Nevada casinos win $989 million in August, 13th positive month - Friday 14th of October 2005

Nevada casinos won $989 million from gamblers in August, giving the clubs a 9.3 percent increase over August 2004 and their 13th positive month in a row, the state Gaming Control Board said Tuesday.

"Its a little better than we expected," said Frank Streshley, senior research analyst for the board. "We knew going in that we were up against a tough month from last year," when casinos posted an 11.2 percent gain.

Streshley said the latest take was helped by the opening of a new Caesars Palace tower on the Las Vegas Strip, along with a strong increase statewide in baccarat winnings. That offset slumps in blackjack, craps and roulette winnings during August.

The win was the amount left in casino coffers after gamblers wagered $13.1 billion during August. About $10.9 billion was bet on slot machine games, and the rest on table games.

"Win" is a gross figure, with no operating costs or other expenses deducted. It represents casino revenue only - not hotel, restaurant or bar revenues.

In September, the state collected $61.9 million in percentage fees based on the August win. Thats up 4 percent compared with the fees collected for the same month in 2004.

For the July-September quarter, the state collections totaled $181.2 million. Thats 5.2 percent higher than the estimate last May from the state Economic Forum.

A breakdown of the casinos $989 million win shows that Las Vegas Strip resorts accounted for nearly half the total, $486.6 million. Thats a 13.3 percent increase over the same month a year ago.

Most other major markets around the state also reported gains, except for downtown Las Vegas which declined 2.6 percent, Stateline casinos on Tahoes south shore which were down 8.7 percent, north-shore clubs at Tahoe which were down 6.8 percent, and the Carson City-Carson Valley area, down 0.5 percent.

The slight Carson City-Carson Valley decline was the first for the area in 28 months, Streshley noted.

Clubs in Washoe County, encompassing Reno, had their third straight positive month, winning $92.2 million for a 2.5 percent gain. A breakdown shows Reno was up 3.1 percent while neighboring Sparks was up 1.4 percent.

Baccarat tables around the state - most of them on the Las Vegas Strip - won $35.6 million for a 30.7 percent increase. Mini-baccarat tables added another $22.2 million for a 34.9 percent gain.

Blackjack games took in about $98 million, down 0.3 percent. Craps took in $29.6 million, down 8.4 percent, and roulette generated about $26 million for the clubs, down 1.7 percent.

Statewide slot winnings were up 9.3 percent for the month, to $697.4 million. The biggest producers were multi-denomination slots, which accounted for $255.8 million of the total, up 56 percent.

Other news from around the same time

Unprecedented eBay Auction Offers Historic $1 Million Collection of Casino Chips and Tokens - Friday 14th of October 2005

Pieces of Las Vegas will be auctioned off today for at least $1 million in the biggest legitimate op....

Empire Online, PartyGaming Lose Appeal on Concern About Growth - Friday 14th of October 2005

Empire Online Ltd. and Gaming VC Holdings SA shares led Internet gaming stocks lower amid concerns ....

Gulf Coast a graveyard for thousands of slot machines - Friday 14th of October 2005

C.J. "Mac" McClendon spent years installing slot machines on the Gulf Coast. These days, hes exhumin....

PitBOSS Entertainment Completes Colorado Casino Acquisition - Friday 14th of October 2005

PitBOSS Entertainment, Inc. (OTCBB: PBSS) today announced the company has completed a controlling in....

Shares of internet gambling firms flop - Friday 14th of October 2005

THE losing streak suffered by investors in internet gambling stocks gathered pace yesterday after co....

Additional casinos interested in Coast - Friday 14th of October 2005

Legislation allowing Gulf Coast casinos to move 800 feet onshore could mean several new casino ventu....

Singapore launches Web site for gambling addicts 4 years ahead of casino launch - Friday 14th of October 2005

Singapore has launched a Web site for problem gamblers as part of the governments plan to address co....

Partypoker move hits Empire stock - Friday 14th of October 2005

Partygaming will no longer let players of websites owned by rivals like Empire Online and Coral Euro....

Boulis investigation dredges up big names - Friday 14th of October 2005

In life, the rags-to-riches odyssey of slain casino-boat mogul Konstantinos (Gus) Boulis earned him ....

Empire revenues up despite flat poker market - Friday 14th of October 2005

The slowdown of growth in internet poker does not appear to have affected Empire Online which said t....