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Strip gaming win tumbles in April
Friday, June 5, 2009 | 9:39 a.m.
For the 16th straight month, gambling win on the Las Vegas Strip tumbled, falling 15.7 percent in April with only penny and $100 slot machines showing a gain.
The state Gaming Control Board reports the 41 casinos on the Strip won $441.3 million, computed before expenses and taxes. And over the past 12 months, the gaming win has been down 15.1 percent.
North Las Vegas and Boulder Strip casinos in Clark County produced an increase in the state in the year-to-year comparison.
The board said casinos statewide won $859.4 million, down 14 percent from April 2008.
Frank Streshley, chief of tax and licensing for the board, said players were luckier this year on the table games. If the casinos had held the same amount as April 2008, they would have collected $66 million more.
On the Strip, which accounts for more than half of the state’s gaming revenue, the penny slot machines won $56.5 million, an increase of 12.9 percent compared to the same month in 2008. And the $100 slots reported a win of $2 million, an increase of 29.8 percent.
Slot win overall decreased by 11.2 percent on the Strip. The gross win in the 21 games declined 28.5 percent; Craps was off 19 percent and the sports pool win fell by 31.2 percent.
Wagering at Strip casinos on Baccarat rose 30.7 percent to $530.6 million. But the clubs won only $53.1 million, down 10 percent. The players did “much better”, Streshley said.
The board reported that gaming win in North Las Vegas casinos rose 5.3 percent to $23.1 million, the third straight month of an increase. That’s due in part to the Aliante Station casino that was not open in April 2008.
For the 10th consecutive month, gaming win in downtown Las Vegas fell, down 14 percent to $45.3 million. Slot play dropped 12.3 percent and games revenue fell 19.6 percent.
Laughlin casinos reported a 17.7 percent decline to $43.9 million. Mesquite clubs reported a win of $10.7 million, down 16.3 percent.
And casinos in the balance of Clark County reported $93.9 million in gaming win, a drop of 14.9 percent and the seventh straight month of a decline.
Washoe County casinos won $65.5 million but 16 percent down from the same month of a year ago. It was the 22nd month of a decline.
The board reported South Lake Tahoe clubs won $15.7 million, off 35.4 percent. Streshley said the casinos at Tahoe face new competition from Red Hawk club on the Indian reservation near Sacramento that has 2,000 slots.
Elko County casinos won $21.9 million, down 10.6 percent and Carson Valley clubs had $8.1 million in revenue, a drop of 5.3 percent.
The casinos paid $51.8 million in taxes, down 5.9 percent from April 2008.
Streshley said May will apparently show an improvement because there were major boxing matches and concerts.
Discussion: 31 comments so far…
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Locally owned and independent for more than 50 years.
i thought vegas was recession-proof?
How does opening City Center help any of this. Doesn't it just dilute the business further and mean more layoffs of long time employees at existing clubs.
None of this seems good for the workers or the city.
Can anyone tell me where I can find out how much in jackpots anyone casino pays out each quarter?
Of course penny slots are up, they're littered all over the casino floor. I wish they would go away or atleast be scaled back.
Casino management; They started the decline by running off the locals with high table limits, horrible games, and over priced restaurants. Brilliant !
Soooo stupid, they have a license to steal and still can't make money.
Ladies & Gentlemen,
Could it be that now the people who used to enjoy the slots,are realizing ya just can't hit on these machines anymore.They added bonuses,free spins,and a ton of extras. Bottom line is that jackpots are rare,if not extinct.
The locals are no longer interested in the enjoying such tight machines,on top of the exspensive meals offered.And don't get me going on the comps! I'd like to see the tax slips for the last 1-5 yrs,compared to the ones before that.That would pretty much give you a idea on how much greed the casinos have sucked out of people who enjoy gambling,especially the locals who support these on a daily basis.These are the folks who spend money on a regular basis.And they are now realizing that its such a waist.You used to be able to spend some quality time on 100.00.Now they don't even let you sit down and enjoy a cup of coffee with it.Let alone finding the only waitress thats running the whole floor.
Congrats Ceo's, you rocket scientists have found such a unique way to discourage people from coming to your casino's.And guess whos the blame?
the Economy? I don't think so. Show the folks just who's winning. Show us the these tax slips that people used to win, compared to the last 5 yrs. That pretty much sums it up. I personally have eliminated a few casinos, that i refuse to play anymore because of such greed. And they just don't understand what created Las Vegas in the 1st place.The rooms are so expensive on the strip. It used to be that they would let you rest your head for a few hours, so you can spend it on gambling,food,souveniers, what ever your heart desired. Now, its sucked up in room rates,that ordinary famlies cannot afford much of anything else.Until these decision makers bring back what had created Vegas in the 1st place, you we see declining revenues everywhere.
