Nevada casinos win big in March, but state's cut is down

CARSON CITY, Nev. - The Mandalay Bay megaresort opening on the Las Vegas Strip helped to produce a big $747 million win in March for Nevada casinos. But the state's tax take from the clubs was down slightly.

Russ Guindon of the Gaming Control Board said Tuesday the $747 million casino income in March represents a 10.9 percent jump compared with the same month last year. But the state's cut was down 0.8 percent.

That dropped the state's average gain on casino taxes for the fiscal year to date to 8.4 percent. That's getting close to an earlier estimate of 8.2 percent for the entire fiscal year, which ends June 30.

The actual tax take in March was $55.9 million. For the fiscal year to date, the total is $411.3 million.

Casino-related revenues along with sales taxes account for three-quarters of all revenues needed to run state government.

Guindon said the March win from gamblers marks the third consecutive double-digit percentage gain for the clubs - and it's the largest March win statewide ever for Nevada.

The win is what's left in casino coffers after payouts to gamblers are subtracted from money that's bet on tables or in slots. It's a gross figure, with no operating costs or other expenses deducted. And it's casino revenue only - separate from any hotel, restaurant or bar revenues generated by clubs.

The Mandalay Bay opening followed the Bellagio megaresort opening last October on the Strip, and Guindon said the March report shows "the market is supporting these new properties very well."

But the state's taxes were down in part due to fee adjustments and to credit play by gamblers. Guindon said heavy credit play is typical for new resorts, and money won from such gamblers might not be collected for a month or two.

The $747 million statewide win included $236.9 million from table games, up nearly 23 percent; and $504.9 million from slots, up 6.3 percent.

A breakdown of games that produced the most revenue in March shows the clubs won $89.1 million on blackjack; $40.5 million on craps; and $25.5 million from baccarat.

Dollar slots won $129.8 million; quarter slots won $227.9 million; and nickel slots won $92.3 million.

archive