Posts Tagged ‘Nevada gaming win’

Nevada Gaming Win Plummets In May By Double Digits, Down 18.2 Percent on Strip

By Sean Whaley | 4:34 pm July 12th, 2012

CARSON CITY – Nevada gaming revenues took a big tumble in May, shrinking by nearly $100 million over the same month a year ago to $885 million for a 10.1 percent decline, the state Gaming Control Board reported today.

Michael Lawton, senior research analyst for the control board, cited two primary reasons for the double-digit decline: May 2011 was an exceptionally strong month, so the comparison with May 2012 was expected to be a challenge; and high roller card players on the Las Vegas Strip had exceptionally good luck.

The two factors led to an 18.2 percent revenue decline on the Strip to $475.1 million in May over May 2011.

The decline came even as a number of strong special events, including the Chinese Labor Day celebration and a Floyd Mayweather fight versus Miguel Cotto on May 5, lured visitors to Nevada and the Strip in particular.

The “comp” to May 2011 was a challenge because the May 2011 statewide win was 16.1 percent, and the Strip was up 28.9 percent. May 2011 also saw the largest win recorded by the state since September 2008. Since May 2011, there has been only one month where the win exceeded that amount, in January 2012.

Lucky gamblers were the other factor.

“The state was definitely negatively impacted by some really, really poor performance in table games,” Lawton said. “Table games win of $282.7 million was down 26.4 percent, or $101.6 million.”

Baccarat win of $74.3 million was down 48 percent, or $68.5 million in May compared to May 2011. The hold on the game, or the amount retained by the casino out of all the money wagered, was only 8.1 percent versus 12.2 percent last year.

“We don’t normally expect to see single-digit hold percentages for baccarat,” he said.

The hold was low on 21, the other big card game, as well, Lawton said. The win was $72.4 million, down 29 percent, or $29.5 million. The hold was 8.6 percent, versus nearly 12 percent in May 2011. It was the lowest 21 hold percentage ever seen going back to the 1980s, he said.

“We really noticed some statistical anomalies with these table games, and that happens,” Lawton said. “The table games are a lot more volatile than the slot machines. And every once in awhile you will have months where this happens. It’s just unfortunate on a month when the comparison was so difficult.”

There were some bits of good news in the monthly report and in related information. The Las Vegas Convention and Visitors Authority reported today that visitor volume was up in May, by 2.4 percent to 3.45 million visitors over May 2011.

And some smaller casino markets fared well, including a 20.1 percent gain in Laughlin and a 9.2 percent increase on the Boulder Strip. Downtown Las Vegas was down, but only by 2.1 percent.

Washoe County was down 5.2 percent, a better performance than the state overall.

“The Las Vegas locals had a good month, up 6.59 percent, which is good,” Lawton said. “For the calendar year the Las Vegas local markets are up 5.43 percent.”

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Audio clips:

Gaming Control Board analyst Michael Lawton says poor performance in table games was a major factor in the May decline:

071212Lawton1 :14 or $101.6 million.”

Lawton says table games are more volatile than slot machines:

071212Lawton2 :27 was so difficult.”

 

 

Lucky Gamblers Help Push Nevada’s Gaming Win Down In March

By Sean Whaley | 1:57 pm May 10th, 2012

CARSON CITY – Nevada’s casino winnings took a tumble in March after two strong months in 2012, dropping 10.9 percent compared to March 2011, the Nevada Gaming Control Board reported today.

The decline was led by Clark County markets, including the Las Vegas Strip, which was down 14.9 percent over March 2011.

Casinos statewide brought in $854.6 million from gamblers in March, just over $100 million less than in March a year ago.

Photo by Quenot via Wikimedia Commons.

The decline comes after the Nevada gaming industry reported gains of 18.4 percent in January and 5.7 percent in February.

Gov. Brian Sandoval said he was still awaiting full details on the March report, but noted the state is ahead for the fiscal year even with a slow month.

“Of course we want to see numbers going up, but in the big picture this is one month in time, and that for the year we’re still ahead,” he said. “We’re going to have some ups and downs with regard to this but over all Nevada is strong and we’re doing well.”

All the major Clark County markets were down in March. Downtown was off 11.9 percent and North Las Vegas was down 17.8 percent.

