Casinos raise the Nevada Economy
By Andrea Klein, Apr 3rd 2007Nevada casinos reported an all-time record net win of $12.6 billion in 2006, increased by free-spending gamblers coming to the Strip's classy gambling halls. The returns, announced by the Gaming Control Board, marked an overall increase of 8.3 percent compared with the $11.6 billion won by casinos in 2005.
Strip casinos were the state's barometer. The gaming win was almost $6.7 billion in 2006, a jump of 10.9 percent compared with $6 billion in 2005. More precisely, the Strip accounted for $6.69 billion of the total. This is a record for Nevada, but it was exceeded by Macau, which declared last month that it overturned the Strip for the first time in 2006 with gambling incomes of $6.95 billion.
Gaming Control Board senior research analyst Frank Streshley in releasing the Nevada report said "Macau probably has exceeded the Las Vegas Strip gaming win. But this is not for sure because the totaling of their gaming win may not be the same as ours. It may not be a true apples-to-apples evaluation." The 2005 records were supplied by the opening of Wynn Las Vegas in April of that year. In 2006, two casinos were closed: the Boardwalk in January and the Stardust on Nov. 1, while no new casinos opened on the Strip.
Gaming Control Board analyst Frank Streshley mentioned the Strip accounted for 53 percent of the state's total gaming win. In 1990, he said Strip casinos accounted for 47.3 percent of the state's overall gaming win. Also, he said that the growth on the Strip really took place in the first half of the year. “We had a slow couple months in the summer, but the last two months of the year gave us very strong numbers."
In December 2006, casinos statewide won $1.06 billion, a 17.1 percent over the previous year. Strip casinos state gaming returns of almost $610 million, a 23.4 percent increase compared with $494.1 million a year ago. "Strip flows were very strong in December, but it were sustained by a solid New Year's Eve weekend," claimed Bear Stearns gaming analyst Joe Greff.
Streshley underlines that strong table game play during the month helped the Strip casinos' total. The annual National Finals Rodeo in the beginning of the month brought thousands of tourists to Clark County over two week. Also, one special event was the Dec. 30 Ultimate Fighting Championship light heavyweight at the MGM Grand Garden between Chuck Lindell and Tito Ortiz which attracted 14,607 tourists. "This is why the record seems to be made around New Year's Eve," Streshley explained.
During 2006, there was reported gaming wins for each of the first nine months of the year of more than $1 billion statewide. More than this, January was a record $1.141 billion. Statewide, gamblers in 2006 bet $138 billion on slot machines, 3.8 percent more than in 2005. Other $32 billion were wagered on table games, race and sports books with a 9.8 percent increase. Out of these $170 billion gambled, the casinos' income statewide was $8.3 billion from slot machines and $4.3 billion from tables, race and sports wagers.
In 2006, almost $7.6 billion was gambled on baccarat, a 28.3 percent increase from the previous year. It means a gaming win of $835.8 million for the casinos, a 25.6 percent increase from 2005. Streshley observed that the growth comes in big part from the games, more than this from baccarat play. It seems the Strip properties are doing an increased effort to promote baccarat play.
Twenty-one remained the most popular table game with $11.2 billion betted in 2006, a 6.1 percent increase. This means a casino win of $1.38 billion, a jump of 11.1 percent over 2005. Deutsche Bank gaming analyst Bill Lerner said the report show the value-oriented customers are returning to Nevada casinos after staying away for several months, concerned about high fuel costs and raising interest rates. He added "Gaming revenues on the Strip suggest continued strong health. Stable comings over the next few years should lead to a favorable operating environment going forward."
Clark County made public a gaming win of $10.6 billion in 2006, a 9.5 percent increase compared with $9.7 billion in 2005. Streshley noticed Clark County accounted for 84.3 percent of statewide gaming returns and it is in a continuous grown since 1990 when the county made 74.8 percent of the state's casino win. Including Clark County, the area announced as Balance of the County had the highest year-over-year growth in gaming win of anywhere in Nevada during 2006. Clark County's unincorporated areas reported a gaming win of almost $1.3 billion, a 20.3 percent increase from $1.07 billion in 2005. It was influenced by the April opening of the Red Rock Resort and the December 2005 opening of the South Coast (now named South Point).
On the “losing” side, downtown casinos announced their second straight year of declining gaming win: $630.4 million, down 3.6 percent compared with $654.1 million in 2005. It means last year's return was a 1.3 decrease from 2005. So, downtown ended 2006 with seven straight months of decreasing casino revenues. Streshley reported that closing of the Lady Luck and an immense construction and modernizing schedule at the Golden Nugget contributed to some of downtown's declines.
The Associated Press contributed to this report.
NEVADA GAMING WIN
BASED ON TAXABLE GAMING REVENUE COLLECTED FROM GAMING ESTABLISHMENTS WITH RESTRICTED AND NONRESTRICTED GAMING LICENSES.
* Washoe County includes Reno, Sparks and North Lake Tahoe
SOURCE: State of Nevada Gaming Control Board
Strip casinos were the state's barometer. The gaming win was almost $6.7 billion in 2006, a jump of 10.9 percent compared with $6 billion in 2005. More precisely, the Strip accounted for $6.69 billion of the total. This is a record for Nevada, but it was exceeded by Macau, which declared last month that it overturned the Strip for the first time in 2006 with gambling incomes of $6.95 billion.
