Gaming win dips on Strip

CARSON CITY -- Casinos along the Las Vegas Strip registered a drop in gross revenues in May as players won more at the tables than a year ago.

The state Gaming Control Board reported today that statewide the industry won $690.4 million, up 1.1 percent, but there was a softness in part of the Clark County market with the Strip dropping 5.6 percent. Slot machine wins rose by 6.8 percent, but revenues on table games fell by 8.6 percent in the year-to-year comparison.

Board spokesman Russell Guindon said a record $86.6 million was bet statewide on horse racing, including the Kentucky Derby and the Preakness. "That's the highest level of wagering seen in the last 15 years," he said.

And the players did better this May than they did a year ago. The board said the 101 race books statewide "held" 10.8 percent of the wagers compared to 16.7 percent in May 1997.

There also was a 173.9 percent increase in the winnings of Megabucks as slot players chased the big jackpot, which has risen now to more than $17 million. Revenue from that game in May was $14.3 million.

The board also reported that tax collections in the last fiscal year from casinos reached $459 million, up 3.1 percent. Guindon said that's $16.2 million short of the forecast by the Economic Forum on which the state based its budget.

Guindon said the 41 casinos along the Strip reported gross income, figured before business expenses and taxes, at $318.4 million. While winnings from slot machines rose by 3.1 percent, the table games were off by 13.9 percent.

A big reason, he said was baccarat winnings fell by 31.2 percent in May. But that's compared to a 124 percent increase in May 1997. "If you factor out baccarat, the Strip would have declined only 1.5 percent," Guindon said. Gross revenue was off 14.3 percent on the 21 games but rose 26.1 percent on craps.

The 22 casinos in downtown Las Vegas reported gross revenues of $58.7 million, up .6 percent from a year ago. Table games were off 13.4 percent but the slot machine wins rose by 6.6 percent.

"It was another good month for North Las Vegas," Guindon said with gross casino revenue rising 8.2 percent to $15.1 million. Slot revenues rose 9.6 percent, but the win from the table games was up only three-tenths of a percent.

Laughlin reported its best showing since October 1997 with revenues hitting $42.7 million, up 2.7 percent. In contrast to the Strip and downtown Las Vegas, the win on the table games jumped by 5.2 percent. Slot revenue rose 2.2 percent.

The Boulder Strip reported a 35.5 percent increase in gaming revenues to $43.7 million. Guindon said that's due in part to new casinos, Sunset Station and The Reserve, which were not operating in May 1997. Slot win rose 38.5 percent and table games jumped 16.5 percent. He said there will be a slowing in the percentage increases in future months because the Sunset Station opened in June a year ago.

Northern Nevada casinos, except for Elko County, experienced good numbers. And the markets did well on the table games, compared to the Strip and downtown Las Vegas.

archive