February gaming revenue down on the Strip, statewide

Tapanee “Jib Jib” Songsee deals blackjack Monday, April 21, 2014, at the Cromwell.

Nevada gaming revenue declined slightly in February, driven by a notable drop on the Strip, the state reported today.

The Gaming Control Board said casinos won $916.1 million last month, down 1.08 percent from the same month a year ago. Gaming revenue is also down for the fiscal year, which began July 1, by 1.99 percent.

On the Strip, where a large portion of the state’s gaming revenue is generated, casinos won $531.3 million, a decrease of 4.38 percent from 2014. Baccarat revenue there dropped 22.58 percent to $120.9 million.

“It’s a trend we’ve been seeing,” Michael Lawton, senior research analyst for the board, said of the baccarat decrease. He said baccarat revenue has been down for six of the last seven months statewide and that “the customers are being cautious.”

The rest of Clark County had a better month than the Strip.

Downtown Las Vegas revenue rose less than 1 percent to $43.3 million. North Las Vegas revenue also increased less than 1 percent, while Laughlin and Mesquite reported increases of 7.16 percent and 3.43 percent, respectively. On the Boulder Strip, revenue increased 10.59 percent.

Still, Clark County’s overall gaming revenue of $796.9 million was down 1.71 percent from last year.

A report from Union Gaming Group called February’s results “mixed” for Las Vegas, largely due to the drop in baccarat revenue, but noted that the locals market showed signs of strength.

The report pointed out that the Las Vegas locals gaming market has grown slot volume year-over-year for six of the last seven months and has grown table games volume year-over-year for four consecutive months.

“Overall, we remain confident in the locals recovery and view the consistent and consecutive gains in gaming volumes as a key positive coupled with the improving economic backdrop,” the report said. “On the Strip, while gaming trends in February were mixed, we see no sign for concern for the core mass market business, though baccarat volumes remain volatile.”

Elsewhere in the state, Washoe County casino revenue increased 3.37 percent to $60.7 million. Reno reported a 3.37 percent increase.

Statewide, sports pool revenue declined from the prior year by 54.27 percent, with revenue from football wagers in particular taking a hit of 82.09 percent.

That makes sense, given what the gaming board previously reported about Super Bowl wagers in early February. Even though sports bettors wagered nearly $116 million on this year’s game — only slightly less than last year’s record-setting $119.4 million — sports books only won $3.3 million, or 2.8 percent. Last year, sports books won $19.7 million.

The state collected $58 million in taxes on February’s revenue, down 1.64 percent from the year before.

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