March Nevada gaming win rises 10 percent

CARSON CITY -- Nevada casinos won $747 million in March, the third best monthly showing in history.

The state Gaming Control Board reported today the opening last year of Bellagio and the March opening of Mandalay Bay on the Las Vegas Strip contributed significantly to the strong showing of the gambling industry.

North Las Vegas and the Boulder Strip posted record months for gross revenue, the money received from slots and table games before business expenses and taxes are deducted.

The statewide increase was 10.4 percent over March 1998 and it was the third consecutive month of double digit gains in gaming win. The gross win this month trailed only January this year and October last year.

Russell Guindon, senior research analyst for the board, said this performance should not be surprising with the opening of the two megaresorts this year. It appears, he said, these two casinos are drawing new players into the Las Vegas market.

Guindon said win from slot machines grew by 6.3 percent and gross revenue from the table games was up by 22 percent. There was healthy growth, not only in baccarat, which rose 55 percent; but also in 21, which increased 14.6 percent; and in roulette (51 percent) and craps (34 percent). Betting on basketball with the NCAA tournament in progress grew 58 percent or $4.6 million from March 1998.

Casinos along the Las Vegas Strip reported gross win of $353.5 million, up 20.2 percent. This is the third straight month the revenues grew by more than 20 percent on the Strip. Revenue from slot machines increased by 9 percent and winnings from table tables jumped 37 percent.

But downtown Las Vegas "is another story," Guindon said. It posted $60.2 million in revenues, down 6.2 percent from March 1998. In three of the last six months, the downtown clubs have registered decreased gaming win. In March, the slot win fell by 6.6 percent and game revenue was down 5.4 percent.

North Las Vegas clubs rebounded from a poor February when their revenues fell 1.1 percent. In March, they reported $20.5 million in gross win, the highest month ever. That was an 11.6 percent increase over March last year. Slot revenue rose 11.5 percent and table win was up 12.6 percent.

Clubs on the Boulder Strip reported $50.8 million in win, up 2.9 percent. But it was the largest month in gross revenue ever. Guindon said the Boulder Strip in March 1998 was a strong month, accounting for the lower percentage increase. Slot win increased by 3 percent and table win was up 2.2 percent. "This market was growing off a very strong month," Guindon said.

Laughlin casinos posted $50.6 million in gross revenue, up 10 percent. That's the highest percentage gain in the history of the resort town on the Colorado River. Slots were up 11.5 percent and games grew 2.5 percent.

For the first time, the board is listing results from casinos in Mesquite. They received $8.7 million, up 5.5 percent from a year ago.

In Northern Nevada, Washoe County clubs recorded $86 million, down 1.3 percent. Guindon said that may be because a national bowling tournament did not convene this year in Reno.

For the fourth consecutive month, South Lake Tahoe casinos posted positive numbers. They reported $24.7 million in revenues, up 6.8 percent. Elko County registered a 3.2 percent increase to $18.6 million and the Carson Valley reported $6.9 million in gross win, up 9.4 percent.

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