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The Honolulu Advertiser
Updated at 8:47 a.m., Wednesday, April 9, 2008

Vegas casinos see slump in February wins

By BRENDAN RILEY
Associated Press

CASINO WINS

Wednesday’s figures from the state Gaming Control Board, listing the casino win for the month of February 2008:

  • STATEWIDE: $1.01 billion, down 3.9 percent.

  • LAS VEGAS STRIP: $556.6 million, down 3.1 percent.

  • DOWNTOWN LAS VEGAS: $50.6 million, down 0.3 percent.

  • NORTH LAS VEGAS: $21.5 million, down 13.3 percent.

  • LAUGHLIN: $56 million, down 0.5 percent.

  • BOULDER STRIP: $62.3 million, down 14.1 percent.

  • MESQUITE: $11.1 million, down 31.4 percent.

  • RENO: $57.1 million, down 1.4 percent.

  • SPARKS: $13 million, down 4 percent.

  • STATELINE: $22.7 million, down 7.5 percent.

  • ELKO COUNTY: $25 million, down 2.5 percent.

  • CARSON-GARDNERVILLE-MINDEN: $9 million, up 3.9 percent.

  • CHURCHILL: $2.1 million, up 7.3 percent.

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    CARSON CITY, Nev. — There was no leap in the win for Nevada casinos in February despite an extra Leap Year day in the month and other seemingly positive factors. The clubs won $1.01 billion, down nearly 4 percent compared with the same month a year earlier.

    The slump occurred despite a 29th day for the month, the reopening of a major Las Vegas resort that had been closed by a fire, and tourist draws including Superbowl and Chinese New Year activities and a three-day President's Day holiday.

    "We were disappointed but we can't say it was unexpected," Gaming Control Board analyst Frank Streshley said in releasing the February win report on Wednesday. "It's definitely a reflection of the soft economy and people tightening up their spending habits."

    The $1.01 billion win was the amount left in casino coffers after gamblers wagered $13.9 billion during February, including $10.8 billion in slot machine bets and the balance on table games.

    The February win brought the total win for the fiscal year to date to $8.54 billion. That's only 0.2 percent more than the total for the same period in the previous fiscal year.

    Wednesday's Control Board report is the latest in a series of reports with grim economic news. In late March, other documents showed a continuing slump in sales and higher-than-average unemployment in Nevada.

    Taxes on casinos and on sales are the two largest revenue sources for state government. The slump in those revenues has been a key part of an analysis that the state will have a revenue shortfall of more than $900 million by mid-2009.

    The GCB report shows that most major markets in the Las Vegas area had lower wins compared with February 2007. That included the Las Vegas Strip, with a 3.1 percent slump; and the Boulder Strip, down 14.1 percent.

    In northern Nevada, clubs in Reno were down 1.4 percent while resorts on Lake Tahoe's south shore were down 7.5 percent. Elko County, in northeastern Nevada, was down 2.5 percent.

    The win for the resorts brought the state's tax take from the clubs to $570.9 million so far this fiscal year. That's nearly $50 million, or 8 percent, below the amount predicted last spring by the state's Economic Forum.

    A breakdown showed that slots were down 2.1 percent in February while table games were down 6.9 percent compared with the same month last year.

    Slots accounted for $621.3 million of the total win in February. That included $280.6 million won by multidenomination slots, up 0.7 percent. Penny slots were second with a win of $134.2 million, up 20.5 percent.

    Live games, including poker, accounted for the balance of the February total. That included $116.3 million won on blackjack tables, down 10.3 percent; $45.6 million on craps, down 1.6 percent; and $35.5 million on roulette, up 20.8 percent.

    The win on baccarat was $117.4 million, up 0.4 percent; and the win on mini-baccarat was $10.8 million, down 31.7 percent.

    Sports books lost $6.8 million in February, down 181.4 percent. Poker games won $13.2 million, up 0.1 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.