Gaming Control Board senior research analyst Frank Streshley in releasing the Nevada report said "Macau probably has exceeded the Las Vegas Strip gaming win. But this is not for sure because the totaling of their gaming win may not be the same as ours. It may not be a true apples-to-apples evaluation." The 2005 records were supplied by the opening of Wynn Las Vegas in April of that year. In 2006, two casinos were closed: the Boardwalk in January and the Stardust on Nov. 1, while no new casinos opened on the Strip.
Gaming Control Board analyst Frank Streshley mentioned the Strip accounted for 53 percent of the state's total gaming win. In 1990, he said Strip casinos accounted for 47.3 percent of the state's overall gaming win. Also, he said that the growth on the Strip really took place in the first half of the year. “We had a slow couple months in the summer, but the last two months of the year gave us very strong numbers."
In December 2006, casinos statewide won $1.06 billion, a 17.1 percent over the previous year. Strip casinos state gaming returns of almost $610 million, a 23.4 percent increase compared with $494.1 million a year ago. "Strip flows were very strong in December, but it were sustained by a solid New Year's Eve weekend," claimed Bear Stearns gaming analyst Joe Greff.
Streshley underlines that strong table game play during the month helped the Strip casinos' total. The annual National Finals Rodeo in the beginning of the month brought thousands of tourists to Clark County over two week. Also, one special event was the Dec. 30 Ultimate Fighting Championship light heavyweight at the MGM Grand Garden between Chuck Lindell and Tito Ortiz which attracted 14,607 tourists. "This is why the record seems to be made around New Year's Eve," Streshley explained.
During 2006, there was reported gaming wins for each of the first nine months of the year of more than $1 billion statewide. More than this, January was a record $1.141 billion. Statewide, gamblers in 2006 bet $138 billion on slot machines, 3.8 percent more than in 2005. Other $32 billion were wagered on table games, race and sports books with a 9.8 percent increase. Out of these $170 billion gambled, the casinos' income statewide was $8.3 billion from slot machines and $4.3 billion from tables, race and sports wagers.
In 2006, almost $7.6 billion was gambled on baccarat, a 28.3 percent increase from the previous year. It means a gaming win of $835.8 million for the casinos, a 25.6 percent increase from 2005. Streshley observed that the growth comes in big part from the games, more than this from baccarat play. It seems the Strip properties are doing an increased effort to promote baccarat play.
Twenty-one remained the most popular table game with $11.2 billion betted in 2006, a 6.1 percent increase. This means a casino win of $1.38 billion, a jump of 11.1 percent over 2005. Deutsche Bank gaming analyst Bill Lerner said the report show the value-oriented customers are returning to Nevada casinos after staying away for several months, concerned about high fuel costs and raising interest rates. He added "Gaming revenues on the Strip suggest continued strong health. Stable comings over the next few years should lead to a favorable operating environment going forward."
Clark County made public a gaming win of $10.6 billion in 2006, a 9.5 percent increase compared with $9.7 billion in 2005. Streshley noticed Clark County accounted for 84.3 percent of statewide gaming returns and it is in a continuous grown since 1990 when the county made 74.8 percent of the state's casino win. Including Clark County, the area announced as Balance of the County had the highest year-over-year growth in gaming win of anywhere in Nevada during 2006. Clark County's unincorporated areas reported a gaming win of almost $1.3 billion, a 20.3 percent increase from $1.07 billion in 2005. It was influenced by the April opening of the Red Rock Resort and the December 2005 opening of the South Coast (now named South Point).
On the “losing” side, downtown casinos announced their second straight year of declining gaming win: $630.4 million, down 3.6 percent compared with $654.1 million in 2005. It means last year's return was a 1.3 decrease from 2005. So, downtown ended 2006 with seven straight months of decreasing casino revenues. Streshley reported that closing of the Lady Luck and an immense construction and modernizing schedule at the Golden Nugget contributed to some of downtown's declines.
The Associated Press contributed to this report.
NEVADA GAMING WIN
BASED ON TAXABLE GAMING REVENUE COLLECTED FROM GAMING ESTABLISHMENTS WITH RESTRICTED AND NONRESTRICTED GAMING LICENSES.
| GAMING AREA | 2006 | 2005 | CHANGE |
|---|---|---|---|
| STATEWIDE | $12,622,044,087 | $11,649,703,320 | 8.3% |
| CLARK COUNTY | $10,643,823,522 | $9,717,372,388 | 9.5% |
| STRIP | $6,688,903,092 | $6,033,907,590 | 10.9% |
| DOWNTOWN | $630,404,296 | $654,147,657 | -3.6% |
| NORTH LAS VEGAS | $314,425,841 | $302,162,942 | 4.1% |
| LAUGHLIN | $630,457,626 | $621,179,928 | 1.5% |
| BOULDER STRIP | $929,691,928 | $891,018,861 | 4.3% |
| MESQUITE | $159,874,874 | $142,821,709 | 11.9% |
| BALANCE OF COUNTY | $1,290,065,895 | $1,072,133,701 | 20.3% |
| WASHOE COUNTY* | $1,067,289,993 | $1,048,858,631 | 1.8% |
* Washoe County includes Reno, Sparks and North Lake Tahoe
SOURCE: State of Nevada Gaming Control Board
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Casinos raise the Nevada Economy
