Las Vegas Sun

March 28, 2024

State gaming win for casinos tumbles 10.8 percent in March

Updated Thursday, May 10, 2012 | 10:45 a.m.

CARSON CITY — Gambling winnings for casinos on the Las Vegas Strip nosed dived 14.9 percent in March, ending five consecutive months of increases.

It was the largest percentage drop since a 15.7 percent decline in April 2009.

Mesquite was the only gaming jurisdiction in Clark County that posted a healthy gain — up 7.1 percent.

The Nevada Gaming Control Board reported Thursday that statewide gaming win, computed before expenses and taxes, fell 10.8 percent to $854.5 million. The state collected $71.4 million in taxes for the month, off 10.2 percent.

Michael Lawton, senior research analyst for the board, attributed the decline to players simply getting luckier than normal. For instance, the normal “hold” percentage of the amount bet in baccarat is 12.6 percent, but it fell to 8 percent in March.

“It’s a bump in the road,” Lawton said.

Strip casinos, which account for more than 50 percent of the state’s gaming revenue, posted a gross win of $445.6 million compared to $527.2 million in March 2011.

Gambling wins for casinos in downtown Las Vegas was down 11.6 percent; Laughlin was off 2.3 percent; the Boulder Strip fell 16.9 percent; and the casinos in the balance of Clark County reported a modest 0.3 percent gain.

On the Strip, the board said blackjack winnings dropped 22.5 percent; craps was off 8.6 percent; roulette fell 23.1 percent; and the slot win was down 6.1 percent. Baccarat, which has been a strong point, fell 51.4 percent.

The only positive showing on the Strip among the major games was in sports pool betting, which was up 39.8 percent. Basketball betting carried the day. “It was a successful March Madness,” Lawton said.

The board reported Washoe County casinos had a 0.4 percent gain in winnings; South Lake Tahoe dropped 14 percent; Elko County posted a 1.2 percent increase; and Carson City fell 1.9 percent.

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