Wendover Casinos posted modest gains in November, while the sluggish economy in the balance of Elko County brought down gaming win in November according to this weeks report from the Nevada Gaming Control Board.
According to the report Wendover casinos reported a total win of $14.4 million up 6.43 percent from November 2012. Casino win in the rest of the county fell by 3.7 percent.
click for full report: mrrnov13
“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.
While Wendover’s reported increase is welcomed news it will probably not be enough to lift the local gaming industry into the black for the calendar year. No running at about 3.0 percent below 2012, casinos in Wendover must have a banner December. For the fiscal year which will end in six months Wendover gaming is running above 0.76 percent.
“It could be doable,” said NGCB chief gaming analyst Mike Lawton. “Last year Wendover clubs reported a drop in December, so it might be an easy comp.”
For November the entire Nevada gaming industry had something to be thankful for, that the 2012 debacle of sports betting did not repeat itself. A year before Sports pools statewide lost $8.2 million, a decline of $25.4 million, or 147 percent, from winnings in November 2011, the report said, despite betting volume that was up $99.5 million. The bulk of the loss, $5.3 million, was attributed to football betting.
“In general, bettors bet the favorites and they bet the over,” Lawton said. “The majority of the favorites won during November. Bettors had one of those months where you just scratch your head.”
This year football betting was kinder to the gaming industry. According to the report win from sports betting and table games in Wendover was up 9.4 percent to $3.5 million. Play was up 6.0 percent to $17.4 million and hold increased from 19.4 percent to 20.03 percent.
Slot win at $10.9 million was up 5.5 percent. Slot play was up 6.1 percent to $198.3 million.
In the balance of the county total win fell 3.7 percent to $7.3 million. The decline may reflect local worries about the all important gold ming industry which has seen several small layoffs this year and the price of gold falling from over $1,700 an ounce in January to less than $1,300 an ounce in November.
Unlike most other areas in the state Elko County casinos excluding Wendover rely heavily on local play rather than tourists.
Slot win was down 9.0 percent to $6.2 million. Slot play at $99 million was down 4.7 percent. On the tables clubs in the balance of the county posted a whopping 50.06 percent increase to $1 million.
For the entire state Nevada casinos reported gaming revenue of $875.9 million in November, an 11.9 percent increase over the same month a year ago.
Las Vegas Strip casinos, meanwhile, reported a 22.5 percent increase in their win before expenses and taxes, according to the state Gaming Control Board. Gross win was $529.4 million in November.
The state collected $49.9 million in gaming taxes in November, a 9.2 percent increase.
Michael Lawton, senior research analyst for the board, said an extra Saturday this November helped push the win higher.
Elsewhere in Clark County, however, revenue was down.
Casinos in downtown Las Vegas were off 1.3 percent; North Las Vegas fell 13.3 percent; Laughlin declined 13.6 percent; the Boulder Strip dropped 8.8 percent; and Mesquite was down 2.4 percent.
Gaming win at casinos in the balance of Clark County inched up 0.8 percent.
Washoe County posted a 14.3 percent gain in casino winnings; South Lake Tahoe was down 1.9 percent; and Carson Valley area casinos reported a 7.4 percent increase.
Among the 164 Nevada casinos with table games, blackjack win was up 64 percent and baccarat was up 81 percent. With football season in full swing, revenue generated by sports betting increased 474 percent.
