Casino winnings plunge 14.7 percent in January

Previous January was the beginning of a yearlong slide

Published Tuesday, March 10, 2009 | 10:13 a.m.

Updated Tuesday, March 10, 2009 | 12:48 p.m.

Headlines from the Vegas gaming industry

CARSON CITY – Winnings at casinos on the Strip fell 14.7 percent in January, the fourth straight month of a double-digit declines.

The state Gaming Control Board reported gross win -- before business expenses and taxes -- totaled $908.5 million statewide in January, down 14.6 percent from a year earlier. January 2008 was the first month of the gaming industry’s current slide.

Frank Streshley, the board’s senior research specialist, said $12.3 billion was wagered statewide during the month, but the “hold” on slot machines fell to 6 percent from 6.9 percent of a year ago. The “hold” on games dropped to 11.6 percent from 13.7 percent a year earlier. Baccarat was the only game that increased, up 16.1 percent over January 2008.

Streshley said the Chinese New Year fell in January this year, accounting for the strong Baccarat play.

The state collected $47 million in taxes, down 42.3 percent from January 2008.

For Strip casinos, which account for 53 percent of gaming statewide, it was the 13th straight month of a decline. Other markets in Clark County got hit even harder with gross win off 22.6 percent in downtown Las Vegas, down 22.9 percent on the Boulder Strip and 20.7 percent in the balance of the county.

Slot machine win dipped 19.9 percent; 21 was off 7.9 percent; craps was down 23.4 percent; roulette was off 39.6 percent and sports pool fell 68.2 percent.

Streshley said the casinos statewide lost $1.8 million on college football bowl games and NFL playoff games. The Super Bowl was played in February and that will be recorded in the board’s next report.

In downtown Las Vegas, slot win fell 22.1 percent and games were off 25.5 percent. Boulder Strip recorded a 22.2 percent drop in slot win and a 32.6 percent decline in games.

Slot win in the casinos in the balance of Clark County dropped by 25 percent but game and table win inched up 1.5 percent.

The board reported gross win at casinos in North Las Vegas fell by 11.2 percent after posting a 21.7 percent increase in December. Slot win in North Las Vegas was off 16.2 percent but game and table win increased 43.8 percent.

Laughlin was down by 10.3 percent, the 13th consecutive month of a decrease. Slot win fell 10.2 percent and game win dropped 11.6 percent. Gaming in Mesquite dropped 15.1 percent with slot win off 17.2 percent and game win down by 2.4 percent.

The only markets statewide to show an increase in gross win were Elko County, up 9.7 percent and Carson City rose 3.3 percent.

Streshley had no explanation why Carson City rose other than the budget committees of the Legislature started hearings that month, drawing people to the area. He said the Elko County increase was due to the gold mining activity.

Washoe County was off 0.02 percent, the 19th straight month of a decline. South Lake Tahoe fell 23.7 percent

Asked for comment on the decline on gaming figures, Gov. Jim Gibbons said, “We keep saying the end of this economic downturn has not been reached yet in Nevada. Obliviously our numbers from the gaming win are verifying this.”

He said it is “very troubling to see our state suffer like this.” But he repeated his stance that now is not the time to raise taxes “when we are seeing more and more difficulty with out economy.”

Cy Ryan may be reached at (775) 687 5032 or cy@lasvegassun.com.

Discussion: 8 comments so far…

By pacman720

3/10/09 at 10:38 a.m.

Suggest removal

The reason Carson Valley's numbers were up is that there is one more Casino in the mix that wasnt there last year..
By davidwayneosedach

3/10/09 at 10:39 a.m.

Suggest removal

How much worse can it get before the recovery begins? A lot! Try 30 or 40%.
By Rocco

3/10/09 at 2:13 p.m.

Suggest removal

want my money...give me oldschool deals ...peroid other wise i'll go hang out with the indians who by the way are doing a good job (in some casinos) of keeping us here
By VegasSucks

3/10/09 at 3:19 p.m.

Suggest removal

Hey, Gov. Gibbons,

We don't have an economy in Nevada. Trying to separate tourists from their money is not a viable economy. It's a con game.
By 9ballguy

3/10/09 at 3:56 p.m.

Suggest removal

Bring back some of the Rat Pack days when you could go to the lounge of any of the big Strip Hotels and see the headliners jam with the lounge acts for NO cover charge. Now you have to pay a $25.00 cover charge just to get in these ridiculous ULTRA Lounges where patrons hope to get a glimpse of Lindsey Lohan or Paris Hilton.....???? Give me a break! The Strip Hotels will soon find this out the hard way: in their bottom lines.
By rumrunner

3/11/09 at 10:01 a.m.

Suggest removal

I am so sick and tired of hearing how the strip casinos are looseing money. they brought all this on themselves by trying to get rich off everyone who came trough there doors! Its time for the mob to come back and bury some of these old farts that took down all they built!Word of mouth has gotten the best of this town by way of the people going home and saying just how bad there trip was! Over priced rooms,over priced food,and gameing that takes the money right out of your pocket in a matter of seconds!A city council that has no vision other than how to pad there pockets,and also a mayor that is nothing short of a laughing stock! So whats the best way to bring back the masses? LET THEM WIN SOME MONEY BACK!
By LV4LIFE

3/11/09 at 10:31 a.m.

Suggest removal

You know years ago I used to go into a casino and play vid poker and hit royal flushes maybe once every three months or so. That hasen't happend for 10 years. Every time I go play now maybe once a month with $20 bucks I loose it all or cash out when I have $10 left. You used to be able to play for hours on 20 bucks. And as to the lounges...my friends and I used to go to the casinos and gamble, drink, and go see the local talent. Not any more. pay pay pay its rediculous now. I don't even bother with the strip or down town anymore.
By geenab65

3/11/09 at 8:21 p.m.

Suggest removal

I used to work for one of the large casino orgs and you are all correct. In the good old days, you got the most bang for your buck!! LV casinos STILL don't understand that if someone has a little extra money, they want to ensure that it goes a long way. Unfortunately, the casinos have gotten themselves into so much debt trying to "one up" each other, that if they lowered their prices, they would definitely go belly up.