Nevada casinos’ winnings down again in June; decrease totals 4.3 percent for fiscal year

NV casino winnings down 4.3 percent in fiscal year

CARSON CITY, Nev. — Monthly casino winnings in Nevada dropped more than 6.6 percent in June, pushing the overall decrease for the fiscal year to 4.3 percent and marking three straight years of decline for the first time in state history, gambling regulators said Thursday.

The state Gaming Control Board said state tax collections based on casino winnings in June totaled almost $43 million, down 5.9 percent compared with the same period in 2009.

Casino revenues make up about one-third of state general fund and are a key indicator of the Silver State’s economy, which has been battered in the recession. Nevada leads the nation in foreclosures and bankruptcies, it and has the highest unemployment rate in the nation, hitting a record 14.2 percent in June.

For the July 2009 to June 2010 fiscal year, casinos won $10.3 billion, the report said. That’s down from almost $10.8 billion the previous year.

Casinos statewide won almost $764 million in June, down $54.4 million from the same month a year ago, when monthly winnings plunged nearly 14 percent from 2008.

“This amount represents the lowest win reported by the state since April 2003,” said Michael Lawton, a senior research analyst with the control board.

Compared with June 2007, when revenues peaked just before recession, casino winnings are down 20.4 percent, he said.

The June win was the amount left in casino coffers after gamblers wagered $10.4 billion on table games and slot machines. Table game winnings of $196.3 million were down 16.3 percent, while the slot win of $552 million was off 2.7 percent.

Baccarat, a high-roller game that can sway overall monthly results, saw a significant increase in play, but gamblers were lucky and beat the house. The $18.5 million won by casinos was down 61.2 percent from June 2009, though the amount wagered, $521.8 million, was up 42.2 percent.

Winnings were down 7.6 percent on the Las Vegas Strip, the state’s tourist and gambling hub. Casinos there took in $382.9 million, down from $414.5 million a year ago.

“If baccarat was where it should be, the Strip would have been up about 4 percent,” Lawton said.

Winnings fell 11.7 percent in downtown Las Vegas; 9.2 percent in Washoe County, which includes Reno; and about 10 percent in Elko County.

Only two markets showed improvement: northern Nevada’s Carson Valley area, where casinos’ winnings were up 5 percent, and South Lake Tahoe, up 13.5 percent. For Lake Tahoe, it was only the fourth monthly increase since June 2008.