For only the second time since 2009 Wendover casinos posted an increase in total gaming win for the fiscal year according to last week’s report from the Nevada Gaming control Board.
According to the report Wendover total gaming win for the 2013-14 fiscal year which ended June 30th was up 2.77 percent to $167.2 million. Still far from the Nevada/Utah border town’s peak of over $190 million in 2008 but still up from last year’s $162.7 million. It was only the second time in six years that Wendover clubs ended a fiscal year better than they finished the one before.
click for full report:mrrjune14
Wendover casinos also posted increases in total gaming win this June, according to the report.
“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.
According to the report released last week Wendover casinos reported a total gaming win this June of $12.8 million up 1.38 percent from the same month last year. As usual the bulk of the total win came from the one armed bandits.
Slot win was up 7.2 percent to $10.5 million. Slot play was down 2.2 percent to $190 million. Slot hold declined from 5.7 percent in June 2013 to 5.56 percent this June.
On the tables win was down 19.1 percent to $2.3 million. Play was down 0.1 percent to $12.4 million while hold declined from 22.5 percent to 18.2 percent.
The rest of Elko County did not fare as well in June or for the fiscal year. Total win for the fiscal year fell 3.69 percent to $92.6 million.
And for June casinos in the balance of the county posted a 0.58 percent decline in total gaming win to $7.72 million. Slot win was up 0.6 percent to $7 million. Slot play was down from last June 5.5 percent to $100 million. Slot hold increased from 6.54 percent to 6.96 percent. On the tables win fell 9.0 percent for the balance of Elko County to $713,000. Play was up 2.5 percent to $3.6 million. Hold dropped from 22.46 percent to 19.94 percent.
Nevada casinos finished the fiscal year with a 14.4 percent increase in win in June to$906.9 million and $11.2 billion, a 2.9 percent increase over the fiscal year 2013 still about 12 percent below Nevada gaming’s peak year.
Statewide, the story was Baccarat, which increased 18.3 percent to $1.7 billion of that total — a record for the game. That follows Baccarat’s 13.6 percent increase last year.
Without Baccarat, the state still would have been up this fiscal year, but only by six-tenths of a percent.
Baccarat now makes up 15 percent of total gaming win in the state and nearly 38 percent of Game and Table win.
Slot win accounted for $6.7 billion of the win, a half percent decrease from last year. Slots generated 60 percent of total win, their lowest level since 1991.
The total amount wagered in Nevada this past fiscal year was $138.4 billion. That is well below the record $170 billion wagered in 2007.
While Nevada gaming industry is still well below per-recession win numbers but compared with rest of the country Nevada gaming is doing surprisingly well. On the east cost several casinos in Atlantic City and other gaming areas announced either bankruptcies or out right closings from the start of the 2014 calendar year.
According to analyst the principal cause for most of the financial difficulties of the eastern casinos was the rapid expansion of the industry post recession without a similar expansion of the clientele.
