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Wendover Casinos reported their best month in three years with an over 12 percent increase in total gaming win in November.
The report release this week showed Wendover casinos reporting $12.8 million in gaming win thanks in large part to unusually warm weather and perhaps a recovering economy along the Wasatch front.
“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.
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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.
And for one of the first times since the Great Recession began in 2008, there were healthy increases in both win and play in November.
Slot win as usual made up most of the total win. According to the report wendover one armed bandits brought in a win of $9.6 million up almost 10 percent from November 2010. Slot play was up 8.2 percent to $171.7 million. Slot hold increased slightly from 5.54 percent to 5.62 percent.
Win from table games and sports books was up 19.6 percent to $3.2 million. Play increased 13.7 percent to $15.5 million. Hold was also up from 19.63 percent to 20.65 percent.
Black Jack win was up 21.6 percent to $1.6 million.
In the balance of elko county win was up 2.6 percent to $7.4 million. Slot win was up 1.1 percent to $6.3 million. Slot play at $94.1 million was up 7.7 percent. Slot hold dropped from 7.19 percent to 6.75 percent.
For the first time in almost a year win from table games and sports book in the balance of Elko county crossed the million dollar thresh hold up 13.67 percent. Table play was up 4.9 percent to $4.1 million. Hold increased from 22.53 percent to 24.42 percent.
For the rest of the state, several major events in Las Vegas, including the final table at the World Series of Poker, combined with a healthy baccarat win, pushed Nevada gaming revenues up 7.1 percent in November.
Nevada’s casinos took in $880.1 million in November 2011 compared to $822.1 million in November 2010, the second consecutive month of solid single-digit increases, said Michael Lawton, senior research analyst for the control board.
The Las Vegas Strip saw a 9 percent gain in revenues to $495.3 million in November.
Clark County as a whole was up 7.8 percent to $771.9 million. Washoe County was up nearly 2 percent to $53.5 million.
Calendar year to date, the state is up 2.9 percent.
Only four smaller markets declined in November so the increase was very broad, Lawton said.
North Las Vegas was down 4.7 percent in November bringing in $23.1 million, Laughlin was off 1.9 percent with $38.6 million, North Lake Tahoe was off 0.4 percent with $1.5 million, and South Lake Tahoe was down 6.9 percent to $14 million.
Lawton said November was heavy on events that contributed to the revenue increase.
In addition to the final table of the World Series of Poker at the Rio from Nov. 6 to 8, Las Vegas also saw several major concerts and the Manny Paquiao-Juan Manuel Marquez fight at the MGM Grand Garden on Nov. 12, he said.
Baccarat, the card game played by high rollers primarily on the Las Vegas Strip, was a major factor in the November win as well, Lawton said.
“Baccarat was once again a big part of the story,” he said. “A baccarat win of $89.4 million was up 30 percent, or $20.5 million. Calendar year to date baccarat win for the state is up 7.9 percent.”
The volumes wagered on baccarat were also up significantly, Lawton said. The “drop” was $657.3 million, an increase of $85.3 million or 15 percent over November 2010.
Slot win was $578.4 million statewide, an increase of 2.5 percent over November 2010.
Lawton said the agency expects to see good results from December as well when that report is released in February.
The Las Vegas Convention and Visitors Authority also reported today that visitor volume rose by 3.2 percent in November to just over three million.
Tax collections from the gaming revenues were also up in November 2011, by 15.2 percent over November 2010 and totaled $57.3 million. Gaming percentage fee tax revenues are now in the black for the 2012 fiscal year at 0.36 percent, he said.
The tax collections are still behind the projections made by the Economic Forum projections for the revenue source, but the numbers are headed in the right direction, Lawton said.
