Nevada Casinos Wins Affected by Recession

On January 12th, 2009, the ongoing financial recession continues to affect Nevada casino facilities, which are reporting an almost fifteen percent slide in winnings from players in November-the eleven straight month of casino win declines-compared with the same period a year ago. A report from the state Gaming Control Board places the monthly gaming win for November 2008 at $836.8 million. That is down from more than $982 million in November 2007.

Taxes based on overall casino wins, an important revenue source for the state, amounted to just $44.4 million for the month of November 2008. That is down by twenty-seven percent compared to the same period in 2007. Gaming Control Board analyst Frank Streshley said that the reasons for the current decline include the weak economy and stock market and people having second thoughts on spending money on gaming. The $836.8 million win in November was the amount of cash left in the casino coffers after players wagered a total of $11.8 billion during the month, including $9.7 billion in slot machine wagers and the balance on the casino table games.

The wagering total is down by 12% from a year ago. The report of the Gaming Control Board shows drops during November in every important gaming market in the state, including the gaming market in the Las Vegas Strip, which was down by 16%. Elsewhere in the southern Nevada market, Laughlin was off by 18.1%, downtown Las Vegas dropped by 1.6%, Mesquite was down by 8.8%, the Boulder Strip lose around 16.4% and North Las Vegas was down 1.8%. In northern Nevada, clubs in the Washoe County, which takes in the Reno area, were down by 15.2%. That is the 17th consecutive month of drops for the market.

Resorts on Lake Tahoe's south shore area reported a decline of 4.7% in November compared with the same period a year ago. A statewide breakdown shows that slot machines win dropped by 15.2% while casino table games were off by 14.3% compared with November 2007. Slot machine wins accounted for $558.1 million of the total win. That included $259.3 million by multidenomination slot machines, down by 10.2%.

Penny slot machines were 2nd with a win of $136.5 million , up by 4.3%. Live casino games, like poker, accounted for most of the balance of the total for November. That included $85.2 million won on blackjack games, down twenty percent. The win on baccarat was $39.8 million, down by 29% and the casino win on mini-baccarat was $8.9 million, down by 16%. Sports books won a total of $27.2 million, which is up by 54.6%. Poker games won a total of $12 million, down by 5.7%. Casino win is a gross figure, with no operating or other types of expenses being deducted. It shows only the casino revenue, not the revenues from hotels, restaurants or bars.

24 February 2009
News Submitted by:
Jack Silverman

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Nevada Casinos Wins Affected by Recession

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