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StumbleLas Vegas Strip casinos see lowest win since 2003
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.
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What a surprise ! With Tight slots, VP, 6-5 BJ. Attitude of slot personnel I'm not surprised at all. Until
they change their attitude and TIGHT slots and Casino fees people will stay home. Also getting ripped off at the restaurants is not a plus. If they were giving a course in how not to run Casinos they couldn't come to a better place.
vegas wasn't built on winners... after i'm done taking what i can out of this city, i'm moving to turcs and caicos.
Casino winnings may be down by 6.6 per sent, but my casino losses are down to absolutely zero. I have simply stopped gambling for the reasons noted in chazbean's post.
If you want a fast lesson on how to not run a casino and scam your customers until they are all broke and in foreclosure go to The Rampart Casino. Within minutes you will hear slot players complaining about not getting a fair gamble,rigged contests and you may just witness some of the rudest employees in Las Vegas. What once was a neighborhood casino is now as sinister as the strip casinos. Buyer beware! The owner once made a statement he did want his customers to gamble until they lost thier homes, now you can find many of those same customers losing thier homes while believing they are like family to the tricksters and smoke and mirror tacrtics of bust them all out at all costs Rampart Casino.
The State needs to TAX the Pool Parties
and the night clubs. If the young crowd
does'nt want to gamble the state will have
to reach into their swim suits. The casinos
are going to be taxed on those resort fees.
Obama told an audience in Nashua, N.H., "You don't blow a bunch of cash in Vegas when you're trying to save for college."
"You can't take a trip to Las Vegas or down to the Super Bowl on the taxpayers' dime," Obama said.
Thank you again for your support of our fine city Mr. President.
Blaming Obama. That's hilarious.
Throw decent games and watch the money flow in. For instance, El Cortez has great blackjack, craps and loose slots - and you don't hear about IT having any financial woes.
Jim, there is a huge difference between the locals market, and the tourist market. With 14.5% unemployment and no end is sight, the stations and coasts of the world are going to have a hell of a time regardless of whether Lord of the Rings gives an extra bonus or not.
As for the strip however.....
Even the very best hotels on the strip compare quite favorably in price to Los Angeles, San Fransisco, New York, Florida or Chicago.
Our restaurants compete with any city, we have a multitude of shows, a wide range of clubs for both the bottle and table crowd to the pub crawler.
There is a ton of things to do in Las Vegas and gambling is just one of the many. On top of that, we are a great destination for a convention, we have the rooms, transportation and capability to handle even the largest convention.
No, to blame Obama would be silly, I"m simply pointing out he certainly didn't do us any favors either.
Vegas over built thinkin' the fake Dubya boom would never end! It was all just a mirage!
Those who complain about tight slots and rude employees are hilarious. If a casino doesn't deserve your business, go to another. People who complain the casino has tightened their slots imply as if they were happy as lark before. Invariably moaners and groaners always find fault. Las Vegas is still an exceptional value - don't blame Reid either - the economy at large is determining our fate, the vast majority of operators are excellent.
This town is highly toxic in every way. From the tap water in my house smelling like rotten eggs and sulfur, to the young great looking women only dating grandpa's for their money, to a large majority of young teens hooked on pills, I can go on and on about how aweful this third world toilet of Las Toxic has become.
The people here are some of the worst of there kind. We are living in a town of shallow, rude, disgusting, and vile individuals. 6 more months and I am out here. If you think its bad now, no no no it will by far surpass the depression that Japan experienced twenty years ago. I see the unemployment going to 15 percent here by next year.
As for the casinos, I have no pity for you, and your corrupt operations. You not only pray off the elderly, and the tourists, but you have made this town one of the most undesirable vacation destinations in the world. It is not even worth to step foot into any strip location to eat, it's an absolute ripoff. The level of service paramounts to how inefective management is from the top down. In lamens terms, " No one here gives a damn about anyone except themselves. When Steve Wynn blatently made sharing dealer tips with there supervisors mandatory, how can any of his employees be happy to go to work.
