Las Vegas Strip casinos see lowest win since 2003

By Cy Ryan

Published Thursday, Aug. 12, 2010 | 7:56 a.m.

Updated Thursday, Aug. 12, 2010 | 10:21 a.m.

CARSON CITY – Casinos on the Las Vegas Strip suffered their lowest monthly gross win since 2003, with players of baccarat, blackjack and craps winning more than usual in June.

The 37 casinos, which account for more than 50 percent of the win in the state, captured $382.9 million, off 7.6 percent for the month. One bright spot was the “other” category in sports wagering, which rose 220 percent, a good part of it due to betting on the World Cup.

The state Gaming Control Board reported today that every casino market in Clark County suffered a drop in gambling win during June with downtown Las Vegas getting hit the hardest, at 11.6 percent.

While slot win inched up on the Strip by 1.54 percent, table games fell by 19.4 percent.

Mike Lawton, senior research analyst for the state gaming control board, said the “drop” on baccarat games increased to $518 million, up 43.2 percent, but Strip casinos reported only a “hold,” or win of 3.5 percent. A year ago the “hold” was 12.8 percent in June.

Lawton said the “hold” percentage on blackjack games on the Strip fell to 9.7 percent compared to 11.5 percent a year ago and the craps win was 7.1 percent, compared to 9.7 percent. That means players made out better this June.

For the fiscal year ending June 30, gaming win on the Strip, computed before taxes and business expenses, totaled $5.6 billion, a drop of 0.63 percent.

The board said June results showed drops of 7.9 percent in North Las Vegas, 4.9 percent in Laughlin, 8.8 percent on the Boulder Strip, 6.7 percent in Mesquite and 0.03 in the rest of Clark County. This was the 25th consecutive month of a decline in gaming win in at downtown Las Vegas casinos.

The state collected $42.9 million in taxes during the month of July this year based on taxable revenues generated in June 2010. This is a 5.9 percent, or $2.7 million, decrease compared to the previous July.

Frank Streshley, chief of tax and licensing for the board, said the $10.3 billion statewide gross win last fiscal year was off 4.3 percent and it was the third consecutive yearly decline.

Gaming win in blackjack on the Strip dropped by 19.8 percent in June. Craps was off by 22.4 percent. But sports books enjoyed a 63.7 percent increase in gross win.

The board said South Lake Tahoe and the Carson Valley were the only two places in the state to show increased gaming win in June. Tahoe casinos reported a 13.5 percent increase and Carson City area casinos were up 5.1 percent.

Washoe County recorded a 9.1 percent decrease and Elko County casinos fell 10.11 percent in gross win.