Nev. gambling revenue down 2.6 percent in October

Nov 29, 2013 12:46 PM

Gamblers bet a record amount of money on football games in Nevada in October in what was an overall lackluster month for casinos because of a big drop in revenue from roulette.

Casinos statewide won $954.3 million from gamblers in October, down $25.3 million, or 2.6 percent, from October 2012, the Nevada Gaming Control Board reported. For the fiscal year that began July 1, the total statewide win is up 1.5 percent.

The monthly decline came despite double-digit increases in winnings from baccarat and sportsbook wagers, said Mike Lawton, senior analyst with the control board.

Casinos only won $16.1 million on roulette in October, down 68.3 percent from last October’s record monthly win.

Nevada sportsbooks won $30.3 million, an increase of $23.6 million over Oct. 2012. Gamblers wagered $342.7 million on football alone, the highest amount ever, Lawton said.

Baccarat, a high-roller game favored by Asian players, also had a good month. Casinos won $151.2 million on baccarat action, up 16.8 million or $21.7 million.

The “win” is what was left in casino coffers after gamblers bet $11.8 billion. A breakdown shows $8.8 billion was plunked into slot and video poker machines, while about $3 billion was wagered on card and dice games and sports.

Las Vegas Strip winnings of $551 million were down 5 percent from the same month last year, while downtown Las Vegas revenues of $47 million were down 3 percent.

Reno casinos saw their winnings drop 1 percent to $43 million. South Lake Tahoe saw revenue fall 23 percent to $12 million in October.

Wednesday’s report showed the state in November collected $60.9 million in casino taxes, up 11.8 percent, based on the October revenues. Revenue collections and the amount casinos win do not always correlate because a lot of wagers on made on credit. Casinos don’t pay taxes on those winnings until gamblers settle their tab.

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