Casino wins down 14 percent in April | NevadaAppeal.com

Casino wins down 14 percent in April

BRENDAN RILEY
Associated Press Writer

Nevada casinos won $859.4 million from gamblers in April, down 14.1 percent compared with their April 2008 win, according to a state report Friday.

The Gaming Control Board reported that the win, down from $1 billion a year earlier, marked the 16th month in a row that the clubs reported declines.

The April win was the amount left in casino coffers after gamblers wagered $11.9 billion during the month, including $9.7 billion in slot machine bets and the balance on table games.

“This continues the trend of people spending less,” said GCB analyst Frank Streshley. “We’re slowly seeing less cancelations, and the weekends are getting stronger. But the midweek market is still a challenge – and the people who are coming are spending less.”

Streshley also said the overall amount of money wagered was about the same as it was in April 2008, but casinos were “unlucky in what they held” this April.

“The results were disappointing,” he said. “The low hold percentages on table games, particularly baccarat, were a problem.”

For the fiscal year to date, casino winnings total just over $9 billion. That’s down 14.2 percent.

The Control Board report also says the state collected just under $52 million in taxes based on the April win. That was down 5.9 percent from a year earlier.

The win was down during April in most major markets in the state, including the Las Vegas Strip which was down 15.8 percent.

Elsewhere in southern Nevada, Laughlin was off 17.8 percent, downtown Las Vegas declined 14 percent and Mesquite was down 16.3 percent. North Las Vegas was up 5.4 percent and the Boulder Strip was up 2.3 percent.

In northern Nevada, clubs in Washoe County, which takes in Reno, were down 16 percent. It was the 22nd consecutive month of declines for the area.

Resorts on Lake Tahoe’s south shore reported a 35.4 percent decrease in April compared with the same month a year earlier.

A statewide game-by-game breakdown shows that slots were off 11.2 percent while table games were down 20.5 percent compared with April 2008.

Slots accounted for $596.2 million of the total win. That included $284.2 million won by multidenomination slots, down 4.9 percent. Penny slots were second with a win of $160.1 million, up 5.5 percent.

Live games, including poker, accounted for the balance of the April total. That included $52.7 million won on baccarat, down 12 percent; $90.3 million won on blackjack tables, down 26.6 percent; $30.4 million on craps, down 14.8 percent; and $23.3 million on roulette, down 13.9 percent. Sports books won $4.4 million, down 50 percent.

“Win” is a gross figure, with no operating costs or other expenses deducted. It represents casino revenue only, not hotel, restaurant or bar revenues.