axes based on the casino win, a major revenue source for the state, totaled us$ 65.1 million, up 22.6 % compared with a year ago, according to the Gaming Control Board report. So far this fiscal year, those revenues amount to us$ 478 million, down 16.3 %.
"There's a material decline in spending," GCB analyst Frank Streshley, senior research specialist for the board, said in releasing the report. "We're still getting visitors, but the spending per visitor is down substantially."
Frank Streshley, said the decline was smaller than expected. He noted that February 2008 was leap year with an extra day. And Chinese New Year, usually a big gaming event, was in January this year while it was in February last year.
He said the March win also may be down, but it's possible that could mark the bottom of the big percentage declines and the casinos could start seeing small month-over-month gains or at least see their percentage slumps start to "flatten out."
The state collected us$ 65 million in taxes off the win in February, an increase of 22.6 % from a year ago. Streshley said many of the markers from the January play were settled up in February. But casino tax revenue is down 16.2 % this fiscal year.
The us$ 830.9 million win in February was the amount left in casino coffers after gamblers wagered us$ 11.2 billion during the month, including us$ 9.1 billion in slot machine bets and the balance on table games. The GCB report shows declines during February in many major markets in the state, including the Las Vegas Strip which was down 23.5 %.
Casinos along the Las Vegas Strip suffered a 23.4 % drop in their gross win in February, the fifth-straight month of a double digit decline. It was the 14th consecutive month of lower win, computed before taxes and business expenses. It was the second-largest drop trailing only the 25.7 % drop posted in October last year. And the us$ 427.4 million win was the lowest since November 2004.
The board said gross win in the games at Strip casinos fell by 35.5 % and slot win dropped 9.1 %. Total gross win was us$ 427.4 million. Baccarat at Strip casinos posted the biggest drop – off 50.7 %. Gross win in 21 fell 15.1 %; craps was off 45 % and roulette dropped 48.8 %. But the sports pool in the 36 clubs posted an increase of 131.9 %, fueled by the betting on the Super Bowl.
The penny slot machines recorded an 18.8 % increase in gross win. And the multidenomination slots were up 2.6 %. But winnings in the other denominations were all down. The only market in Clark County to post a strong showing was North Las Vegas with a 21.9 % increase in its gross win.
The state Gaming Control Board reported today that casinos statewide won us$ 830.9 million in February, off 18.1 % when compared to the same month of 2008.All of the Northern Nevada markets showed a drop in gross win with Washoe County down 23.4 %, the 20th straight month of a decline. Elsewhere in southern Nevada, North Las Vegas was up 21.9 %, Laughlin was off 19.2 %, downtown Las Vegas declined 11.4 %, Mesquite was up 0.7 % and the Boulder.