Instead of maintaning what you already own, lets go out a build more empty rooms and tight machines.That will be the answer.
There was a time when Las Vegas was basically recession proof. That time is long gone. Along with most of the thrill of visiting. You can spend huge amounts of cash eating, drinking and sleeping, and still not have any "Fun" to show for it. I knew when Lanni, Loveman and the like were yapping about "Multiple Revenue Streams" that we were all SOOOOO SCREWED and didn't even know it yet. Now we see the results of bleeding tourists dry for all the daily needs of food, drink and hotel room. No cash left for "Fun". No reason to travel to the middle of the desert only to be held up and shaken down, then told that it was "Fun", and by the way, "What happens here, stays here", so don't be sharing any negative stories with the saps back home. We need them to "Shut Up and Play" so we can keep those Multiple Revenue Streams flowing!
Las Vegas will recover some of it's losses, but it will never be the same. Although I have to give Phil Ruffin credit for being savvy enough to jump in and give the Treasure Island the true makeover it needed. It is finally becoming a true mid-market wonder on the strip. Stop chasing the "Top End" guys. It was all an illusion of the funny money days. Let's get back to giving people what they want, and show them that Las Vegas can be worth the trip.
Great post kenoman. We have seen the same tight machines in Louisiana as well as in Vegas. I have never seen a quarter machine eat a 20 dollar bill so fast in my life. We have really had to become creative in order to make our money last for awhile. We went to vegas in March, stayed downtown, and the second day we rented a car because I told my wife that I couldn't keep playing the way I like to or I would be out of money. What the casinos need to remember is that they don't make any money if tourist are just seeing the sights and staying away from the casinos. Also, a very important point is that not everyone is an addicted gambler. We can easily find something else to do with our money. The casino execs definetly need to curb the greed or there may never be a long term recovery for the gambling industry in las Vegas. Good luck.
kenoman-right on. used to visit my old home town 3 or 4 times a year, now only 1. sure can remember playing $1's slots and having a good time. now we have to play pennies- what a joke. i've never seen anyone get top prize on a penny machine. it'll never come back the way it was, what a shame, took a fun town and ruined it.
Today slot machines are so tight that even the casinos are going broke.
You just can't make this stuff up.
What, no one's blaming President Obama? Geez, don't you guys know, he's the one who single-handedly brought down Vegas? It wasn't the economy, recession, nor Vegas arrogance. No sir, it was Obama! Then, he refused to utter the "magic words" to Mayor Goodman and Governor Gibbons. Imagine that! Shame on him.
love that harley, 18 words sums it all up.
This report by Las Vegas Sun has been misused by stock market writers to generate sensational headlines - that Las Vegas is failing, and is losing hope. It is now in summer, Las Vegas is still losing money. Wow, another meltdown is in the work.
Journalism loves sensational headlines.
Responsible journalism balances sensation with truth.
This report gives readers bits and pieces, without a complete overview of situations.
?
Why does not Las Vegas Sun provide link to the raw data?
.
Let people read the original raw data, how it compares Strip casinos vs local casinos, room rate, stay length, convention attendance, F&B, tourish flow, foreign vs U.S.,
tourists' survey... a spreadsheet with columns of related interest.
.
What is Las Vegas Sun's responsbility to Las Vegas community?
Creating sensational headlines to boost readership?
If Las Vegas takes another man-made meltdown, guess how LV Sun can boost readership.
.
We are not asking LV Sun not to highlight information. The least it can help in this volatile market is to be more responsible in sourcing more COMPLETE raw data.
http://www.thestreet.com/_yahoo/story/10...
From incomplete data of LV Sun, some writers will continue bad-mouthing Las Vegas stocks.
Maybe what Vegas slot players need is a discount slot warehouse, off the Strip. Imagine a super Wal-Mart sized floor, brightly lit,offering thousands and thousands of slots as far as the eye can see,huge section for each denomination, even old mechanical coin machines. Keep it cheap, cut down the overhead, and let the folks win some goddamned jockets.
It appears cheaper to pay fines then winnings. I wonder if that has something to do with it?
kenoman and Casino Boss, both excellent posts!!
Had the casinos not gotten so greedy over the years, and kept it "Old Las Vegas" style, the locals would be supporting them even in hard times, as would the tourists...
