Glimmer of hope in Nevada gaming win for month of May
For 16 months, gaming win by Nevada casinos has been in decline.
April was no different, falling 14 percent below April 2008 to $859.4 million.
But Gaming Control Board Analyst Frank Streshley said both local properties and major resorts catering to tourists are seeing some positive signs.
“Weekends are getting stronger and stronger, but the mid-week remains a big challenge,” he said. “They’re getting people in and seeing some improvement on weekends.”
He said the amount of total wagers casinos were able to hold was a major problem in April.
On table games, he said the hold percentage was 11.45 percent this year compared to 14.47 percent a year ago. That 3 percent difference equates to
$66 million less in casino coffers – nearly half the $141 million difference between total win this April and the same month in 2008. Most of that decline was from Baccarat, which was off $52.7 million.
The hardest hit area in the state was South Lake Tahoe which suffered a
35.4 percent decline in total win. Stateline casinos took in just $15.8 million for the month and, according to Streshley, the problem is a combination of California’s economic recession and the Redhawk Indian casino off Highway 50 siphoning off business.
Carson Valley Area, which includes valley portions of Douglas County as well as Carson City, fared better but was still down from a year ago. Total win was $8.2 million, a 5.4 percent decline.
Streshley said Washoe County casinos won a total of $65.5 million. That 16 percent drop is on top of a near 12 percent decline a year ago. April was Washoe’s 22nd straight month of declines.
He said North Shore casinos at Crystal Bay fared even worse, coming in at just $1.7 million. That 10.1 percent decrease is on top of a 38 percent decline in April 2008, which means North Shore casino win has been cut nearly in half over the past two years.
Only two of 18 reporting areas were up for the month: North Las Vegas at 5.39 percent and the Boulder Strip at 2.32 percent.
Streshley said, however, he is expecting May’s numbers to be better because of the Hatton/Pacquiao fight, concerts by Jimmy Buffet and Dave Mathews and the Ultimate Fight championships in Las Vegas during the month.