Nevada casinos’ winnings down slightly in March; state’s tax revenues increase about 7 percent

Nevada casinos’ winnings drop slightly in March

CARSON CITY, Nev. — Nevada casinos won a little more than $912 million from gamblers in March, a slight decline from the same month a year ago but a sign that the state’s main industry may be leveling off after two years of steep drops brought on by the recession.

The state Gaming Control Board said the casinos’ winnings fell 0.6 percent from March 2009, when they took in $918 million.

“This is a positive, a little better than expected,” said Frank Streshley, chief of licensing and taxation at the board.

Winnings are what casinos kept after gamblers wagered $11.9 billion on slot machines and table games. Statewide, the $9.4 billion wagered in slots was down 6.2 percent, but table game wagers of $2.5 billion were up 10.6 percent, Streshley said.

Nevada collected almost $80 million in taxes based on those revenues, a 6.8 percent increase compared with the same period last year.

For the fiscal year that began July 1, casino winnings are down 3.9 percent.

Casinos on the Las Vegas Strip, which account for about half of all gambling revenues statewide, reported $467 million in winnings, a 2.4 percent increase from March 2009, the report said. It’s the second straight monthly increase after two years of declines.

Streshley said gambling on the Strip was bolstered by betting on the National Collegiate Athletic Association basketball tournament and baccarat play, a high-roller game popular with Asian gamblers.

Bettors statewide wagered a record $264.1 million on basketball during this year’s March Madness, and casinos won $20 million, up about 74 percent. Sports book winnings for the month totaled $13.7 million, up 123 percent from last year.

The baccarat win was $53.1 million, up 58.6 percent.

Nevada’s tourism and casino market were hard hit during the recession as tourists stayed home and gamblers pocketed discretionary dollars they otherwise may have wagered.

“I definitely think as a state we’ve hit bottom,” Streshley said. “The economy appears to be slowly recovering,” he said, adding that he expects a “tight range” in results in the coming months without any big swings positive or negative.

Casinos in Laughlin, the Reno area and South Lake Tahoe also posted gains.

Casinos in Washoe County, which includes Reno, reported $65.9 million in winnings. That was up 1.6 percent from a year earlier and the second monthly increase after 31 straight months of declines.

In Laughlin, casinos’ wins totaled $52.8 percent, up 2.3 percent, which ended 27 months of decline. At South Lake Tahoe, casinos reported $21 million in winnings for a 7.1 percent increase.

Elsewhere, revenues were down 5 percent in Elko County, 10.6 percent in downtown Las Vegas, 11.7 percent in North Las Vegas, and 9.2 percent in Sparks.