Wendover casinos reported one of their largest increase in gaming win since 2009 this September according to Wednesday’s report from the gaming control board.
According to the report Wendover casinos took in $14.8 million in gaming win a 10.6 percent increase from the same month last year.
But while the report was won of the best since the Great Recession began two years ago a closer look into the numbers reveal that September was a decidedly mixed month.
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“Win” is a gross figure, with no operating costs or other expenses deducted. And it’s casino revenue only _ separate from hotel, restaurant or bar revenues generated by the resorts.
While win indicates a casino market’s profitability another statistic “play” is an indicator of how casino workers are fairing. With some casino workers dependent on tips for up to half of their total income, play, the amount of money wagered by gamblers is a good indicator of how much casino workers received in tips and how many gamblers are actually in the casino.
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Wendover slot win was up 11.6 percent to $11.8 million. Slot volume the actual amount wagered in the one armed bandits was down albeit marginally 0.5 percent to $189.1 million. The difference is explained in hold, where in September 2010 hold was at 5.6 percent, in September 2011 the slots were tightened and kept 6.28 percent of the total amount wager.
If hold percentages had remained the same instead of a double digit increase, there would have been a slight decrease.
But while slot play was down slightly action on the tables and the sports books did show marked improvement.
According to the report win from the tables and sports book was up 6.7 percent to $2.9 million. Play was up a healthy 6.0 percent to $14.9 million. Hold was also up but marginally from 19.8 percent to 19.95 percent.
In the balance of Elko County total win was up 3.9 percent to $8.3 million. Slot win was up 4.1 percent to $7.2 million. Slot play was up 1.5 percent to $108.3 million. Slot hold was also up from 6.49 percent to 6.66 percent.
Table win was however down 1.3 percent to $976,000. But play was up 10.3 percent to $4.5 million. Hold was cut from 24.14 percent to 21.6 percent.
For the entire state Nevada’s gaming win declined 5.9 percent statewide in September over the same month in 2010, with casinos bringing in nearly $54 million less from gamblers.
Las Vegas Strip casinos brought in $491 million, down 5.7 percent over the same month in the prior year.
One exception was Washoe County, which posted a modest 0.23 percent gain over September 2010.
The report was a disappointment because there were special events in Las Vegas that lured visitors, including a major fight, and the reporting period also had an extra Friday compared to September 2010, said Gaming Control Board analyst Michael Lawton.
As usual, baccarat, the card game played by high rollers on the Las Vegas Strip, played a major role in the monthly gaming revenue report.
Despite being the third best September ever for baccarat win at $81.9 million, revenues were down 36.2 percent over September 2010.
“Historically that is a very strong September,” Lawton said of the baccarat win.
Without baccarat factored in, the state win was down only 0.95 percent in September, he said.
Another hit on the monthly revenues came in the sports books, which brought in $20.1 million, down 44.2 percent from September 2010.
For the first three months of the 2011-2012 fiscal year that began July 1, gaming revenues statewide total $2.6 billion, 3.1 percent below the same period in the previous fiscal year.
Gaming tax collections total $199.5 million so far this year, 5.5 percent below the $211 million collected in the same period last fiscal year.
