Nevada gambling revenues up 1.8 % in October

The revenues were up nearly 17 % from October 2011 and 6 % for the first five months of the fiscal year.

October's result followed 3.3 percent gains in September and marked the second monthly increase for gambling wins in Nevada. Taxes paid by casinos on their winnings account for about a quarter of all state general fund revenues.

Las Vegas Strip casinos reaped us$ 580.7 million, up 3.6 % in October. Strip results were helped by Madonna, who performed two nights at the MGM, and baccarat tournaments that drew high-roller gamblers, said Mike Lawton, senior analyst at the Gaming Control Board.

Downtown casino kept us$ 48.6 million, up just under 1 %. Strip resorts account for half of all statewide gambling totals. Reno casino revenues of us$ 42.6 million were down nearly 7 %, while South Lake Tahoe's us$ 15.8 million was flat, up just 0.8 %. Elsewhere, Elko County fell 2.1 % and the Carson City area dropped 5.5 %.

The "win" is what was left in casino coffers after gamblers in October wagered us$ 11.5 billion on table games, slot and video poker machines. A breakdown shows the us$ 2.8 billion bet by gamblers on table games was up us$ 18.9 million, or 0.7 %, while slot volume of us$ 8.9 billion was down us$ 402 million, or 4.3 % from October 2011.

Baccarat increasingly has been carrying Nevada's casino winnings after the recession. A volatile game, gamblers are dealt two cards and predict whether they will beat the banker, typically a position that rotates among the players at the table. At high-end resorts, baccarat games held in posh, secluded gambling salons can start out at a minimum us$ 10,000 per hand.

In October, baccarat wagers of us$ 883.8 million were up us$ 41.2 million or nearly 5 percent from the same month last year, Lawton said. But gamblers had a better month against the house, and the casino win of us$ 129.5 million was down us$ 28.7 million, or 28.7 percent.

Taking baccarat out of the equation for the Strip, betting action on other table games and slots is down 2.2 percent for the month and 3.4 percent of the fiscal year. "We're definitely being helped out by the high-end play," Lawton said.