Las Vegas Sun

November 18, 2017

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Late Chinese New Year factors into 12.4 percent drop in gaming revenue

Nevada casinos suffered a 12.4 percent drop in their gaming win in January due in part to a loss in football betting and a later Chinese New Year.

The state Gaming Control Board reported today Nevada clubs won $909.1 million compared with $1 billion in January 2012.

Michael Lawton, senior research analyst for the board, said Chinese New Year fell in February this year compared with January last year. That celebration attracts high-end gamblers from China and Southeast Asia, he said.

Another reason for the drop in winnings was New Year’s fell on a Monday; it was on a Saturday in 2012.

The casinos on the Las Vegas Strip took an even bigger hit, down 18.6 percent. And players won $6.2 million on football betting during the month that featured the college championship game plus the playoffs in professional football.

“We are hopeful that the gross win will rebound in February,” Lawton said.

Lawton also said this January was being compared to an 18.4 percent gain in the same month of last year.

“It was a difficult comparison,” he said.

Casinos on the Strip won $802.5 million before taxes and expenses compared with $925.4 million a year ago.

Baccarat win fell 50.7 percent to $95.5 million; that accounts for more than 50 percent of the state’s gambling. Slot winnings inched down 0.16 percent for the month.

Downtown Las Vegas casinos were off 4.9 percent, North Las Vegas was off 11.8 percent, Laughlin dropped 6.7 percent, and Mesquite fell by 5 percent.

Clubs in the balance of Clark County showed a 2.2 percent gain in gross win and those on the Boulder Strip held their own with a 0.7 percent increase.

For the fifth straight month, gaming win fell in Washoe County by 1.9 percent. Carson Valley was off 5.6 percent and South Lake Tahoe dropped 2.6 percent.

For this fiscal year, the state has collected $443.9 million in taxes, an increase of 5.5 percent.

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