Nevada casino winnings climb 3.7 % in July

A report by the Nevada Gaming Control Board said July marked the third month of consecutive increases for the industry that saw deep, double-digit declines in the aftermath of the Great Recession.

The us$ 48.1 million collected in taxes was a drop of 3.6 %. Casino taxes account for about one-third of state general fund revenues. Casinos pay taxes in August on winnings from July. The "win" amount and taxes paid often don't coincide because casinos don't pay taxes on wagers that were made on credit until the debt is actually paid.

On the Las Vegas Strip - the state's gambling mecca that accounts for half of statewide casino revenues and is a key barometer of Nevada's tourism economy - resorts posted a modest 1.6 % gain over last year with us$ 469 million in winnings. "Casino win" is the amount that was left in casino coffers after gamblers wagered us$ 12.3 billion on table games and slot machines, an increase of 6.7 % from July 2010.

The us$ 2.8 billion bet on table games was an increase of us$ 304.5 million, or 12.2 %. The us$ 9.5 billion pumped into slot machines was up us$ 469 million, or 5.2 %, and represents the "largest percentage increase for slot volume since May 2006," said Mike Lawton, senior Control Board analyst. Once again, baccarat, a high-roller game favored by Asian players, helped with the overall statewide and Strip win totals.

Gamblers wagered us$ 919 million on baccarat in July, an increase in what's called the "drop" of us$ 175 million, or 23.5 % from the same month a year ago. Casinos won us$ 89.7 million on the game, up 20.5 % or us$ 15.3 million. "Those two amounts, the win and drop, are the largest amounts ever recorded in the state for the month of July," Lawton said. Without baccarat, the statewide total win would still be up 2 %.

Though July winnings were below the double-digit increases experienced in the prior two months, they were still encouraging, Lawton said. Part of the reason is that gamblers this July beat the house more than they did in July 2010. But the volume of play was up.
On the Las Vegas Strip, slot volume increased us$ 273.4 million, or 8.6 %, marking a fifth month of gains and the largest increase in four years. Elsewhere around the state, Reno casinos won us$ 51 million, or 0.9 % more than last July. South Lake Tahoe casinos won us$ 30 million in July to bring in 25 % more than a year ago. Downtown Las Vegas gained 10 %.

Smaller casino markets that cater to locals have been slow to recover, given the state's high unemployment and foreclosures. But local markets in southern Nevada saw a combined gain of 8.5 % in July and are up nearly 3 % for the calendar year.