Wendover clubs whimpered while Elko casinos roared into the new year according to last week’s gaming win report from the Nevada Gaming control board.
Released last Thursday, the GCB reported total gaming win for Wendover casinos fell by almost 4.0 percent or about $600,000 to $13.57 million in the first month of the year.
“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.
Wendover slot win fell 5.6 percent to $10.3 million. Slot play or coin in fell 4.2 percent to $175.8 million. Slot hold declined from 5.95 percent in January 2010 to 5.86 percent in January 2011.
While Wendover’s one armed bandits were worse off than a year ago, things were better on the tables. According to the GCB Wendover table win was up 3.0 percent to $3 million. Table play was also up 1.0 percent to $15.8 million. Table hold increase to 19.27 percent from 18.9 percent.
Blackjack, Wendover bread and butter game was up 2.8 percent to $1.6 million. Blackjack play was up 0.1 percent while hold increase to 19.28 as opposed the 18.78 percent recorded in January 2010.
In the balance of Elko county total gaming win shot up 14.2 percent to $8 million. Total slot win increased 17.8 percent. Coin in was up 5.3 to $96.8 million. Slot hold was up from 6.52 percent to 7.29 percent.
Balance of elko County table win was down 5.6 percent to $887,000 . Table play was up 8.9 percent to $4.1 million. Table hold declined from 25.16 percent to 21.8 percent.
In the entire state, Nevada casinos won $877.4 million from gamblers in January, a slight decrease from the same month a year ago and a disappointing showing for a month that brought convention-goers and prize fight enthusiasts to the Las Vegas Strip, the state Gaming Control Board reported Thursday.
January’s winnings were down 0.7 percent from the same month in 2010.
“There were a lot of positive metrics. The numbers just didn’t come in like we had anticipated,” said Mike Lawton, senior control board analyst.
One reason was a big drop in baccarat play, a high-roller game favored by Asian players.
The amount wagered was $595.2 million, down $243.1 million or 29 percent from the same month last year, the report said. And those who did bet on baccarat were luckier than the house. Casinos won $65.1 million on the game, down nearly $43 million or 40 percent.
Without baccarat, the statewide total win would have been up 4.8 percent or $37 million.
Casinos on the Las Vegas Strip, the economic engine that fuels Nevada’s gambling and tourism economy, won $482.7 million in January, down 2.5 percent.
The decline was surprising for a month that had the UFC title fight between Frankie Edgar and Gray Maynard at the MGM Grand, and four conventions, including the Consumer Electronics Show.
“Hopefully it’s just a bump in the road,” Lawton said.
The “win” figure is what was left in casino coffers after gamblers wagered $10.8 billion at slots and table games. A breakdown shows the amount wagered at games totaled $2.3 billion, down 13 percent, and $8.5 billion at slots, down 2 percent.
For the fiscal year that began July 1, statewide casino wins are up 1.2 percent.
Elsewhere in the state, casinos in Washoe County, which includes Reno, won $57.2 million, down 4.9 percent. Winnings were up 2 percent in Elko County; 10 percent in the Carson Valley; and 8.3 percent in downtown Las Vegas. They were down 7.8 percent at South Lake Tahoe.
On the bright side, the report showed taxes collected on the casino wins totaled $68.8 million, up more than 15 percent. Collections often don’t correlate with month win figures because casinos pay taxes after they collect wagers made on credit.
Taxes on casino winnings make up about a third of Nevada’s general fund revenues.
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