Yes, I'm a hick from Mayberry and at one time, I was a regular visitor to Vegas. I remember the Castaways with Sonny in that hole of a sports book and how they would comp you for just playing a few green chips at the BJ table or the craps table. Even if they didn't comp you, they at least let you into the restaurants in the VIP line. The casinos were full then and everybody I know loved going there. Even I invested in some townhomes there, but finally sold out in the late 90's when the town seemed to start catering to those who flew in from the urban wealth centers of America. Yeah, rooms were no longer cheap, meals became a budget breaker, and you couldn't play table games anymore, unless you were into high stakes. When there was a prize fight in town, forget it. 80% of the regular visitors were shut out. Homes became more expensive and greed ruled the day. Now, with the proliferation of gaming in almost every jurisdiction, there is less incentive to go to Vegas. Especially when they hit you with incredibly high taxes from rental cars to hotel rooms, and not let us forget the often hidden "resort fees" at check out. Yeah, like I know lots of locals to call with the so-called free local calls used to justify fees up to $25 per day. Vegas will come back one day, but it will never be the same. The operators became so used to greed, it won't be long before they waive the recessionary discounts and go back to nickle and diming everyone they can. I will never forget the new owner of the Treasure Island when he said, "We don't want the $50 a night customer". If you check some of the values now, you will find you can stay there for close to that amount. But those of us from Mayberry say, "No way, nip it, nip it, nip it int he bud".
o yes, last but not least, somebody mentioned this ridiculous "resort fee" added by some locals casinos operators on top of the room rate (added by the tax and then , by resort fee plus tax on top of that). Hey guys, let's get serious: WTF is that????? If a company like Station Casinos or M Resort is advertising room rates of 59 dollars per night and then, after adding all amenity fee etc, you end up paying about 95 dollars per night, do the casinos think this is funny?????
Where I come from, you are used to see what you have to pay, and that's what you pay. I used to like Station Casinos very much and the only machines I play when I am in Vegas are the Optimum Play videopoker machines and the progressives if there is a one that's big enough to justify a play. I sometimes drop 500 or more in a quarter machine trying to hit that Royal then, but very seldom it works out. Still, I do it because I think it's worth it. But I am definetely not stupid enough to book a room at a hotel that's treating me like a complete fool by adding a fee for putting a newspaper on my door in the morning and allowing me going online with my computer. If I want to read a newspaper, I'll go and get one in the giftshop. Same applies to the internet access. I don't like to be forced to buy shid I don't need. And that's definetely something many people have noticed over the past few years and therefore stay away from Station Casinos or Boyd properties.
Thank You very much, East Side Cannery, for offering nice rooms at great rates without adding this resort fee. You seem to be one of the last true resorts that's giving your patrons a fair value for the money. Hopefully this will be the same next year, too. I hope you'll keep up with your strategy. If you do, I'll be your guest again for several weeks in a row next year.
And this is to Station Casinos and Boyd Gaming: You have great casinos, but you need to overthink your strategy. I think you should skip this resort fee policy as in the long run you will get more customers back to your properties. I refuse to pay resort fee and therefore will not stay at your hotels anymore. Not all Vegas visitors are complete dudes, you should know that.
That's my opinion.
From Switzerland
this is to the locals writers:
Any hotel on the Strip without resort fees added to their room rate is actually not much more expensive than a casino such as Station Casinos that believes it has to ripp off their patrons by putting up this ridiculous resort amenity fee on top of their rate. After all, it doesn't make much difference anymore and if you think 2x, then sometimes it can be even cheaper staying on the Strip again but playing and eating off-Strip. How funny this is....
From Switzerland
The bean counters killed Vegas. I used to come from the East Coast to Vegas four times per year. Now I am down to one time, if that. I remember staying at Caesars with a high roller friend of mine. His average bet was $1500 and he played at least 14 hours per day. They bitched about giving him a free massage. He blasted his host but to no avail and has not returned since.
I used to go to Wynn where they had a $100 two deck BJ table, dealer stood on soft 17's. They promptly changed it to dealer hits on soft 17 and I haven't been back since. Steve Wynn used to say that giving out comps would balance itself out, but not anymore. The bean counters are running his place now too. In short, why travel 2000 miles to get shabby treatment for what I believe is decent play, when I can stay in here and go to CT or AC and get shabby treatment? LV used to be where even the little guy could go to be treated well and feel like he was special. Everyone knew your name and gave you respect. Now it has positioned itself to become the Walmart of gambling. Cookie cutter shows, no one knows who you or cares to. Making profits on non-gaming items was the death knell. LV forgot why people came. And, travel expenses are discretionary and the first thing to get hit in a downturn, let alone a depression that we have now. Bankruptcy and liquidation are too good for some of these rip-off artists. Good riddance!
