Casino Wins in Nevada Drop to Five Year Low

On January 12th, 2009, winnings at Las Vegas casinos slide down to a 5 year-low in November as the resorts recorded their 2nd straight month of double-number declines. The state Gambling Control Board reported that the gross win at the forty-one Strip casinos was $437.6 million, off 16.2% from a year ago. Gambling Control Board spokesperson Frank Streshley said that this November was compared to November 2007, when the gross casino win, before expenses and taxes, fell by 9.2%. This was the eleven straight month of lower gambling wins in the Las Vegas Strip and the lowest since November 2004. Statewide, casino facilities won $836.7 million , down by 14.8% from a year ago.

Streshley said that this is the first time in several years that every gambling market in the state experienced a drop in gross casino win. For this fiscal year, the state has collected $330 million in gambling taxes, down 15.3% when compared to the fiscal year 2007. For Washoe County, the casinos reported a 15.2% dropped, the 17th straight month of lower profits. All the casino games and slot machines on the Las Vegas strip, except for sports wagering, recorded lower winnings. Casino facilities won 98.2% more on sports wagering due to the football season.

Streshley said that there were bigger expectations for the Las Vegas Strip because of the two sold out concerts of Madonna at the MGM Grand and premium guests were brought in for the event. But the gaming boost did not happen. He said that casino wins at the twenty-one games on the Las Vegas Strip dropped by 18.1%; craps was off 22%; roulette dropped by 16.4%; baccarat win dropped by 29.2% and slots dropped by 15.8%. Downtown Las Vegas reported an overall win of $48 million, off 1.6%. Slot winnings dropped by 8.2% but casino table games improved by 20.2%. That was due to an increase in football wagering.

Casino facilities in North Las Vegas had gross win of $19.3 million, down by 1.58%. Slot win dropped by 6.7 but casino table games were up by 34.7%/ Streshley said that the launched of the Aliante Stations Hotel and Casino in North Las Vegas improved the number of casino table games and that was the reason for the improvement in that category.

Boulder Strip casinos won $54.9 million, a slide of 16.4% from a year ago. Slot winnings dropped by 18.9% and slots and casino table games were off by 4.6%. Casinos in Clark County had gross win of $89.4 million, down 18.6%, the 2nd straight month of an eighteen percent dropped. Slots winnings slide down by 19.9% and casino table win was down by 22.2%. Washoe County clubs reported $68.2 million in winnings, down by 15.2%. Slot machine win dropped by 15.3% and casino table win dropped by 15.2%.