Washoe County fared better, posting a modest 0.45 percent gain, but South Lake Tahoe was also down in March, by 14 percent.

A big part of the story was that gamblers were luckier than usual in March, said Michael Lawton, senior research analyst for the control board. The percentage of money wagered by players but “held” by casinos was lower than average on games and tables such as 21 and roulette, he said.

If the March hold had matched the 12 month average hold, the statewide win would be down only 3.4 percent. The Strip would be down only 4.2 percent.

Another factor in the Strip numbers was baccarat, the card game played by high rollers. Casinos won $39.8 million from baccarat players in March, a nearly 52 percent decline from March 2011. The volume of play was down and the hold percentage was lower than average, Lawton said.

“The gamblers ran a little bit luckier,” he said.

Another factor was that March 2012 is being compared to March 2011, which saw a 5.1 percent statewide gaming win and a 12.9 percent gain on the Strip.

A third was the CONEXPO-CON/AGG event in Las Vegas in March of 2011 that is only held every three years and so did not occur this year, Lawton said.

“So there were some things that added to why this was going to be a struggle,” he said. “Even with this, fiscal year-to-date the state is still up 2.2 percent,” he said. “And it was a strong quarter for the state. The state was up 4 percent for the quarter.

“My take is it’s a bump in the road,” Lawton said. “We had a strong quarter. We had five consecutive months of growth. The fundamentals were still there. Our volumes were still up in slots. Our total volume was still up when you combine tables and slots together. We just had a soft month when we look at those table games hold percentages.”

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Audio clips:

Gov. Brian Sandoval says it is only one month and that the win is still up for the year:

051012Sandoval1 :07 we’re still ahead.”

Sandoval says Nevada overall is strong:

051012Sandoval2 :05 we’re doing well.”

Gaming analyst Michael Lawton says Nevada is up 4 percent for the first quarter:

051012Lawton1 :10 for the quarter.”

Lawton says the March report is a bump in the road:

051012Lawton2 :21 games hold percentages.”

 

 

February Gaming Win Up 5.7 Percent With Strength Seen Across All Major Markets

By Sean Whaley | 12:05 pm April 10th, 2012

CARSON CITY – Nevada casinos won $932.2 million in February for a 5.7 percent gain over the same month in 2011, even without the Chinese New Year event that annually brings high rollers to the Las Vegas Strip, the Gaming Control Board reported today.

Michael Lawton, senior research analyst for the control board, said the February win was solid and seen across the state. Only three small markets showed declines in the monthly report.

The Strip was up 3.3 percent with a win of $530.7 million.

Photo by Antoine Taveneaux via Wikimedia Commons.

The gains came even though the Chinese New Year fell in January this year. The January gaming win topped $1 billion, the first time that milestone has been reached since September 2008.

“This month, really what it shows, is that core customer really was strong,” Lawton said.

The Las Vegas Convention and Visitors Authority reported today that visitor volume in February was up 6.4 percent over February 2011. Convention attendance was up by more than 23 percent. Air traffic was up 6.6 percent.

All these numbers helped the state overcome the lack of the Chinese New Year in February, he said.

Looking at the Strip without baccarat, all gaming volumes are up for the fiscal year and in February as well, Lawton said. Slot volume on the Strip has seen increases in 10 of the last 12 months.

“So those are the things we’ve been looking for all along, is that, OK, baccarat has been carrying the load,” he said. “We need the core customer to come back and have this nice blend of the two and that is kind of what we’re experiencing now. So it’s good.”

Lawton said there is a lot of good news in the February report.

“That’s now five consecutive monthly increases for the state; we haven’t seen that since 2006,” he said. “I mean the list goes on and on. There is just a lot of positives that we can draw from this month’s results.”

The gaming percentage fee tax collections, which help fund the state budget, are now up $10.8 million over what was forecast by the Economic Forum.

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Audio clips:

Gaming Control Board analyst Michael Lawton says the February results show the core customer was strong:

041012Lawton1 :23 Chinese New Year.”

Lawton says the statewide strength is what the gaming industry has been waiting for:

041012Lawton2 :13 So it’s good.”

Lawton says the state has now seen five consecutive monthly gaming wins:

041012Lawton3 :12 this month’s results.”