Tahoe casinos doing better than rest of Nevada | SierraSun.com

Tahoe casinos doing better than rest of Nevada

LAKE TAHOE “-While Tahoe casinos suffered losses in November, it wasn’t nearly as bad as the rest of Nevada, figures show.

Resorts on Lake Tahoe’s south shore reported a 4.7 percent decrease in November compared with the same month a year earlier.

The recession continues to hurt Nevada casinos, which are reporting an almost 15 percent drop in winnings from gamblers in November” the 11th straight month of declines ” compared with the same month a year earlier.

A report Friday from the state Gaming Control Board puts the monthly gambling win for November 2008 at $836.8 million. That’s down from more than $982 million in November 2007.

Taxes based on the casino wins, a major revenue source for the state, amounted to just $44.4 million in November 2008. That’s down 27 percent compared with the same month in 2007.

“It’s the economy, the big decline in the stock market and people tightening up on their spending,” said Control Board analyst Frank Streshley. “The state is having a difficult time with (tourist) visitation and the amount of money being spent by those who do come.”

The $836.8 million win in November was the amount left in casino coffers after gamblers wagered $11.8 billion during the month, including $9.7 billion in slot machine bets and the balance on table games. The betting total is down nearly 12 percent from a year ago.

The GCB report shows declines during November in every major market in the state, including the Las Vegas Strip which was down 16 percent.

Elsewhere in southern Nevada, Laughlin was off 18.1 percent, downtown Las Vegas dipped 1.6 percent, Mesquite was down 8.8 percent, the Boulder Strip was down 16.4 percent, and North Las Vegas was down 1.8 percent.

In northern Nevada, clubs in Washoe County, which takes in Reno, were down 15.2 percent. That’s the 17th consecutive month of declines for the area.

A statewide breakdown shows that slots were off 15.2 percent while table games were down 14.3 percent compared with November 2007.

Slots accounted for $558.1 million of the total win. That included $259.3 million won by multidenomination slots, down 10.2 percent. Penny slots were second with a win of $136.5 million, up 4.3.

Live games, including poker, accounted for the balance of the November total. That included $85.2 million won on blackjack tables, down 16.6 percent; $34.3 million on craps, down 12 percent; and $23.5 million on roulette, down 20 percent.

The win on baccarat was $39.8 million, down 29 percent; and the win on mini-baccarat was $8.9 million, down 16 percent.

Sports books won $27.2 million, up 54.6 percent. Poker games won $12 million, down 5.7 percent.

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

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