So until Las Toxic wakes up, goes back to treating each individual with respect and care for one another how can anyone in this town elevate themselves to the basic level of how humanity should be. God help us all.
Gbigs, you're right about the ghost town. Virtually every state has some gambling/entertainment. Vegas will still get tourist but with more choices the city will continue to loose tourism $$. This won't happen over night but a slow decline. Just look back 20yrs ago...Vegas was the place to go and it was cheap. Now you're nickle and dimed for every little thing and rarely do you get comped. With taxes going up (predicted anyway)who's going to have the extra income to hit Vegas? The well is going dry which is why Wynn and others are moving out.
Come on vegas it is not that bad; we got the "Springs Preserve", although the cheesy vegas style "preserve" is not even a must do for locals.
But wait, soon we will have an attraction that will be a must see.....Goodman's post office.
Tap Out Vegas.....I am going to the beach with real ocean waves, then maybe take in the zoo, followed by a baseball game, followed by dinner in a historic building with a view of a real place......vegas is "so" nothing.
OK folks ! listen up! This article is NOT about how bad the players did last quarter, it's about how it appears that the players won MORE, and the casino's drop was DOWN. I find this hard to believe, and feel that this article is more like a come on to try and attract more players to come out here.
2003 was a kick A year. That means the casinos are pulling down serious money. Too bad they are over leveraged by a series of bad business decisions. They would otherwise be enjoying massive profits right now.
Maybe its time to fire some of the people that made this mess?
Piled on top of bad decisions to build like maniacs on borrowed money, is the pinching of every nickel from the games. Squeeze the patrons until they walk away from all the games, not coming back with a ten foot pole.
Seriously, its time for shareholders to purge the thinking that is destroying this deserts golden goose.
Bottom line, the economy is not to blame. Its only a bump in the road. Maybe the builder should have put some springs and shocks on the car that drives that road, and the bump would not be as jarring as it is.
Enough said.
I am not sure what BJ "hold" percentage really means. I take it to me the casinos net after payout.
If that is the case, then the mix of games is important. Fewer numbers of players playing 6:5 BJ in favor of 2:1 BJ will lower the "hold" because 2:1 is more favorable to the player. Increased numbers of players playing 6:5 BJ will increase the hold because the odds are more favorable to the house resulting in larger "holds".
Maybe what we are seeing is a rejection by the gambling public of 6:5 BJ. Maybe the public is wising up...
I can't believe the statistical deviation in the number of Black Jack hands won or lost is that much different from month to month. I think it has more to do with kind of games being played 6:5 vs 2:1.
Yeah right, and Im suppose to believe that? Right!
The BJ hold was probably down due to that blogger jimmyhoofa who frequently posts here. He seems to know this game quite well.
I wanna play some of thst 2:1 blackjack, muddapucker. Where can I find this game?!?
Why don't you just tell us what you believe LasVegas2009 or are you just one those guys that takes a shot at everybody else and never says what he thinks...?
Take a chance, man... Offer an opinion...
6 to 5 Black Jack, What has this world come to?
Yes, 6 to 5 black jack has been one of the most unfair rules these casinos have been allowed to get away with. For those of you who don't know what this means: A casino normally should pay 1.5 times your money if you get a black jack with your first two cards. But now, these guys have decided to pay 1.2 times your money and pocket the remaining money. In the long run this is huge money for the house.
They are ruining this wonderful game.
6 to 5 is legalized cheating on every mom and pop in the world. The gaming commissions are sleeping with the casino owners and they expect us to gamble in their casinos. No way.
Instead of taking away a benefit to the customer, they should let folks win some money occasionally and you'll have a loyal customer for life, idiots. You start messing with the game, you risk everything. Your revenue stream, your reputation, your integrity, and your existence!
