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The Honolulu Advertiser
Posted on: Wednesday, April 8, 2009

Nevada casinos still stuck in slowdown

By Brendan Riley
Associated Press

CARSON CITY, Nev. — Nevada casinos saw their 14th straight month of lower winnings in February, reporting $830.9 million, for an 18.1 percent drop compared with February 2008, according to a state report released yesterday.

Taxes based on the casino win, a major revenue for the state, so far this fiscal year amount to $478 million, down 16.3 percent, according to the Gaming Control Board.

"There's a material decline in spending," GCB analyst Frank Streshley said in releasing the report. "We're still getting visitors, but the spending per visitor is down substantially."

Streshley said March wins also may be down, but it's possible that could mark the bottom of the big percentage declines and that the casinos could start seeing small month-over-month gains or at least see their percentage slumps start to "flatten out."

The $830.9 million win in February was the amount left in casino coffers after gamblers wagered $11.2 billion that month, including $9.1 billion on slot machines.

The GCB report shows declines during February in many major markets in the state, including the Las Vegas Strip, which was down 23.5 percent.

North Las Vegas was up 21.9 percent, Laughlin was off 19.2 percent, downtown Las Vegas declined 11.4 percent, Mesquite was up 0.7 percent and the Boulder Strip was up 0.1 percent.

Clubs in Washoe County, which includes Reno, were down 23.4 percent, and resorts on Lake Tahoe's south shore were off 26.8 percent.

Statewide, slots were off 10 percent and table games were down 31.6 percent.

Slots accounted for $559.6 million of the total win. Live games accounted for the rest of the February total. That included $57.5 million won on baccarat, down 51.5 percent; $95.3 million won on blackjack tables, down 18.1 percent; $27.8 million on craps, down 39 percent; and $19.4 million on roulette, down 45.4 percent.

Sports books won $8.9 million, up 232 percent. More than two-thirds of the win came from Super Bowl betting. Poker won $11.3 million, down 14.3 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.