honoluluadvertiser.com

Sponsored by:

Comment, blog & share photos

Log in | Become a member
The Honolulu Advertiser
Posted on: Thursday, September 13, 2007

Nevada casinos' 'win': $1.146 billion

By Ryan Nakashima
Associated Press

CASINO WIN FOR JULY 2007

Figures are from the Nevada Gaming Control Board:

  • STATEWIDE: Record $1.146 billion, up 10.3 percent

  • LAS VEGAS STRIP: $606.8 million, up 14.1 percent

  • DOWNTOWN LAS VEGAS: $53.7 million, up 9.6 percent

  • NORTH LAS VEGAS: $28.5 million, up 15.7 percent

  • LAUGHLIN: $52.2 million, up 1.9 percent

  • BOULDER STRIP: $85.1 million, up 13.2 percent

  • MESQUITE: $15.5 million, up 20.4 percent

  • RENO: $64.9 million, down 8.8 percent

  • SPARKS: $15.3 million, up 1.2 percent

  • STATELINE: $36.8 million, down 7.3 percent

  • ELKO COUNTY: $27.2 million, up 14.7 percent

  • CARSON-GARDNERVILLE-MINDEN: $10.3 million, down 4.4 percent

  • spacer spacer

    LAS VEGAS — Nevada casinos won more money from gamblers in a single month than ever before in July, raking in $1.146 billion as luck favored the house.

    The casinos' so-called gaming win was up 10.3 percent from a year earlier and beat the previous record of $1.144 billion in May.

    The state's hold percentage, or the amount won by casinos as a percentage of the total amount wagered, was 15.03 percent. A year earlier, the hold percentage was 13.38 percent, which is normal, said Gaming Control Board analyst Frank Streshley.

    "Some months, for the players, the luck swings their way. This month, it definitely swung on the casino side," Streshley said.

    Morgan Stanley casino analyst Celeste Brown downplayed the results.

    "While investors will likely view the large revenue growth numbers as a positive, we feel that revenue growth through higher hold is unsustainable in the long run," Brown wrote in an analyst note.

    The "win" from casinos on the Las Vegas Strip rose 14.1 percent from a year earlier to $606.8 million, while revenue at downtown Las Vegas casinos rose 9.6 percent to $53.7 million. On the Boulder Strip, a stretch of casinos in eastern Las Vegas, revenues rose 13.2 percent to $85.1 million.

    The win is what's left in casino coffers after payouts to gamblers are subtracted from money that's bet on tables, in slots and on sports events. It's a gross figure, with no operating costs or other expenses deducted. And it's casino revenue only — separate from hotel, restaurant or bar revenues generated by casinos.

    Mesquite revenues were up 20.4 percent, North Las Vegas revenues were up 15.7 percent and Laughlin revenues were up 1.9 percent.

    The win at casinos in Washoe County was down, however, by 7.7 percent, at $92.1 million. Revenue from Reno casino floors fell 8.8 percent, and dropped 7.3 percent in North Lake Tahoe, but rose 1.2 percent in Sparks. The rest of the county saw revenue fall 15.1 percent.

    Casinos on Lake Tahoe's south shore saw revenue fall 7.3 percent.

    Lake Tahoe-area revenues were hurt by the devastating Angora fire, started by an illegal campfire, which destroyed 254 homes and scorched 3,100 acres in the area in June.

    "That definitely had an impact," Streshley said.

    The Reno market suffered from a calendar month that had one less weekend day than last year and saw the Fourth of July fall on a Wednesday instead of a Tuesday like last year. "You get a lot less extended vacations," he said.

    Elko County casinos took in 14.7 percent more; Carson Valley-area casinos saw revenue drop 4.4 percent.