Posts Tagged ‘October gaming win’

Nevada Casinos Eke Out Another Modest Gain In October

By Sean Whaley | 11:49 am December 7th, 2012

CARSON CITY – Nevada casinos took in $978.8 million from gamblers in October, eking out a modest 1.9 percent increase over the same month in 2011, the Gaming Control Board reported today. It was the third consecutive month of modest gaming wins for the state.

For the 2013 fiscal year that began July 1, the gaming win has increased 4.6 percent.

The October increase was primarily due to a 3.6 percent gain on the Las Vegas Strip, where casinos pulled in $580.7 million. Clark County overall was up 2.8 percent, while South Lake Tahoe posted a 0.8 percent gain with $15.9 million in revenues.

Photo: Conor Ogle via Wikimedia Commons.

But many other markets in Nevada posted declines in October, including Laughlin, down 0.9 percent; Reno, down 6.9 percent; and the Carson Valley area including Carson City, down 5.5 percent.

Michael Lawton, senior research analyst for the state gaming agency, said he was pleasantly surprised by the modest increase because October faced a tough comparison against a strong October 2011, and there were two fewer weekend days in October 2012 than in October 2011.

Helping out the overall win were two Madonna concerts at the MGM Grand on Oct. 13 and 14.

There was also a technical benefit with September ending on a weekend, which meant that some slot revenue from that month was counted in October instead, he said.

Visitor volume in Las Vegas also increased in October, up 2.9 percent to 3.5 million visitors, according to information provided by the Las Vegas Convention and Visitors Authority.

Game and table win statewide totaled $364.9 million, down 5.5 percent over October 2011, which had seen a strong gain of 14.4 percent over October 2010.

Lawton said one note of interest was an all-time record win for roulette of $50.8 million for a 174.2 percent increase over October 2011. The previous high was set in December of 2007 when the roulette take was $38.3 million.

Slot win statewide totaled $614 million for an increase of 6.8 percent over October 2011.

“I would say honestly, going into this month, I am pleasantly surprised that with the difficult comp and the calendar, losing the two weekend days – I mean although we did basically get help with the revenue timing – it was a difficult comp and to come in positive is definitely a good sign,” Lawton said.

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Audio clips:

Gaming analyst Michael Lawton says Nevada saw a record roulette win in October:

120712Lawton1 :23 strong roulette month.”

Lawton says the win increase in October is a good sign given the difficult comparison with October 2011:

120712Lawton2 :18 a good sign.”

 

Nevada Gaming Revenues Jump 8.1 Percent In October, Baccarat A Key Factor In Win

By Sean Whaley | 2:44 pm December 9th, 2011

CARSON CITY – Nevada casinos took in $961 million in October for an 8.1 percent gain over the same month in 2010, the Gaming Control Board reported today.

The Las Vegas Strip took in $561 million for a healthy, double-digit gain of 13.3 percent. A big reason was the $159.3 million in revenue taken in from the card game baccarat, a 74 percent increase over October 2010.

Washoe County saw a significant decline in gaming revenue, however, of 9.3 percent. Eight of the last 10 months in this calendar year have been down in the county.

For the fiscal year-to-date, gaming revenues statewide total nearly $3.6 billion, or just 0.3 percent behind the same period in 2010.

“Really baccarat was the story for the state and the Strip,” said Michael Lawton, senior research analyst for the GCB.

Slot machine / Photo by Jeff Kubina @ Wikimedia Commons

It was the biggest October win for baccarat on record. The “hold” percentage, or the amount retained by casinos on the baccarat wagers, was also high at nearly 19 percent on the Strip, he said. The typical hold on the game is about 12.5 percent.

A number of special events, including an Indy car race at the Las Vegas Motor Speedway on Oct. 16, and a fight at the Mandalay Bay on Oct. 29, helped bring in a lot of visitors to Las Vegas, Lawton said.

The gaming revenues boosted state general fund tax collections, bringing in $65 million and reducing the overall gaming tax revenue decline reported for the year so far from a negative 5.5 percent in the previous report to a negative 2.4 percent through the most recent report.

Percentage fee collections are still below the projections made by the Economic Forum in May, but are improved from the September report. After the September report, the state was about $16 million, or 7.4 percent, below what was projected for tax collections. With the October numbers, the state is now about $12 million, or 4.3 percent, below projections.

“But we have quite a bit of time to catch that up,” Lawton said.

There are a number of positive elements in the report, he said. The 13.3 percent double-digit gain on the Strip comes off a double digit gain reported in October of 2010 over 2009 of 16.1 percent.

“This represents the first time since July of 07 that the Strip has faced a double-digit comparison and then matched it with a double-digit increase,” he said. “So that’s very positive.”

Slot machine play was up 5.4 percent on the Strip in October, bringing in $246 million, making it the sixth consecutive month of increases. The volume of slot play on the Strip, or the amount played by visitors, has increased in seven of the last eight months.

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Audio clips:

Nevada gaming analyst Michael Lawton says the story of the October gaming win was baccarat:

120911Lawton1 :30 at 18.78 percent.”

Lawton says the Strip turned in a strong performance on top of a strong October 2010:

120911Lawton2 :10 that’s very positive.”