-Xonar
The people of Las Vegas need to take a step back and see what you have. You have great weather year round. There is always something to see or do. Shows, music, shopping, NASCAR, etc. No one forces you to gamble. Your politicians are no better or worse than other states. I live in a city of 200K. Las Vegas is about 10 times that, and so is the crime rate, in certain areas. Metro does a good job for being faced with the gangs, traffic, and crimes, which are comparable to other cities. Since I have higher taxes, only 3 months of sun a year, and nothing to attract my money for fun, I have bought a house in your city and will move there in the next few months. You don't have it any worse than other areas. The spotted owl killed timber in our area. We survived. We have casino's, but not like Las Vegas. Las Vegas will survive. Any one want to buy my house in the Northwest?
@Manlaw. No, not even at a discount. :)
Yea the people who are running the casino's do not know what there doing. I swear a 10 year old could do a better job than this bunch!
I'm glad someone brought up Obama. That was the most damaging thing anyone has ever said about this city. It was such a powerful statement that it caused revenues to plummet even before he said it!
Las Vegas used to have something to offer that the regional casinos didn't. That's not the case anymore, largely because the same companies operate everything, even the Indian joints.
Everything has been standardized to the point where the games are equally bad no matter where you play, the dealers are equally unpleasant (in general) and the food is equally over-priced and sub-standard. That's not to mention that if you hit people at home and fleece them on a weekly basis with 6/5 blackjack and 6/5 JOB, they have no money left to come to Las Vegas. There is a limited supply of disposable income in this country...
That said, all I can think about when I look at the Strip today is the line from Casino: "The town will never be the same. After the Tangiers, the big corporations took it all over. Today it looks like Disneyland. And while the kids play cardboard pirates, Mommy and Daddy drop the house payments and Junior's college money on the poker slots. In the old days, dealers knew your name, what you drank, what you played. Today, it's like checkin' into an airport. And if you order room service, you're lucky if you get it by Thursday. Today, it's all gone..."
I'm surprised more people don't play baccarat. It's pretty easy to win.
It's the cost of Airfare!People buy tickets for 450. - 600.00 and have little money to party with. And the new tax on hotels makes it worse. Lower Airfares and Vegas will have all the business they can handle. People can't pay 550. for a ticket (2) $1100.00 and that's not even with the taxes. Southwest offers $49-$109 per mile Dallas to Vegas, no special. People at my job an Car Dealer Association talk about wanting to go but Airline tickets to high for a weekend trip and hotels higher on the weekend when off work.
I should have clarified.... Any one want to buy my house in the Pacific Northwest (Oregon)?
"You don't blow a bunch of cash in Vegas when you're trying to save for college". No **** why would you?
Hey Manlaw, on the coast or inland?
I still come to Vegas twice per year. The main reason, I trust the gaming commission to monitor slot averages. I do not trust the Native American casinos. But there is more. I get free rooms, discounted meals, and know how to play the value game. I budget a certain amount for each day and save up for it. Sure I could go to Hawaii or somewhere else for what I spend in Vegas, but I still love going there. I like the excitement when you get off the plane and live on adrenaline the whole time.
I demand that I get treated right and most of the time that demand is met. No one in their right mind that has a job in Vegas wakes up and says "I will be rude to the people that help keep me employed today". Sure there are disgruntled employees every where you go, but for the most part, people are not as stupid as many make them out to be here.
Perhaps as always it is a good time for those that still love coming to Vegas to speak up about what is good about it. Every city I have been to in the world has a corrupt or inefficient government with huge debt so why is Vegas any different?
Guess I am different but I still love Vegas! See you in October.
jaslvgas -
Everyone needs to go back and read this posters comment again ... read it three times ; it gives you chills as it is very telling , I think.
Note to casinos: You have to let some people win otherwise no one will come back!
"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."
I love how people constantly complain about how unfair the gambling rules are and how its killing revenue. Well I happen to be a dealer on the Strip and I still see player after player after player sitting down at my 6:5 blackjack tables every single day I go to work and happily playing away their money.
