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StumbleStrip casino winnings increase in March
Statewide casino win decreases slightly during the month
Published Tuesday, May 11, 2010 | 8:02 a.m.
Updated Tuesday, May 11, 2010 | 9:30 a.m.
CARSON CITY – Casinos along the Las Vegas Strip posted their fourth increased win in the past five months in March, buoyed by strong performances in Baccarat and sports betting with the college basketball tournament.
Casinos in downtown Las Vegas, however, registered their 22nd consecutive month of declining gaming win. But casinos in Laughlin ended 27 straight months of lowered win, recording a 2.4 percent increase in March.
The state Gaming Control Board reported today that casinos statewide won $912.1 million in March, computed before business expenses and taxes. That was a 0.66 percent decline from the same month of a year ago.
Other gaming areas in Clark County reported a decreased win compared to March 2009.
The Strip accounts for more than 50 percent of the state’s gaming win. Strip casinos posted $467 million in, up 2.4 percent. For the first three months of the year, the gaming win on the Strip increased by 9.8 percent.
For the 11st consecutive month, the 17 casinos that have Baccarat reported an increase, up to $52.7 million.
Sports betting jumped 527.5 percent to $7.6 million. Players lost $12.1 million in basketball during the time of the NCAA basketball tournament.
Frank Streshley, chief of tax and licensing for the board, said the high-end play is coming back on the Strip, and convention business has been strong.
“We hit the bottom and are slowly climbing out,” he said.
He said the locals markets in Clark County will lag behind the Strip. He said as Strip casinos hire more workers, those employees will play in the locals markets.
After 20 consecutive months of decline, the win in slot machines on the Strip registered a small 0.09 percent increase. The biggest gains were recorded in the penny slots, up 10.3 percent, and the $100 machines, an increase of 113.4 percent.
Strip casinos reported a 1.8 percent increase in win on Blackjack tables but registered 33 percent declines both in craps and roulette.
The board reported downtown Las Vegas casinos won $49.3 million, off 10.6 percent from March 2009. North Las Vegas casinos had a $28.1 million win, down 11.7 percent. The Boulder Strip posted a 4.9 percent decline on gross win of $75.5 million. Mesquite casinos dropped 3.4 percent to $11.9 million and the balance of Clark County reported a 5.2 percent drop to $94.5 million.
Laughlin casinos won $52.7 million, up 2.4 percent with slot win increasing by 2.9 percent and table win falling 0.4 percent.
After 31 months of declines, Washoe County casinos registered their second straight increased win, up 1.5 percent in March. After 19 consecutive months of declining revenues, South Lake Tahoe casinos registered a 7.5 percent increase.
Casinos in Elko County fell by 5 percent in gaming win but Carson Valley casinos posted a 2.2 percent increase.
The board reported the state collected $79.9 million, or an increase of 6.8 percent, based on the gaming win in March. Part of that is due to marker repayment, Streshley said.
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The State government better find other means of income. Our elected so called leaders are doing squat for Nevada as well as a big F grade on the pursuit of economic diversity, and they are going to be replaced next election(s)
These number crunchers confuse me.
How is it that a profit is gauged to be a loss, making it look like an unacceptable decrease, painting it like a bad thing, but when it all boils down to it, it's clearly still a gambling profit?
I get the impression that all of the headlines since the economic downturn, that everything from 2001-2006 was great. Because it showed ever increasing profits from month to month, the trend never stopping, never slowing down, look up, look up, look ever upwards, rake in that money. From 2007 onwards the economic profit is considered bleak, because it's gauged on those good years 2001-2006, and that trend stopped, halted in its tracks like hitting a brick wall at sixty mile an hour, it's now considered bad profits and equatable to losses now.
The arithmetic don't make sense. Because it sounds like they're still able to pay their bills. They just need to tighten up their belts a bit. But it looks like they are fighting doing that.
It's like the casinos are pining and yearning for them old days. And they don't seem to understand those days are over. To think any other way is a fantasy. You can't fight reality.
To sit around, wring your hands, look around furtively, hoping those days come back.... That's not going to work. They need to get used to these times. Don't fight it. Roll with it. And get innovative.
The end result of all the words is less tax revenue for the state.
Any bit of good news is again spun negatively by posters here. Interesting that one of the leaders of the negative crowd, stevem, appears to have been booted off the sun site.
Logic--on the whole the news IS negative. What else can you say about small increases in revenue compared to a year ago? If you don't think things are still bad and getting worse, check out the 60 minutes "Walking Away".
http://www.cbsnews.com/video/watch/?id=6...