Wednesday, April 9, 2008 | 11:18 a.m.
Strip casinos lost $7.4 million on the Super Bowl as players bet the underdog New York Giants, who beat the New England Patriots in one of the biggest upsets in Super Bowl history.
That wasn't all that hurt the Strip, which is feeling the effects of the economic slowdown.
Players gambled less at mainstay games like slots and blackjack, where volume fell by $61 million and $3 million, respectively, according to February figures released by the Gaming Control Board today. Casinos kept more of slot players' money, boosting slot revenue by 1 percent in February from a year earlier. But casinos won less at blackjack as players kept more of their wagers than a year ago.
The switch from higher denomination slots to penny slots continues, with 1-cent slots winning $12.4 million more from gamblers than a year ago, $1 slots winning $5 million less and $5 slots winning $6 million less.
Overall, Strip gaming revenue fell 3 percent in February versus a year ago and dropped 4 percent statewide, even though February included an extra day, which fell on a Friday.
Excluding revenue from baccarat, the game of choice for Asian high-rollers, the Strip's revenue would have fallen 4 percent from a year ago. Revenue from baccarat was about flat but volume rose 2 percent.
Across the Las Vegas Valley, the hardest hit were North Las Vegas and the Boulder Strip, which includes many of Henderson's casinos. Revenue fell 13 percent in February from a year ago and 5 percent over the past 12 months in North Las Vegas. The Boulder Strip fell 14 percent for the month and 2 percent for the year. Downtown revenue was just about flat over both periods. The rest of the county was up 1 percent for the month and 5 percent for the year.
"Gaming revenues have been soft this year - however, we believe the decline is not as bad as expected," Bear Stearns stock analyst Joe Greff said in a research note today. "Still, with room rates down this quarter and gaming revenue declining, it is clear that Las Vegas is feeling the impact of a difficult economic environment."
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