First, a rule can only be "unfair" if its just springed upon an unsuspecting player out of nowhere. Our table signs clearly have the minimum and maximum bet spelled out for the player AND they clearly explain that "blackjack pays 6 to 5". Yet, like I said, it almost never seems to faze people. I highly respect those rare individuals who tell me that they will not play at my table due to the 6:5 rule. The bottom line is that if EVERY SINGLE PERSON who walked up to a 6:5 blackjack table and refused to play it AND filled out a comment card and told the casino shift boss WHY they aren't playing, 6:5 blackjack would go by the way of the dinosaur very quickly. I would welcome the return of 3:2 blackjack with open arms, since its more player friendly AND the bets that people make for the dealers as tips would have better rules as well (in other words, it would mean more money for us).
Secondly, even "terrible" blackjack rules only raise the house edge slightly. 6:5 blackjack still only has a house edge around 1%. The reason the house "hold", as stated above, is so much higher is that people don't know what the heck they're doing and make stupid moves all the time. I actually see people doubling-down when they have a blackjack, sometimes even using the 6:5 as an excuse. Ugh! Craps is also a game with an extremely low house edge. Just make a pass-line bet with maximum odds and your looking at a house edge of 1% or lower. Forget the field bet, place bets, proposition bets, etc. The reason the "hold" numbers are so much higher than the house edge numbers is that people are stupid with their money and don't know how to gamble. Is that the fault of the casinos offering terrible rules??? NOPE! It's the fault of the players who play the terrible games and not making optimal decisions.
And as far as the flight prices go, I do agree they have risen significantly lately. However, they are countered by the incredibly cheap hotel prices on the Strip right now. My two friends just left Vegas after a 4-night stay and their TOTAL hotel bill in the heart of the Strip was $100!!! That was the rack rate!! So for those who complain about airfare, try flying to a different city for vacation and finding a decent hotel that you'd actually want to stay in for $12.50 per day per person!
Cosmo, where, on the strip, did they stay? I'm a local and wanted to book a MONDAY and TUESDAY night at the Mirage as my sister is coming from Chicago.... they wanted $189.00 PER NIGHT - and add to that $15.50 RESORT FEE and add to that the TAX..... over $200 a night for a Monday and Tuesday????? No thanks. We booked at the Orleans and got both nights for just under $70 and that included a $5.00 resort fee and tax. The strip is STILL over-priced - the food is over-priced and not so good - the shows are over-priced and just 'ok'..... Vegas is just plain over-priced and certainly not the value it once was.
Hang in there Las Vegas. You've got your problems but what city now does not? I would not rule out retiring there someday.
Cosmo43 has very valid points. I came to Vegas for many years on business convention trips. I brought money to gamble and spent it all having no idea of what I was doing, other than having fun. Fast forward many years I have a second home in Vegas and have learned how to gamble. I scope out the best paying VP machines and know where the cheap BJ full pay is. I still loose but only a little, and sometimes I win. Gambling is a choice. The strip provides great entertainment and the chance for the lucky few to go home rich. Where else can you get that? So get off the anti strip bs, if you want better odds you know where they are.
kenodave- In the Willamette valley, Salem. 60 minutes to the beach, 60 minutes to the mountains and lakes, 40 minutes to Portland.
Sorry,I dont buy into the "Obama Remarks Excuse'.
Why not blame DeNiro too?'In the end we get it all".
Did anyone actually cancell their trip over that?
I really like to think that most people are more concerned with the actual issues than some analogy.
If things start to improve in the other major population centers ,jobs,jobs,tourism should come back eventually.
isupportvegas, I am with you buddy! My best friend and I go once a year, with our women, and we are on cloud nine the entire time. We start each day with a romp to the hot tub, to evacuate any lingering from the night before, hit the sports book by 9:00am for a bloody mary or a screw driver, then on with the day. Where else can you get this rush walking off the plane, feeling like your in a fantasy world.
I don't often go to clubs, or adult pools, but understand that there is a place for them in Vegas. All of the negative comments on here mostly refer to "old" Vegas, which I came to enjoy back in the day, but today's vegas is much more exciting. 6:5 blackjack is here to stay unfortunately, so I say, get over it. If you want Looser slots, go downtown to Mermaids, there loose there! But be prepared to stick to the floor, run into people you really don't want to run into, and drink out of 7oz plastic cups.
