Slots bolster Strip revenue

Jul 16, 2002 9:03 AM

Gaming revenues on the Las Vegas Strip were essentially flat in May, declining by a slight .5 percent to $428.7 million in May.

Throughout Nevada, revenues were down a mere .6 percent to $838 million.

Helping to bolster Strip revenues was a strong slot win, which increased 6.4 percent over last year’s win. Analysts attribute the higher win to tighter machines on the Strip, including lower denomination slots. May’s slot hold of 6.7 percent was the second highest hold percent on record in Las Vegas, following a 7.2 percent hold in January 2002.

Baccarat continued to be an enigma for casino operators as an unusually high hold (up 23.9 percent) was offset by a sharp 46.1 percent decline in drop, to $148.9 million.

Drops for other table games was down across the board with an 11.5 percent decline. Among the losers was craps, which suffered 9 percent decline in drop for a 40.2 percent decline in revenues, and roulette, whose drop declined 9.9 percent, leading to a 15.9 percent slump in revenues.

Blackjack, however, posted an increase of 11.2 percent in revenues.

Gaming revenues in other areas of Southern Nevada fared well. Downtown recovered from a 5.4 percent decline in April with a .8 percent increase in revenues in May.

In North Las Vegas, revenues increased 8 percent, while they decreased 3.5 percent on the Boulder Strip.