State gaming finishes fiscal year with another record
August 11, 2005
Nevada casinos finished the fiscal year with a record $11 billion in total winnings.
That is up 8.8 percent over last fiscal year, nearly double the average annual increase over the past decade.
Casinos on the Las Vegas Strip accounted for $5.6 billion in winnings – 50.7 percent of the statewide total.
Only two markets reported a decline in winnings for the year ended June 30 – both of them in the north.
The biggest drop was at South Shore, where win dropped 3.5 percent to $330.1 million for the year. But that was after a 2.7 percent increase last year.
Reno’s decrease was just seven-tenths of a percent, to $731.6 million. But that is the city’s fifth straight year of declining gaming win and the lowest total win since 1995. At the same time, Sparks and outlying portions of Washoe County helped that market record its first overall increase in winnings in five years. The county total was just over $1 billion.
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Carson Valley, which includes the capital and valley portions of Douglas County, was Northern Nevada’s strongest market once again, according to Gaming Control Board analyst Frank Streshley. The area recorded an 11.7 percent increase for the year to $119.4 million in total win. The area’s average increase for the past decade is 6.8 percent.
June was the Carson Valley area’s 26th straight month of increases.
North Lake Tahoe reported a 7.7 percent increase this year for a total of $41.9 million.
And the Elko market reported a 10.6 percent increase in fiscal 2005 to $247.3 million.
Total win in June set a record for that month at $954.2 million – 11.7 percent above the same month last year. Streshley said that is the 11th straight monthly record this year.
Two-thirds of the total winnings reported by Nevada casinos came from slots and other electronic games – $7.4 billion. Game and table winnings totaled $3.6 billion. Of that, $550 million came from baccarat, a 30 percent increase over last year.
The strongest growth in any one game was again in poker, where win increased 48.3 percent to $119.6 million. That means poker win has now surpassed racebook revenue ($76 million this year) and is on track to surpass sportsbook winnings ($132.4 million this year) in the coming fiscal year.
The total amount wagered in Nevada casinos in fiscal 2005 was $154 billion, also a record.
– Contact reporter Geoff Dornan at email@example.com or 687-8750.