Strip gaming win plunges 9.5 percent in February

The Strip as seen from McCarran International Airport on a gusty and dusty day in Las Vegas Thursday, April 7, 2011.

CARSON CITY – Gaming win at casinos on the Las Vegas Strip plunged 9.5 percent in February compared with a year earlier, the fourth consecutive month of a drop in gross win.

The biggest declines were in baccarat, off 31.3 percent, and at sport books, where casino winnings fell 70.3 percent.

The Nevada Gaming Control Board today reported the statewide win totaled $881.9 million, down 6.8 percent, also the fourth straight month of a decline. Gaming win is calculated before business expenses and taxes are deducted.

The win at Strip casinos totaled $513.7 million compared to $567.9 million in February 2010, when the gross win had jumped 32.8 percent from the same month in 2009.

"It was a difficult comparison," said Michael Lawton, senior research analyst for the board.

The board said downtown Las Vegas casinos reported $39.6 million in win, off 6.2 percent, but North Las Vegas casinos showed a 1.32 percent increase.

Casinos along the Boulder Strip posted a 5.1 percent drop, while Laughlin was off 3.6 percent. Showing gains in Clark County were Mesquite, up 1.7 percent, with the balance of the county posting a 3.7 percent increase.

Statewide, the gaming board reported casino win in Washoe County declined 8.5 percent, South Lake Tahoe was down 21.4 percent, Elko County was off 3.8 percent and the Carson Valley area fell 2.8 percent.

On the Strip, baccarat was the big story. "It’s an absolute yo-yo," said Lawton.

The "hold" percentage in February 2010 was 17 percent, but dropped to 11 percent this past February.

"The players were there, but the hold was not," he said.

For the first four months of this fiscal year, baccarat win on the Strip rose 32.9 percent, but has fallen 23.6 percent in the past four months.

The main reason for the big decline in sports betting was in football. Strip casinos lost $1.9 million on football betting in February.

The win from roulette dropped by 7.2 percent and blackjack was off 2 percent, but winnings from slot machines rose 3.1 percent and craps was up 11.9 percent.

Penny slot machines posted a 16.1 percent increase in win while Megabucks fell by 51.3 percent.

The state collected $41.5 million in revenue for the month, or an 11.1 percent decline from the previous year.

Gaming

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