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For just the first time in over three years, Wendover Casinos recorded back to back months of gaming win double digit increases according to last week’s report from the Gaming Control Board.
According to the report Wendover clubs raked in $13.4 million in gaming win, a 16.3 percent increase from December 2010.
In November Wendover gaming win was up over 12 percent to $12.8 million.
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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.
While the unusually mild early winter was given at least partial credit for the almost historic showings, the back to back double digit increases could also indicate that in Wendover at least the three year long gaming bust is over.
“Even with no snow on the slopes you wouldn’t have seen increases two years ago,” said one local gaming executive. “Now people are coming back.”
Slot win made up the bulk of the total. According to the report Wendover one armed bandits reported a 15.7 percent increase to $10.4 million. Slot play was also up 11.5 percent to $171.6 million. Slot hold increased slightly from 5.82 percent to 6.04 percent.
Win from table games and sports betting was up 18.2 percent to $3.1 million. Table play was up 11.4 percent to $15.2 million. Hold increase from 19.04 percent to 20.21 percent.
In the balance of Elko county total win was up almost 5.0 percent to $6.9 million. Slot win was up 4.6 percent to $6.1 million. Table win increased almost 8.0 percent to $800,000.
For the entire state Nevada casinos won $855.7 million in December, up 2 percent compared with the same month a year ago with gains driven by a welcome increase in core casino game action instead of high-roller baccarat on the Las Vegas Strip, state gambling regulators reported.
Winnings were up 3.6 percent on the Strip, with casinos pulling in $518 million in gambling revenue, according to the monthly report issued by the Nevada Gaming Control Board.
Tax collections of $31.8 million collected on the December statewide total were up nearly 6 percent.
For the calendar year, casinos statewide had $10.7 billion in gambling revenue, up 2.8 percent over 2010 and marking the biggest yearly increase since 2007, the control board said. Additionally, while slot volume last year was flat, posting a scant increase of 0.4 percent, the bump was the first positive tick since 2006.
A notable difference in the December report compared with months past is that baccarat winnings of $150.5 million dropped 4.5 percent, or $7.2 million, but the statewide total casino win was still positive, up $17.2 million, said Michael Lawton, senior analyst with the control board.
The last time the state had a gain when baccarat fell was in September 2007.
Baccarat is a volatile game favored by Asian players. While the $1.4 billion bet on the game in December was up $3.7 million, gamblers were luckier this year and casinos raked in a smaller percentage of the wagers.
Without baccarat, the state win total was up 3.6 percent of $24.3 million.
The “win” is what was left in casino coffers after gamblers in December wagered $12.5 billion. The $9.3 billion plunked into slot and video poker machines was up nearly 3 percent, or $265 million, while $3.2 billion bet on table games was up 2.1 percent, or $64.4 million, Lawton said.
Winnings from slots totaled $480.9 million, up 1.4 percent or $6.6 million.
Slot play is considered a broader indicator of the financial health of Nevada’s gambling economy. While resorts on the Las Vegas Strip saw gains, that wasn’t the case in outlying, so-called “locals” markets.
Downtown Las Vegas clubs saw winnings in December drop 10.7 percent from the same month in 2010. Revenues fell 11.3 percent in North Las Vegas; 8.3 percent in Laughlin; and 7.4 percent along the Boulder Strip.
In northern Nevada, casinos in Reno saw revenues rise 11.8 percent, to $41.7 million from $37.2 million, the report said. Lawton said part of the gain can be attributed to the unseasonably mild December weather that was in stark contrast to a year ago.
“That helped them out in a positive way in December,” Lawton said. “A lot of people came over the hill for New Year’s.”
Elsewhere, gambling revenue rose 12 percent in Elko County; 6 percent at South Lake Tahoe; and 4.9 percent in the Carson Valley area.
I sure hope this upward trend continues. We need some good local news and job security (or at least more hours) in our future.