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StumbleStrip gaming win falls for 14th month to 2004 levels
Tuesday, April 7, 2009 | 9:54 a.m.
Numbers released today show continued double-digit declines in gaming win on the Las Vegas Strip.
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Beyond the Sun
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.
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Yet gaming taxes collected in February rose more than 20%, according to the NV Gaming Control Board.
What the heck happened there? Did we see a sudden flood of marker payoffs?
Let's see.. Does less winnings mean less taxes paid to all levels of government or just less jobs. Let's build a new city hall, that will make things better.
Hard to believe gaming wins could fall considering all the winners these joints' have 86'd.
LOL
it's called gambling, you are only allowed to lose, if you start winning... they have to offer you the " Perks" , which lure the winner away
Based on my last couple of visits to the Strip, I think they should find a different name for gaming. Gaming implies that you have a chance to win or break even. The last 30 or 40 hours that I have spent in a Strip casino, I never seen one hand pay. I generally bring $1500 or so for gambling and even playing dollars or half dollar video poker it's not enough for a couple of days. Add to that the over the top prices for a nice meal and even with comped rooms it's just not worth it. I just as soon stay in Mesquite and play at the Eureka or the Peppermill in Wendover. At least there I can get a tax form for wins every other trip on average. The corporate greed unfortunately is going to kill the goose that lays the golden egg in your city. It's a shame, I used to love my trips to Vegas.
I agree with above...I'm an indian lover now...same pay backs less drive..lure me back ill come other than that only the UFC gets me out there
They (strip casinos) might have lost sight of their main revenue stream. Shopping, excellent food and 600 sq. rooms don't work if no one is there. This is not baseball where you build it and they will come. 6 to 5 blackjack and tight slots might not encourage more attendance. The current "business model" isn't working.
I'll be visiting next week for the first of my 2 yearly visits (down from 4 yearly visits just a couple of years ago)and I'm already preparing myself for machines that are tighter than my maiden aunts *#@!(well you get the idea).
'08 was the first year since I started my love affair with LV in the early 90's that I didn't have at least one tax form at the end of the year. Can't help but think that my (now) 2 visits a year are close to becoming 0. LV, you've broken my heart. Doesn't mean I can't fall in love again if my best girl starts to put out again. Are you listening casino execs?
Until these execs get there heads out of there butts,vegas will continue to fall! 300 dollar rooms,25 dollar buffets,non exsitance win on any games, who do they really think is gonna come here? If you really think about it,there are only 3 companies on the strip! And when you control what they do,do you really think they care what we think as customers? WORD IS OUT! VEGAS ISNT THE SPOT TO COME ANYMORE! UNLESS YOU WANT TO DROP EVERYTHING FOR THAT FREE WATER DOWNED DRINK? IF INFACT YOU EVEN GET ONE! AS FOR SOMEONE WHO HAS LIVED HERE FOR 20 YEARS,GOOD BYE VEGAS! THIS TOWN IS THE LAUGHING STOCK OF THE COUNTRY!
25 years ago when I first started to visit Vegas what a thril 20 years ago dito 15 years ago dito 10 years ago dito Now days the big shots have forgot about the low rollers all the A!! kissing is for the whales. Well the whales now have the far east to visit. So Mr. CEO, who do you need now? It's time to drop em and remember who made Vegas for you. Give us a break.
I was just in Vegas for the NHRA race, I stayed South Point. The place wasn't packed but it had alot of people. I saw City Center, what a mess. I hope it goes well. I have been reading about it for a few months, how much trouble it's in. No matter who's fault it is, I wish Vegas well and hope it makes it through. I did notice it wasn't "packed" but it wasn't dead. I didn't go to every hotel on the strip, but I made it to NYNY and MGM, it definatly was not full. Good Luck Vegas.
Rumrunner, it is good to hear someone from Vegas facing reality. Lots of these people are blinded by the neon lights. The corporation and their greed ruined Vegas. I live in Los Angeles but have gone to Vegas either for work or fun over the last 25 years. I go less and less because it has lost that "coolness" factor (the remnants of the Rat pack era). Now a lot of people I know would rather go to Palm Springs, have great hotels, restaurants and yes they have gambling.