Just as it did in January the record cold spell put February’ gaming win in the deep freeze in Wendover and the rest of Elko County according to Gaming control board report released Wednesday.
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In Wendover total gaming win fell 8.8 percent to $13.8 million while in the balance of the county win fell 10.1 percent.
“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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In January Wendover gaming win declined by 15.63 percent, while in the balance of the county win fell 19.71 percent.
The double digit declines coincided with the worst winter Wendover and Elko County experienced in at least 50 years. From December 24 to February 28 the region recorded just a handful of days above freezing and most of those were intermittent.
The arctic like weather also included five major snow storms that caused road closures along Interstate 80.
“Markets like Wendover that rely so much on road conditions are especially vulnerable to weather,” said senior research analyst for the Gaming Control Board Michael Lawton.
Slot win in Wendover was down 9.1 percent to $10.6 million. Slot play was down 6.5 percent to $196.7 million . Slot hold declined from 5.55 percent to 5.4 percent.
Win from table games and sports betting was down 8.0 percent to $3.2 million. Play was down 14.3 percent to $14.3 million. Hold increased from 21.1 to 22.4 percent.
For the fiscal year to date Wendover clubs are down 4.06 percent at $107 million.
Casinos in the rest of Elko County saw total gaming win drop 10.1 percent to $7.2 million. Slot win was down 9.8 percent to $6.4 million. Slot play was down 7.3 percent to $95 million. Slot hold was down from 6.93 percent to 6.74 percent. Table games were down 11.9 percent in the balance of Elko County posting total win of $788,000. Table play was down 25.5 percent at $3.5 million . Hold increased from 19.1 percent to 22.6 percent.
For the entire state, Casino gaming revenue was up 15.1 percent in February compared to the same month last year, while the Las Vegas Strip posted a record win of $956.4 million, up 31.1 percent.
“It was the highest win ever on the Strip,” said Lawton. The board attributed the Strip record to this year’s Chinese New Year celebration, which attracted many big-money gamblers.
Statewide, casinos reported revenue of $1 billion in February, according to the Nevada Gaming Control Board. Since July, the start of the fiscal year, casino revenue statewide is up 2.2 percent, and taxes collected by the state were up 2.9 percent to $495.7 million.
For February, other markets in Clark County suffered a drop in casino revenue compared to February 2012.
The board reported that revenue at downtown Las Vegas casinos dropped 7.8 percent to $41.5 million; North Las Vegas casinos were off 14.3 percent to $21 million; Laughlin dipped 1.6 percent to $42.2 million; Boulder Strip casinos fell 10.5 percent to $64 million; Mesquite fell 9.8 percent to $9.9 million; and the balance of Clark County dipped 5.4 percent to $81.4 million.
The only other major statewide market to show a February increase was South Lake Tahoe, which had a 7.8 percent increase in revenue to $16.2 million.
In Washoe, February marked the eighth month in the previous 12-month period of falling year-over-year revenues, reflecting what observers say is an indication of the region’s years-long battle against recession and competition from tribal casinos in Northern California, home to Northern Nevada’s primary tourist market.
“More of the same,” said Ken Adams, a Reno gaming analyst. “We still have not hit bottom. Logic tells me that at some point, if there’s no new competition, we’ll reach a point where we’re stable.”
But new competition is coming atop already-established tribal casino resorts in the Sierra Foothills of California. Come November, the $800 million, 200-room Graton Resort and Casino will open in Rohnert Park 40 miles north of San Francisco.
February state gains were offset however by a double digit decline in January, Lawton added.
“If you combined January and February the result is just a 0.6 percent increase of last year,” he said.