The strip is the Strip, if you don't like it, don't go. MGM and Harrah's own it for the most part, and I am okay with that. Harrah's always treats me well with free rooms at the Flamingo every year. Check in SUCKS but where doesn't it in Vegas?
Unlike others who post on here, City Center looks AMAZING to me! I don't care for the look it gave to the strip, but at the same time, brought art and deco into the relm. The casino floor is elegant and Crystls is amazing also. If you don't like the strip and what it has become, don't visit.
I understand things have changed in Vegas. I see allot of posts on here that say bring back the old vegas, but the fact of the matter is, Vegas has changed, and you need to be willing to change with it, and you will enjoy it as much as we do. If you understand that Vegas caters to the visitors and not the locals (40 million of us come each year) then you will understand why Vegas is the way it is. If you don't liek the way the strip looks or the feel, then don't go there! Go somewhere that makes you feel the same way Vegas makes visitors feel. NO WHERE ELSE IN THE WORLD MAKES YOU FEEL LIKE VEGAS DOES!
gbigs How wrong you are. Bush asked Congress and the Fed to find ways for people without the credit and means to buy homes, thus the derivatves con.
Do some research on The Commodity Furtures and Modernization Act of 2000 sponsored by Foreclosure Phil Gramm and Richard Lugar. McCain was known as the king of deregulators. He said he never saw an industry he did not enjoy deregulating, thus everyone looked the other way as Wall Street did it's dirty work and contributed heavily to Bush and Cheney.
Clintons participation in all of this is minor compared to Republicans. Think and research before you make a fool of yourself.
David001 Others have the right to post thier opinions without asking the blowhard king david. Now go sit down and be quiet.
gbigs Nevada does not need nit wits like you. Go to the bus station and leave immediately.
Sunfish,I hope Vegas keeps both old and new alive.We enjoy a nice meal at Mon Ami Gabi on a nice evening ,but still enjoy the $5 breakfast at Gold Coast and BJ at Binions(daytime only).Harrahs gives us rooms based on AC play and we use frequent flyer miles for air so Vegas is still a great vacation value.
Obviously the casinos really are not in dire straits. We do not see room rates dropping or dinner or cocktail prices dropping either. Average drink at VooDoo is $20 and we all keep buying them....
thank you for explaining 6/5
6 to 5 Black Jack, What has this world come to?
Yes, 6 to 5 black jack has been one of the most unfair rules these casinos have been allowed to get away with. For those of you who don't know what this means: A casino normally should pay 1.5 times your money if you get a black jack with your first two cards. But now, these guys have decided to pay 1.2 times your money and pocket the remaining money. In the long run this is huge money for the house.
They are ruining this wonderful game.
6 to 5 is legalized cheating on every mom and pop in the world. The gaming commissions are sleeping with the casino owners and they expect us to gamble in their casinos.
no more gambling for me. slots don't pay and bj looks looks like
a waste.
guess I'll sit by the pool and eat well.
I'm ok.
@Cosmo43:
I would like to respond with profanities, but I will defer to avoid my post being deleted.
For you as a dealer to justify 6/5 blackjack is appalling. It's a sucker game for ploppies who have no clue. 6/5 substantially increases the house edge and makes blackjack no better than 00 roulette. Factor in ploppy stupidity on 6/5 and the house edge gets close to 10%.
What is so maddening about 6/5 blackjack is that it is designed simply for the ploppy who comes to LV once a year at most. It's the "bend them over" attitude of outfits like Harrah's and MGM to suck every dime out of the tourist who has no clue. That attitude is not what built LV and kept people coming back. Eventually, even ploppies catch on and take their business elsewhere.
I know you have to do your job and deal 6/5 blackjack, but do not try and justify 6/5 blackjack. It is a subtle but sinister change to the game that has ruined it for all gamblers.
Check out my LV blog:
http://jimmyhoofa-lv.blogspot.com/