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StumbleCasino winnings fall for seventh straight month
Wednesday, Sept. 10, 2008 | 10:18 a.m.
Sun Archives
- June gaming wins soft on Strip (8-11-2008)
- As Strip scales up, some say goodbye (8-8-2008)
- MGM 2Q profit drops 69 percent (8-5-2008)
- Wynn plays it straight to investors (7-24-2008)
CARSON CITY – For the seventh straight month, casino winnings on the Strip slumped, falling 14.6 percent in July from the year before.
It is “the worst run for Nevada gaming casinos since the early 1980s,” said Frank Streshley, senior research specialist for the state Gaming Control Board.
It was also the seventh month of decline for casinos statewide and the third straight month they reported gross win of below $1 billion.
By comparison, there were five months of decline after the Sept. 11, 2001 terrorist attacks, he said.
The poor showing was the result of a “huge drop” in the play in slot machines and the casinos won a lower percentage of the money bet on the games. The casinos statewide won $997.3 million and the Strip casinos accounted for 53 percent of that amount.
The $997.3 million was down 12.9 percent from July 2007 which at that time recorded a record win of $1.46 billion.
The Strip was hit hard in all their major games and at the slot machines. For instance, the gross win at the 24 sports books on the Strip plunged 226.2 percent and they reported a loss of $1.4 million. Most of that came from bets paid at the end of the professional basketball season with the Boston Celtics winning the NBA championship.
Every area in the state, except South Lake Tahoe, reported a decline in gross win.
The control board reported that gaming win at the clubs in downtown Las Vegas fell 16.9 percent with slot revenue down 15.8 percent and games off 19.3 percent. North Las Vegas casinos were off 21.8 percent with slots down 21 percent and table games falling 31.5 percent.
Laughlin was down 7.5 percent with slot winnings down 6.9 percent and table games off 11.9 percent. Mesquite casinos fell 32.4 percent with slot win down 33.3 percent and games off 26.8 percent. Casinos in the balance of Clark County recorded a 12.8 percent decline with slots off 13.1 percent and games down 12.1 percent.
Gross win is computed before business expenses and taxes.
The state collected $58.2 million in taxes, down 23.9 percent from a year ago.
Blackjack winnings on the Strip dropped 21.3 percent; craps was off 27.2 percent; roulette fell 17.8 percent and baccarat dipped 26.8 percent.
The slot machine win on the Strip was off 9 percent. The penny machines and the $100 slots were the only ones that posted an increase from July 2007.
Streshley said $3.9 billion was played in the slot machines, down 12.2 percent on the Strip. The “drop” from the games on the Strip rose 5.3 percent to $2 billion for July. But the win percentage for the casinos was 11.3 percent compared to 15.1 percent of a year ago.
The board reported that gross win in Washoe County casinos dropped for the 13th consecutive month, posting a 3.8 percent decline.
South Lake Tahoe casinos, after registering a 23.9 percent decline in June, posted a 10.9 percent increase. Streshley said the area was helped by a celebrity golf tournament.
For the second straight month, the win at casinos in Carson City was down 2.8 percent from a year ago. And Elko casinos registered an 11 percent drop, the biggest percentage decline in at least the last three years.
There were no special events in Clark County, he said, and there was one less weekend day, which could account for part of the decline.
Cy Ryan may be reached at (775) 687 5032 or cy@lasvegassun.com.
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The Sun
Locally owned and independent for more than 50 years.
Well I am not sure why this should surprise anyone. Long before the Recession was "official" gambling houses in Vegas were tightenting up the machines, slashing comps, and raising prices on room and food to absurd levels. Most Vegas operators had little time for the middle class gambling crowd, all too eager to swap out the Keno lounges and Bingo Halls for expensive gimmicks (fill in the name of our favorite strip casino nightclub here). Now when you throw in $4 gas, 6.1% unemployment, and falling homes prices the situation has obviously boiled over. But the real threat to Vegas is not that folks don't have money to gamble (because the economy will eventually turn around), but that a protracted economic downturn will have people reconsider the value of a dollar: some will quit gambling, but more will simply do it at their local hometown casino instead of heading to Vegas to try their luck with greedy casino operators...
My heart goes out to the casino employees. Many of those folks try to do their best to shore up their customer's morale...only to have their best efforts swamped by short-sighted managment and greedy CEOs.
This wont stop until energy prices come down. Visitors don't have the money to fly here. They are broke from playing slots with no jackpots at home, they call them gas pumps. The airlines have reduced the number of flights to Las Vegas from everywhere. The customers don't show up by magic. Our tax revenues are plummeting, our jobs are disappearing, and our way of life is ending. We need American energy resources for American jobs NOW. Contact harry and convince him to quit playing games and Drill Here and Drill Now. It's our only chance.
email link
http://reid.senate.gov/contact/index.cfm...
