State casinos post 7.9 percent increase in win for fiscal year

CARSON CITY -- Nevada casinos won $8.4 billion last fiscal year, an increase of 7.9 percent and the best showing since 1994, the state Gaming Control Board reported today.

The board attributed part of the strong performance to the opening of the Bellagio, Mandalay Bay and the Venetian during the past fiscal year that ended June 30.

Russell Guindon, senior research analyst for the control board, said the 1994 increase was 10.4 percent and that was due in part to the opening of the Luxor, MGM Grand and Treasure Island, also on the Las Vegas Strip.

For the decade of the 1990s, gross win in the casinos statewide, computed before taxes and business expenses, grew on the average of 6.4 percent a year.

For the last fiscal year, which ended June 30, winnings from slot machines reached $5.4 billion, up 8.6 percent. Revenue from table games rose 6.6 percent to $2.9 billion.

Guindon said slot win during the past decade has become more important to the casinos. In the 1990 fiscal year, slot revenue accounted for 58.6 percent of the casino win. In the last fiscal year it rose to 64.7 percent of the total casino win.

For the last fiscal year every market except downtown Las Vegas showed growth. The casinos in that area posted $668.9 million in revenue, down 2.3 percent. Winnings in downtown casinos have declined in four of the last six fiscal years, the board said.

This is in contrast to the other markets in Clark County.

Casinos along the Las Vegas Strip rang up $4.1 billion in revenues, up 9.6 percent. That's the strongest growth since 1994, when the gross revenue grew 18.9 percent. Over the decade the average growth has been 7.4 percent per year on the Strip.

For the first time in the last five years, clubs in Laughlin posted an increase in gaming win during fiscal 1999. The board reported the clubs won $510.4 million, up 5.5 percent.

Boulder Strip casinos reported gross revenue of $510.4 million, up 12.7 percent for the fiscal year. It was the fifth consecutive annual double digit increase in the last five fiscal years. Revenues on the Boulder Strip grew an average of 15.9 percent per year in the last decade.

North Las Vegas clubs continued strong showings. The board reported winnings of $203.6 million, up 14.7 percent for the last fiscal year. There have been double digit increases in each of the last five fiscal years. And the market has grown on the annual average of 20.1 percent during the last decade.

Guindon said the state finished the fiscal year on a high note, winning $692.3 million in June, up 11 percent from a year ago. But he said that is due in good part to the opening of the three major Strip casinos that were not operating last fiscal year.

Gross win from the Las Vegas Strip reached $322.4 million, up 15.5 percent. Slot win grew 15 percent and game and table revenue was up 16.3 percent.

Downtown Las Vegas gaming win fell to $49.6 million, down 8.3 percent, the biggest decline since August 1998. Slot win declined by 1.3 percent and table revenue was off 26.6 percent. "It was not a particularly good month for the downtown market," Guindon said.

The board said the casinos on the Boulder Strip in June won $48.2 million, up 17.8 percent; Laughlin was up 10.4 percent with $41.3 million in revenues and North Las Vegas posted $18.8 million in revenue, up 16.6 percent.

The board said casinos in Washoe County the past fiscal year won $1 billion, up 2.9 percent. Guindon said Washoe County has had an average growth rate in revenue of 3.5 percent per year in the last decade.

The casinos at the South Shore of Lake Tahoe reported $326.6 million in revenues for the fiscal year, up 12.4 percent. This was the first increase in four years, Guindon said.

Carson Valley casinos registered a 10.8 percent growth for $84.6 million in revenues. This area, which includes Carson City and the Minden-Gardnerville area, have been growing an annual average of 5.6 percent over the past decade.

Elko County clubs reported $212.8 million over the last fiscal year, up 7.5 percent. Its average annual growth rate during the last decade has also been 7.5 percent.

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