Casino win hits record $10.1 billion

The state finished Fiscal 2004 with $38 million more in gaming tax revenue than projected.

Numbers released Thursday by the Nevada Gaming Control Board show total win by Nevada casinos hit a record $10.1 billion thanks to a strong recovery in the tourism economy during the second half of the fiscal year.

"Gaming was flat until we hit January," said control board analyst Frank Streshley. "Then all of the sudden, there was this resurgence."

Streshley said growth in gaming win was just 1.3 percent between July 1 and Dec. 31, 2003. But he said it surged to 10.1 percent from Jan. 1, 2004, through June 30 because of the economic recovery and the return of visitors to Las Vegas - especially high rollers who had been missing since Sept. 11, 2001.

In fact, every month from February through June posted record total winnings compared to the same month in prior years.

That means the total win by Nevada casinos grew 5.7 percent for the year - better than double the 2.8 percent growth during fiscal 2003 and well above the 4.4 percent annual gain averaged by casinos in the past decade.

Streshley said the winnings came from a total of more than $142.9 billion wagered in Nevada casinos during the year.

Of the win totals, a record 67 percent came from slots and other machine games with just 33 percent from the game and table play. And just over half was generated by the Las Vegas Strip casinos.

Every southern market showed positive numbers except downtown Las Vegas which was hurt by the temporary closures of the Horseshoe and Castaways.

The story was different in Washoe County which posted a 2.1 percent decline in total win compared with the previous year. Washoe, in fact, has now had four straight years of declining gaming win.

This year's $1 billion was the lowest total since 1998.

One bright spot in Washoe was North Lake Tahoe which saw a 7 percent increase with the reopening of the Crystal Bay Club.

The Carson Valley area, which includes valley portions of Douglas County as well as the capital city, reported a 7.1 percent growth in win for the year to $106.9 million. The area has averaged 5.7 percent growth over the past decade.

South Lake Tahoe numbers were basically flat at $342.2 million total win for the year.

The eastern section of the state - Elko County - was another negative. In addition to the economic troubles suffered everywhere else, Elko's mining industry only began its recovery part way through this year so overall gaming numbers finished the year 1.1 percent down from fiscal 2003.

Gov. Kenny Guinn said the turnaround signals a sustained economic recovery. He expressed confidence the trend will continue into fiscal 2005, giving the state a substantial revenue boost.

Contact Geoff Dornan at gdornan@nevadaappeal.com or 687-8750.