Posted on 12.10.10 – 11 percent increase in casino win cause for optimism?
The latest (October) performance statistics for land casinos in Nevada, released Thursday, have given the industry cause for cautious optimism according to widespread US media reports.
The Nevada Gaming Control Board reported that during October casinos in the gambling state won $888.6 million, an 11 percent increase over October 2009. The state collected slightly more than $60 million in taxes based on casino gambling revenues, an increase of 22 percent, the regulator advised.
On the key Las Vegas Strip, which usually provides up to half of statewide gambling revenues, casino winnings jumped 16 percent. Strip resorts won $494.8 million in October, up from $426.3 million a year earlier, according to an Associated Press report. Winnings at casinos in downtown Las Vegas rose 10.3 percent.
Gaming Control Board analyst Mike Lawton told Associated Press that the October results mark the third consecutive month of rising casino winnings. The last truly positive result was April-June 2007, immediately before the global recession started to bite.
Lawton revealed that statewide win was up even without baccarat, a high-roller game favoured by Asian players that has been a saviour for many casinos in recent months. Excluding baccarat, the statewide win was still up 8.5 percent, he said.
Gamblers in general wagered $11.7 billion at table games and slot machines, with the $2.4 billion wagered at table games up 1.3 percent, while the $9.28 billion wagered on slots rose 0.3 percent – the first gain in slot wagering since October 2007.
Elsewhere around the state, Washoe County, which includes Reno and Sparks, won $70 million, up 4.3 percent. In Elko County, casinos' winnings totaled $23.6 million, up nearly 9 percent.
Casino winnings fell 4.5 percent at South Lake Tahoe and 5.6 percent in the Carson Valley area.