Strip gaming win at lowest level in four years

11.08.2009, Gaming Control Board numbers released today show the Strip’s gaming win fell for the 18th straight month.

CARSON CITY – The gross win in the 41 casinos on the Las Vegas Strip plummeted 14.7 percent in June, the 18th straight month of a decline.

“This is unprecedented both in length and depth,” says Bill Bible, director of the Nevada Resort Association. “There is a lack of disposable income.”

The state Gaming Control Board reported today that the Strip clubs won $5.6 billion in the last fiscal year that ended June 30th. That’s the lowest win in the last four years and it comes on top of a 1.5 percent decline in fiscal 2008.

The Strip now accounts for 52.4 percent of the total statewide win. Frank Streshley, chief of the tax and licensing for the board, said that’s down from a high of 53.4 percent of a year ago. And this comes despite opening of new casinos such as Wynn’s Encore.

The board said statewide gaming win, computed before taxes and business expenses, fell 13.7 percent to $10.7 billion in fiscal 2009. That’s the biggest percentage drop in history and compares to 1.9 percent in fiscal 2008.

Every gaming area in the state had a decline in business in June. The smallest drop was in North Las Vegas, which fell 2.9 percent. The highest decline occurred in Mesquite casinos, off 18.9 percent.

Bible said he had no idea when the long drought might end. “People are cautious,” he said.

For the fiscal year that ended June 30, the Strip casinos won $5.6 billion, down 15.2 percent. Winnings on the slot machines fell to $2.9 billion, off 14.3 percent. Every game recorded a downturn in revenue during fiscal 2009.

The board said 21 was off 14.9 percent during the last fiscal year; craps fell 17.9 percent; roulette was off 11.2 percent; baccarat dropped 14.8 percent and the sports pool was down 34.6 percent.

The board reported that last fiscal year, downtown Las Vegas casinos suffered an 11.7 percent decline; Laughlin fell 13.1 percent; the Boulder Strip declined 10 percent and the balance of Clark County was off 13.5 percent.

These figures, he said are “clear indications” that state government is going to face continued economic problems in the future. The board said it collected $45.6 million for June, a drop of $7.1 million or 13.4 percent from the same period a year ago.

The board said Washoe County casinos, which include Reno and Sparks, won $867.2 million last fiscal year, the lowest win reported in 15 years. It was off 12.9 percent in gaming win.

South Lake Tahoe clubs had a downturn of 17.4 percent for the last fiscal year; Elko County clubs fell 7.3 percent and the Carson Valley area dropped 9.8 percent.

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