VIP & VIP+
Exclusive Content   Join Now

Nevada gaming win slips 13 percent in July

Sep 11, 2008 8:22 PM

by Staff & wire reports | Nevada’s gaming win continued to spiral downward in July, with one gaming analyst on Wednesday calling the trend the worst since the early 1980s, when Nevada began tracking casino profits subject to taxes on a monthly basis.

Statewide, the win fell about 13 percent when compared with the same month last year although Northern Nevada gaming win showed modest decline compared with the rest of the state, according to figures released Wednesday by the Gaming Control Board.

It marked the seventh consecutive month Nevada’s gaming win declined and the 13th consecutive month of decline for Washoe County.

The $997 million statewide win also marked the third consecutive month that the number was below $1 billion.

"I went back to the early 1980s, when we first started reporting gaming win each month, and this is the worst decline or group of months we have had," said Frank Streshley, senior research analyst for the Gaming Control Board.

"We have had some recessions, but we have never had a run like this, other than 9/11," Streshley said, referring to the impact of the terrorist attack in 2001.

"Then, we had five months (of consecutive decline)," Streshley said. "And now, we’re on our seventh month."

Declines were basically across the board and statewide slot win sipped 11 percent, table games dropped 17 percent and poker rooms saw a 9 percent decline.

The state’s sports books actually posted a loss of $1.9 million, the result of a 2.3 million shortfall on basketball bets. Sports books won about $1.3 million from baseball bettors, although the hold was a miniscule 1.4 percent.

For a complete analysis of gaming revenues for July, see next week’s GamingToday, beginning Tuesday.