Yup...you said it kenoman! I am not much on slots but I noticed NO ONE winning in 5 casinos I visited on my last trip. I am saying the cashier cages had NO ONE in line...that's a pretty good data point to show the casinos are not giving back any reasonable percentage of play. You got the feeling they were sucking up every nickel and just hoping the next batch of arrivals would pick up where the departures left off.
I say reduce your play by at least 60% to make up for this greed. Keep it in your pocket and you will enjoy yourself. It is the only reasonable way to counter this trend.
We, too have been a long time visitors to sin city, for 29 yrs we have visited 2-3 times per year. But with the tight machines,high limits and extra taxes on everything no more. We have riverboats near by that will take care of our gaming needs without the greed of Las Vegas CEO's. I feel sorry for the unemployed locals, its like watching the auto industry go down the tubes, vegas is headed the same way. Last person out turn the lights off.
it's not obama, idiots.
i don't like him either, but it's stupid for people to keep saying that.
it's the economy. period.
it's still in the crapper and all the "good news" about it is like this:
hey, america, we lost 15% less jobs than last month.
that's not a rebound.
I noticed that in the Far East another Gambling Mekka has opened its doors and keeps attracting overseas travellers. Wynn Macao has a great poker room, that's what I heard. And the room rates are a bit higher but there's no tipping in Macao. Which, if you think about, makes up for a huge portion of your spendings. Even a "tight tipper" who stays in Vegas for 2-3 weeks can easily tip away about 1000 dollars from his bankroll. Not that I am against tipping, but I think it has to be reasonnable. Whenever I see a local player at Sunset Station tipping a dollar out of a 8 dollar pot of a 4-8 hold'em game, I can only shake my head. The house just raked 1 dollar plus 1 dollar for the "hard-to-hit" bad beat jackpot, leaving 8 dollars in the pot, and now, the dealer pushes the pot to the player who now feels like he's obligated to tip 1 dollar to the dealer. It can only make one person happy, which is the dealer, but in the long run such a player stands no chance to protect his bankroll. It's like it is.
The problem is the huge debt load these casinos have. Some properties on the Strip have turned too big to be run under "normal" conditions. Even if they are booked at a 70 per cent rate, this might be not enough to generate enough profit to pay the interests and all payroll, utilities, water, and such. I have serious doubt that these big towers can ever be filled up and there is enough gambling going on to pay for all that. Too many other properties worldwide want a piece of that cake, and this is hurting Vegas. Although, Vegas is still the greatest tourist destination there is.
My response to this development is to visit Vegas just 1x instead of 2x/year, but for 3-4 weeks instead of 2-3 weeks. AT least it saves me travel expenses which I can spend better for videopoker and other entertainment stuff.
From Switzerland
Quote "For the 16th straight month, gambling win on the Las Vegas Strip tumbled, falling 15.7 percent in April with only penny and $100 slot machines showing a gain."
.
What we really need is just a table from LV Sun showing month to month drop in win %.
Which months have the lowest drop? Summer?
Which month is lowest? Why? Any assignable reason? Low season? Layoff? Close casinos?
Is it a uptrend or downtrend? Green shoots? Continued meltdown?
.
Sensational headlines by LV Sun to fuel more negativity is not constructive.
.
I have read some data from State board, it shows win% of BlackJack is only 10-15%, ~same as slot machines.
This number is strange. Even if we go to restaurants, we know we pay a mark-up of 30%.
So gambling makes less money than F&B ?
We might as well convert all casinos into restaurants or anything else.
.
To the players who pay '10-15% premium' for thrill services.
Do you believe the house only makes 15% profit from you?
If win% is decreased, it may also mean the house is kicking back something to you. You should be thankful.
.
You know, this all makes me so sad to read.. I wish the casinos would take the hint from the tourists and locals alike.
It is such ashame that these "newer" large corporate run casinos turned Las Vegas into such a greedy place.. We need to get back to the basics!
Hey Barney Fife! I loved the Castaways, and it sure is missed! We are still the same people in Vegas and we miss you.. We don't like what the corporations have done either..
Believe me, someone at some point will get the message, that we want "Old Las Vegas" back, and they will be the winners here.. The ones that will receive business from us locals and our tourists.
