bigboydan
08-13-2003, 09:56 AM
Today: August 13, 2003 at 11:08:46 PDT
Nevada casinos recover slowly from Sept. 11, win $9.56 billion
By BRENDAN RILEY
ASSOCIATED PRESS
Nevada casinos recover slowly from Sept. 11, win $9.56 billion
CARSON CITY, Nev. (AP) - Nevada casinos are recovering slowly from a tourism slump caused by Sept. 11, 2001, terrorist attacks, winning $9.56 billion from gamblers last fiscal year for a 2.8 percent gain over the previous year.
The $9.56 billion, reported Wednesday by the state Gaming Control Board, was the amount left behind by gamblers who wagered a total $137.5 billion during the year. The win percentage compares with a 3.7 percent decline in the prior fiscal year.
"We're having a slow recovery from Sept. 11," the GCB's Frank Streshley said, adding that a slowdown in casino expansion projects also figures into the analysis.
Resorts on the Las Vegas Strip won nearly half of last fiscal year's statewide total, $4.73 billion for a 4.4 percent increase compared with the prior fiscal year.
Elsewhere in southern Nevada, clubs in downtown Las Vegas were down just 1.2 percent while Boulder Strip casinos were up 7.4 percent and North Las Vegas clubs were up 5.8 percent.
Casinos in the Reno-Sparks-North Tahoe area in northern Nevada were down 1.5 percent, taking in $1.03 billion from gamblers during the fiscal year that ended in June.
In other major markets, casinos on Lake Tahoe's south shore won $333.3 million for a 0.2 percent decrease; and Elko County clubs in northeastern Nevada, bordering Idaho and Utah, won $224.9 million for a 0.9 percent decrease.
The "win" is what's left in casino coffers after payouts to gamblers are subtracted from money that's bet on tables, in slots and on sports events. It's a gross figure, with no operating costs or other expenses deducted. And it's casino revenue only - separate from hotel, restaurant or bar revenues generated by casinos.
A breakdown of the $9.56 billion total win shows that slots accounted for $6.34 billion, or about two-thirds. Quarter slots accounted for nearly $2 billion of all the money won by slots, followed by nickel slots with $1.51 billion.
Table or "live" games accounted for $3.16 billion of the total, led by blackjack with just over $1 billion. Baccarat accounted for $437.5 million, and craps produced $445.4 million of the live game win. Sports bets, included in the live game category, accounted for $124.4 million of the win.
The fiscal year ended with an $809.2 million June win for the clubs, up 13.3 percent over the same month a year earlier. Streshley said that's the largest percentage win since April 2000.
While June was a good month statewide, Streshley noted that the Reno-Sparks-North Tahoe area was down 1.2 percent - and the new Thunder Valley Casino, off Interstate 80 between Sacramento and Reno, was a factor.
It's clear the new casino, owned by the United Auburn Indian Community and operated by Las Vegas-based Stations Casinos Inc., is hurting the Reno area, but Streshley said the impact isn't as bad as some had predicted.
Several Nevada gambling experts and executives had said the new gambling hall could siphon away 10 percent to 20 percent of Reno's casino revenues in its first few months of operation.
"We thought the decline would be worse, so we're pretty happy with the 1.2 percent decline," Streshley said.
Nevada casinos recover slowly from Sept. 11, win $9.56 billion
By BRENDAN RILEY
ASSOCIATED PRESS
Nevada casinos recover slowly from Sept. 11, win $9.56 billion
CARSON CITY, Nev. (AP) - Nevada casinos are recovering slowly from a tourism slump caused by Sept. 11, 2001, terrorist attacks, winning $9.56 billion from gamblers last fiscal year for a 2.8 percent gain over the previous year.
The $9.56 billion, reported Wednesday by the state Gaming Control Board, was the amount left behind by gamblers who wagered a total $137.5 billion during the year. The win percentage compares with a 3.7 percent decline in the prior fiscal year.
"We're having a slow recovery from Sept. 11," the GCB's Frank Streshley said, adding that a slowdown in casino expansion projects also figures into the analysis.
Resorts on the Las Vegas Strip won nearly half of last fiscal year's statewide total, $4.73 billion for a 4.4 percent increase compared with the prior fiscal year.
Elsewhere in southern Nevada, clubs in downtown Las Vegas were down just 1.2 percent while Boulder Strip casinos were up 7.4 percent and North Las Vegas clubs were up 5.8 percent.
Casinos in the Reno-Sparks-North Tahoe area in northern Nevada were down 1.5 percent, taking in $1.03 billion from gamblers during the fiscal year that ended in June.
In other major markets, casinos on Lake Tahoe's south shore won $333.3 million for a 0.2 percent decrease; and Elko County clubs in northeastern Nevada, bordering Idaho and Utah, won $224.9 million for a 0.9 percent decrease.
The "win" is what's left in casino coffers after payouts to gamblers are subtracted from money that's bet on tables, in slots and on sports events. It's a gross figure, with no operating costs or other expenses deducted. And it's casino revenue only - separate from hotel, restaurant or bar revenues generated by casinos.
A breakdown of the $9.56 billion total win shows that slots accounted for $6.34 billion, or about two-thirds. Quarter slots accounted for nearly $2 billion of all the money won by slots, followed by nickel slots with $1.51 billion.
Table or "live" games accounted for $3.16 billion of the total, led by blackjack with just over $1 billion. Baccarat accounted for $437.5 million, and craps produced $445.4 million of the live game win. Sports bets, included in the live game category, accounted for $124.4 million of the win.
The fiscal year ended with an $809.2 million June win for the clubs, up 13.3 percent over the same month a year earlier. Streshley said that's the largest percentage win since April 2000.
While June was a good month statewide, Streshley noted that the Reno-Sparks-North Tahoe area was down 1.2 percent - and the new Thunder Valley Casino, off Interstate 80 between Sacramento and Reno, was a factor.
It's clear the new casino, owned by the United Auburn Indian Community and operated by Las Vegas-based Stations Casinos Inc., is hurting the Reno area, but Streshley said the impact isn't as bad as some had predicted.
Several Nevada gambling experts and executives had said the new gambling hall could siphon away 10 percent to 20 percent of Reno's casino revenues in its first few months of operation.
"We thought the decline would be worse, so we're pretty happy with the 1.2 percent decline," Streshley said.