Bleak November for Nevada land casinos

The Nevada state Gaming Control Board issued its latest statistics for land casinos Friday, making for depressing weekend reading. Winnings dropped almost 15 percent in November – the eleventh consecutive month of declining business compared with similar periods in 2007, reports Associated Press.
Nevada monthly gambling win for November 2008 was posted at $836.8 million – down from more than $982 million on November 2007. The state’s coffers were hit in terms of lost taxes amounting to a 27 percent drop at $44.4 million.
Control Board analyst Frank Streshley said: “It’s the economy, the big decline in the stock market and people tightening up on their spending. The state is having a difficult time with (tourist) visitation and the amount of money being spent by those who do come.”
Associated Express explains that “Win” is a gross figure, with no operating costs or other expenses deducted. It represents casino revenue only, not hotel, restaurant or bar revenues.
Gamblers wagered $11.8 billion during the month, including $9.7 billion in slot machine bets and the balance on table games. The betting total is down nearly 12 percent from a year ago.
Declines during November were experienced in every major market in the state, including the Las Vegas Strip which was down 16 percent.
Elsewhere in southern Nevada, Laughlin was off 18.1 percent, downtown Las Vegas dipped 1.6 percent, Mesquite was down 8.8 percent, the Boulder Strip was down 16.4 percent, and North Las Vegas was down 1.8 percent.
In northern Nevada, clubs in Washoe County, which takes in Reno, were down 15.2 percent. That’s the 17th consecutive month of declines for the area.
Resorts on Lake Tahoe’s south shore reported a 4.7 percent decrease in November compared with the same month a year earlier.
A statewide breakdown shows that slots were off 15.2 percent while table games were down 14.3 percent compared with November 2007.
Slots accounted for $558.1 million of the total win. That included $259.3 million won by multidenomination slots, down 10.2 percent. Penny slots were second with a win of $136.5 million, up 4.3.
Live games, including poker, accounted for the balance of the November total. That included $85.2 million won on blackjack tables, down 16.6 percent; $34.3 million on craps, down 12 percent; and $23.5 million on roulette, down 20 percent.
The win on baccarat was $39.8 million, down 29 percent; and the win on mini-baccarat was $8.9 million, down 16 percent.
Sports books won $27.2 million, up 54.6 percent. Poker games won $12 million, down 5.7 percent.

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