22.7 percent and games were off 29.8 percent.

Downtown Las Vegas casinos posted a $48.4 million win, down 19.6 percent. The slot machine win dropped 22.2 percent and games were off 9.7 percent.

The report showed North Las Vegas casinos won $18.6 percent, down 34.5 percent. Slots fell 37.6 percent and games were off 2.7 percent.

Laughlin casinos posted a win of $45.7 million, down 14.9 percent, with the slot win falling 15.3 percent and games off 11.1 percent.

Casinos on the Boulder Strip recorded $62.9 million in winnings, down 28.2 percent. The slot win fell 34.2 percent but table games rose by 27.3 percent. It was the only market in Clark County that recorded an increase in gaming or slot win. The Boulder Highway casinos posted a 113 percent increase in 21 games and a 131 percent rise in roulette.

Mesquite casinos reported a win of $11.9 million, down 20.7 percent. Slots were off 22 percent and gaming win fell 10.5 percent.

In the balance of Clark County, casinos registered $95.1 million in win, off 18.4 percent. Slots were off 20.8 percent and games dropped 8.2 percent.

The only market in the state to show an increase was Carson Valley where the casinos won $9.9 million, up 3.4 percent.

For the 16th straight month, Washoe County casinos posted a decline in winnings. They reported $78.1 million in win, off 9 percent; South Lake Tahoe casinos posted a $20.8 million win, down 23.7 percent. And Elko County was off 6.5 percent with a win of $24.1 percent.

Cy Ryan may be reached at (775) 687 5032 or [email protected].