Strip gaming win falls for 14th month to 2004 levels

By Cy Ryan

Tuesday, April 7, 2009 | 9:54 a.m.

CARSON CITY – Casinos along the Las Vegas Strip suffered a 23.4 percent drop in their gross win in February, the fifth-straight month of a double digit decline.

It was the 14th consecutive month of lower win, computed before taxes and business expenses. It was the second-largest drop trailing only the 25.7 percent drop posted in October last year. And the $427.4 million win was the lowest since November 2004.

The only market in Clark County to post a strong showing was North Las Vegas with a 21.9 percent increase in its gross win.

The state Gaming Control Board reported today that casinos statewide won $830.9 million in February, off 18.1 percent when compared to the same month of 2008.

Frank Streshley, senior research specialist for the board, said the decline was smaller than expected. He noted that February 2008 was leap year with an extra day. And Chinese New Year, usually a big gaming event, was in January this year while it was in February last year.

A bright spot was the Super Bowl, during which casinos won $6.7 million this year compared to a $2.6 million loss last year.

The state collected $65 million in taxes off the win in February, an increase of 22.6 percent from a year ago. Streshley said many of the markers from the January play were settled up in February. But casino tax revenue is down 16.2 percent this fiscal year.

All of the Northern Nevada markets showed a drop in gross win with Washoe County down 23.4 percent, the 20th straight month of a decline.

The board said gross win in the games at Strip casinos fell by 35.5 percent and slot win dropped 9.1 percent. Total gross win was $427.4 million.

Baccarat at Strip casinos posted the biggest drop – off 50.7 percent. Gross win in 21 fell 15.1 percent; craps was off 45 percent and roulette dropped 48.8 percent.

But the sports pool in the 36 clubs posted an increase of 131.9 percent, fueled by the betting on the Super Bowl.

The penny slot machines recorded an 18.8 percent increase in gross win. And the multidenomination slots were up 2.6 percent. But winnings in the other denominations were all down.

The board reported casinos in downtown Las Vegas posted an 11.4 percent decline with gross win at $21.4 million. Winnings in games fell 23.3 percent and slot win was off 7.1 percent.

North Las Vegas clubs reported $26.1 million this February with slot machine win rising 18.7 percent and game and table win jumping 51.6 percent. Streshley attributes that to the Aliante Station Casino that opened late last year.

Laughlin clubs recorded $45.2 million in win, off 19.1 percent. Both games and slot machine win dropped 19 percent compared to the same month of a year ago.

Casinos on the Boulder Strip stayed even for the month, posting a win of $52.8 million or a gain of .07 percent. Slot machine win was off 0.5 percent but game and table win rose 5.4 percent.

Mesquite casinos registered $11.2 million in gross win, up 0.68 percent. Slot machine revenue rose 3.7 percent but table gaming win fell 14.1 percent.

And the balance of Clark County casinos won $92.7 million, down 12.1 percent. Casinos reported an 8.5 percent drop in game win and a 12.8 percent decline in slot machine win.

The board reported Carson Valley area clubs won $7.7 million, down 17 percent. The Legislature being in town apparently didn’t pick up the gaming. But the sports pool, which included betting on the Super Bowl, rose 246 percent.

Clubs at South Lake Tahoe dropped 26.2 percent to $16.5 million.

And Elko County casinos fell 5.8 percent to $23.5 million.