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StumbleGaming win falls for ninth straight month
Wednesday, Nov. 12, 2008 | 10:47 a.m.
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CARSON CITY – For the ninth straight month, the gaming win fell on the Strip and statewide.
The 41 casinos on the Strip reported a combined gross win of $525.1 million, down 5.1 percent from the same month of a year ago.
Statewide, gaming revenue fell 5.4 percent to $1 billion, before expenses and taxes.
Officials noted that there were no special events during the month and one less full weekend, which hurt sports betting. Also, officials noted, the September 2007 gaming win was “strong.”
The state took in $63.5 million in gaming tax revenue in September, $10 million less than the previous year.
“The drop in spending is alarming,” said Frank Streshley, senior research specialist of the state Gaming Control Board. “October will be more of the same.”
Slot machine winnings on the Strip fell 5.3 percent to $284.5 million. For the past year, casinos on the Strip have reported a drop of 3.6 percent in slot machine win.
Winnings at 21 on the Strip fell 5.7 percent, craps was down 48.1 percent and the sports pool was off 54.6 percent.
About the only bright spot was the baccarat win, which rose 66.6 percent to $75 million on the Strip. Without that, Streshley said, the decline in gross revenue statewide would have been 8 percent.
The 19 casinos in downtown Las Vegas had a gross win of $49 million, off 8.2 percent. Games fell 16.4 percent and slot win was off 5.2 percent. Gamblers bet 15 percent less in the slot machines during the month.
North Las Vegas was one of three bright spots in Clark County. Casinos there won $26.1 million, an 11.2 percent increase. Slot win was up 16.1 percent but games fell 27.7 percent.
Winnings in Laughlin casinos fell 6.9 percent with slots off 3.6 percent and games down 27.4 percent.
The 34 casinos on the Boulder Strip posted $87.5 million in gross win, up 13.9 percent. Slot machines won 17.2 percent more but games were off 4.8 percent.
Mesquite took a nose dive with casino winnings falling 27.8 percent. Slot win dropped 27.3 percent and game revenues were off 32.7 percent.
Casinos in the balance of Clark County, the second largest gaming area in Nevada, posted a 1 percent gain at $110.76 million winnings. Games were off 15.4 percent but slot win rose 4.9 percent.
Every major market in Northern Nevada suffered declines in gaming gross win.
Casino win in Washoe reported winnings of $77 million, off 20.5 percent from a year ago, the largest percentage decline since the 1980s. Slot revenue fell 18.7 percent and game winnings was off 27 percent.
It was the 15th straight month of lower gaming revenue in Washoe County.
South Lake Tahoe casinos won $24.5 million, down 16.8 percent. Slots were off 7.3 percent and games fell 40.8 percent.
Carson City clubs posted $8.5 million in gross win, down 20.6 percent. Slot revenue fell 20.1 percent and games were off 25.4 percent.
Casinos in Elko County reported $24 million in win, down 12.6 percent. Slot revenue dropped 13.5 percent and games declined 6.9 percent.
Cy Ryan may be reached at (775) 687-5032 or cy@lasvegassun.com.
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Locally owned and independent for more than 50 years.
wait until the october and november numbers come out. there were SO many more layoffs nationwide in october and november.
We should increase taxes to fix this.
Thank you Harry Reid. Thanks to the no energy in America no matter what plan from our Sen. Reid the country is in a mess and no end in sight. The matters will only get worse as Obama plans to raise taxes and further halt visitors to Nevada and the loss of jobs here in Las Vegas is going to be huge. With the Sands troubles no one is safe. Thank you Harry Reid.
Don't raise taxes! Do it like the republicans instead and rack up staggering public debt. Taxes are bad, public dept we can ignore!
Yeah this is all Reid's fault Neiman, oh and Obama's too even though he hasn't taken office. While we are at it, I want to blame Palin for the mess. She'll be president in 2012, so it must be her fault too. I mean do you even read what you post?
The problem is that people don't have the income to fritter away $100 of their paycheck a week. Added to this, the casinos have been tightening payouts across the board. The result is that even fewer people want to gamble, because it's no longer a gamble. They know they'll lose their money.
And agreed johne. Let's just go into debt up to our ear lobes.
just read that SHELDON ADELSON lost $30 billion this year. wow
Sheldon Adelson -- who has seen the value of his stake in Las Vegas Sands Corp. shrink by roughly $30 billion in the past year -- has agreed to a financing deal that further dilutes his holdings at a time when he faces an internal challenge to his authority.
On Tuesday, the company released the details of a planned $2.1 billion stock offering that would reduce the chairman's stake in Sands to 51.3% from 68.9%. Mr. Adelson will spend $525 million of his own money as part of the stock-purchase plan -- a safety net to help guard his majority ...
don't raise taxes, just keep deficit spending to pay for everything.
let the next couple of generations pay-off the debt that accumulates.
its better for me since i have no children
i should add though that in the state of nevada they cannot deficit spend like the federal government can so i may have to pay for it through higher taxes rather than dumping it on the next generation.
Sorry to inform you. Mr. Rogers wants to borrow money or sell future revenue to fund current operations.