Las Vegas
Lloyd D. George Building
333 Las Vegas Boulevard South, Suite 8016
Las Vegas, NV 89101
Phone: 702-388-5020 / Fax: 702-388-5030
Casino's should expect more of the same if they continue to tighten slot machines till they squeek. I don't want to win a car, or get "free play" at designated machines. I just want a decent payout which is increasingly difficult to find. The greed of the CEO's is showing
As always, neiman cuts and pastes the same old diatribe about how energy prices are Harry Reid's fault.
Of course we aren't reaping the consequences of the "energy plan" brought to us by Dick Cheney and his buddies in the oil industry. Or Bush's failed leadership... that can't be the problem!
Naturally, the partisans just want to blame it all on Harry. It's simple and something they can comprehend.
They don't bother to mention that "drill here, drill now" will have no effect on your price at the pump tomorrow. Or next month. Or next year.
It's simply not a short-term answer, even though neiman1 continues to peddle it as such.
Contact neiman1 and tell him to stop the cut/paste of basic falsehoods.
I agree with some of the above comments!!! Another factor besides fewer flights into Vegas is the airfare costs. In most cases what 2 people could fly to Vegas back last year is now what it costs one person to fly there. We were in Vegas in July and I can tell you that was the worst experience we have ever had at the slots and we were not alone money flew out of your pockets with very few payouts. What is happening because of both of the problems mentioned above is that people are visiting nearby casinos in their respective states.. At present there are still winners in the local casinos. As for us, we usually make 4 to 6 trips per year to Vegas but now that number will drop to zero. Instead we will be staying local. This country with the congressional leaders not leading is headed for a depression since money for oil is leaving this country at the speed of sound due to these inept buffoons.
Its not just the greedy corporate casinos,6:5 Blackjack and tight slots...
The Strip has become a concrete canyon. Its difficult to see the mountains anymore from a hotel room on the east side of the strip.
Its overdevelopment everywhere. Its uncontrolled mayhem. The traffic is unbearable and let's face it, prostitutes and low lifes are everywhere.
The city has done a poor job promoting the image of a clean, environment. Maybe that conflicts with their "What happens in Vegas stays in Vegas" theme which implies sex and sin... (I am not a bible thumper, its just that you get all kinds with that invitation).
Anyway, lets face it the strip is not a desirable place to be. The locals avoid it like the plague and the tourists are catching on!
I agree with the Comments by OG and slotsnme. The casinos have forgotten why they became successful: they catered to middle class America by offering nice rooms at fair prices, good food and choices for prices people could afford, reasonable priced entertainment, and gambling games that people could play and not break their budget and have a reasonable chance of winning. Well, maybe not really winning but at least playing for awhile. I enjoy 3 Card Poker. When I first started playing maybe the minimum bet was $3. Look at the minimum bet now, especially at the Strip casinos or on Friday night or the weekends - outrageous! Who can afford that except the really wealthy or foolish? It takes the fun out of a LV experience - at least for me.
I don't think people really mind losing their money as long as the casino's give them enough playing time to lose it in. If I'm gonna drop a hundred bucks I'd like to play for longer than 30 minutes. They can have my money just give me some time to entertain myself, ok? And as for the table games - who but the wealthy can drop 20 bucks a hand more than a couple times - I certainly can't.......
Strip hotel operators have been catering to high end crowd and have been ignoring average guy for many years now. Seems that Vegas still draws the high volume on the weekends - young party people going to nightclubs, etc. These people typically do not drop money at the tables or in the slots ... or do anykind of gaming during their weekend visit. So, your typical gambler who used to come to Vegas once a month now visits their local Indian gaming facility. How wants to pay $200+/room per night? I certainly don't!
thebs, neiman is impaired. He has lost his way and his head is all messed up. He seems to forget this is what America gets when Bush and Cheney allow the executives of large energy companies to write Americas energy polcies. Bush and Cheney made money and lots of it while the rest of use got the shaft.
Someday soon they will cart neiman off to his padded cell and we won't have to look at his ridiclulous pastings and rants.
No reason to go to Vegas with 6:5 blackjack everywhere. Yes there are some great blackjack games in Vegas but they are few and far between, and usually $50 or more minimum bet. Many people cannot afford that, so why shouldn't they just go to the local Indian casino which generally offer much better blackjack at low stakes. Get rid of 6:5 forever and I guarantee you Vegas traffic will pick up. Gaming commission should outlaw it. It is a complete ripoff to the player -- casinos think players are idiots (and usually they are right, I guess). But anything that quintuples the house advantage of a long-established game like blackjack should not be allowed.
The big danger that Vegas faces now is perception. In the public's eye, there has been a change. Corporate greed has resulted in tight slots and blackjack heavily tilted toward the house.
Once that perception is imbedded, its going to be tough to shake. What once was perceived as value and a fun vacation experience has turned into a perception of being hustled and fleeced.
Sure there will always be plenty of suckers, but if you lose 5-7% of your take, look what happens. The State's economy suffers, not to mention casinos bottom line.