Hey Linda, Thanks for remembering the Castaways. I doubt if 90% of the readers here remember it. One last thought...I got married in Vegas in 1980 and honeymooned at the Tropicana. That night, we went over to the Desert Inn for the lounge show, which used to feature great singers, who sang all the classic greats like, "Satin Doll" in one of the best lounge hangout in all of Vegas. All you had to do then was buy a drink to see such great singers, like the Imperials at the Dunes on Sunday, which was a free show. I heard that "Well, well" refrain dozens of time. At the Trop, and for years thereafter, I wasn't a big gambler, though I was told to call a certain guy on the floor to get the casino rate. And I did that at least 5 times per year and never paid more than 25 bucks for a great room in the tower. Once I was the victim of a clerk stealing 12 dollars from my credit card. I got a personal letter from the owner of the Trop, who was in Atlantic City at the time, and he invited me back to the Trop, threw in a Folies Bergere show (spelling ???) and a gourmet dinner at one of their best restaurants. I know Vegas will never be the same with all the accountants running the place now, but those were great times that I will never forget. Too bad we can't go back. I have many stories of the old times...playing BJ with Tony Danza, talking to Red Foxx in the Imperial Palace, Jack Nicolson at Caesars, etc., but now it is all about 500 dollar bottles of Grey Goose for Paris Hilton and her friends in clubs we could never afford to go into. Well, it was great while it lasted.
Ahhh Barney, you sure made me smile, thank you! I was born and raised here, so you bet I know the "Oldies"! All the locals use to go to the Hacienda Champagne Brunch for Mother's Day, and many Sunday's after church! I was just a little one then, but it was so exciting..
The DI was the best!!! The Riv, rocked back then too, of course the Dunes, the Stardust, the Flamingo, and the Sands had the best Chinese food ever!!!
My Dad was a Shift Boss at the Frontier, Flamingo, , and last, the Trop! One night, at the Flamingo, I had stopped in to see my dad (late shift) it was around 3 am, and low and behold, I ran into Mohamad Ali! I will never forget that.. He was such an awesome person, we stood and talked almost an hour. We sure do have some great memories, don't we?
I use to go watch Kenny Roger's at the Nugget, Downtown... didn't cost a penny!
I haven't been in the business for a long time now... just don't enjoy it anymore.. In the "days" we had all repeat customers. Heck, they'd come right up and give me a big hug. They weren't just customers back then, but became friends as well...
Barney, don't give up on us here.. Maybe this is the reason the entire World is in the state it is now.. Greed has taken over, and now we all need to be humbled.. Get back to the days when people cared about other people, not what they could get from them..
Downtown isn't so bad.. much more cosy then the Strip. I could have done without the "Fremont Experience" thingie, lol, and the one way street, however..
Check out some of the Downtown rates, and bring that bride of yours back for your 2ed honeymoon!!
The fact is these companies are so upside down, they owe such large sums to their investors that they are forced to suck every ounce of money they can out of their players. Fewer payouts, tighter rules, fewer low limit games. I don't care how big or strong you once were you can not lose billions month after month and survive. (see GM)
Its a catch 22, they need cash but players are tired of their tight policies and are playing less. Revenues shrink even further, service suffers and properties fall into disrepair.
Within 365 days MGM/Mirage, Harrahs and the Sands Corporation will be forced into receivership and the city of Las Vegas will become a ghost town of empty out of business casinos.
The expansion of gaming in other states that are looking for additional revenue streams (particularly Florida and South Carolina) will steal the Vegas Tourism dollars and be a crushing blow. Tax dollars from Casino revenue will be reduced to nothing, police forces will be reduced and anarchy will be the word of the day.
Sad but true Vegas is withering on the vine and will never see the heyday of the 80s and 90s again. It will actually be a cesspool of crime, poverty and misery.
BrainTrust, you make a great point regarding the expansion of gambling. From where we are in East Texas we have about a dozen casinos within a two hour drive. We have often made the decision not to spend our money on expensive air fare and just stay local. Discussions that I have had with many Vegas locals seem to always lead to the fact that Vegas depends upon the wow factor to keep people coming back. I think what is sometimes forgotton is that after awhile the wow is gone and it really is about the gambling. When we do go now we really don't care about the sights because we have allready seen them many times. What that sais to me is why spend $1000 to go and lose your tail when I can drive two hours instead. Also, we get much better comps in a smaller market and are considered a VIP. Lots of great comments from everyone on this topic. Hope the execs like to read.
This is May numbers from UNLV ..
http://www.lasvegassun.com/news/2009/jun...
It looks so much different from 'April' statistics.
We have a situation here citizens are expected to react to gloom in one month, a couple of weeks later, it is all positve.
What's going on?
I suggest LV Sun take it their responsibilities to research deeper before making sensational headlines.
"Strip gaming win tumbles in April".
After dropping the bomb, LV Sun walks away, and release another conflicting data.
Who is to believe?