October was a Good Month for Nevada Casinos
On December 11th, 2007, if the state of Nevada is in crisis, someone should inform the state's casino industry which has had a historic monthly win of $1.16 billion for the month of October. The state Gaming Control Board report stated that the total win, affected by losses by VIP baccarat players in Las Vegas Strip mega-resorts, gave the clubs 9.6% statewide win over the same period last year.
The $1.16 billion win surpasses the previous month record of $1.15 billion posted in July. The money is the cash left in the casino's treasury after players wagered $13.4 billion during the month of October, including the $10.8 billion wagered in slot machines and the remaining balance on casino table games.
Control Board analyst Frank Streshley said that the results were well above their expectations. Casinos in Las Vegas accounted for $1 billion of the total and signal the first time that southern Nevada resorts achieved that level. But the gains made by the casinos in southern Nevada, like the 20% improvement in the win for Las Vegas strip establishments, did not extend to the Reno-Tahoe area in northern area of Nevada.
Establishments in Reno lost about 8.7% and casinos in Stateline lost 6.4% on October 2007. The total win for the resorts brought the state's taxes from the casinos to $329.1 million this year. That is $5.3 million or two percent below the total amount predicted by the state's economic forum. But Streshley commented that the projection will be fulfilled as casinos get credit play from players.
One of the big issues has been the taxes on sales, an integral part in the state budget. Sales and casino levies combined for the 2/3 of the total profits. A breakdown of the total win showed that the slot machines had gain less than five percent in October while casino table games improved more than 21% compared with the same period last year. Slot machines accounted for the $779 million of the $1.16 billion win in October.
That included $328.6 million won by multi-denomination slots, up to 8.5%; penny slot machines were second with a total win of $153.9 million, up to 20%. Live casino games like poker, accounted for the total balance of the October win. That included the $114 million won on blackjack tables, which improved 3.3%; $38.9 million on craps, down 12.9% and $25.4 million on roulette, down 2.1%.
The total win on baccarat was $108.2 million, up 338% and the total win on mini-baccarat was $13.8 million, up 16.7%. The Sports books won a total of $14.4 million in October, down 57%. Poker games won a total of $12.4 million, down 0.2%.
Obviously, the casinos are pleased with the gains which are affected by the online casino and online gambling ban in the United States.
12/23/2007 07:12 PM
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