NEVADA REVENUES UP 3.7 PERCENT IN JULY
13th September, 2011 at 03:41:02
Small improvement but more hope for a recovery
Nevada casinos won $860 million in July, a 3.7% gain compared with the same month last year, the Associated Press news agency reported this week.
State regulators reported on the latest audited numbers Monday, noting that July 2011 marked the third month of consecutive increases for the industry - a welcome relief after deep, double-digit declines in recent years due to the global economic recession.
The Nevada taxman benefited to the tune of $48.1 million in July, the Nevada Gaming Control Board revealed.
Las Vegas Strip casinos recorded a 1.6% improvement in winnings to $469 million. "Casino win" is the amount left in casino coffers after gamblers wagered $12.3 billion on table games and slot machines, an increase of 6.7% from July 2010. The $2.8 billion bet on table games was an increase of $304.5 million, or 12.2 percent.
The $9.5 billion pumped into slot machines was up $469 million, or 5.2 percent, and represents the "largest percentage increase for slot volume since May 2006," said Mike Lawton, senior Control Board analyst. He noted that once again, baccarat, a high-roller game favored by Asian players, helped with the overall statewide and Strip win totals.
Gamblers wagered $919 million on baccarat in July, an increase in the "drop" of $175 million, or 23.5% from the same month a year ago. Casinos won $89.7 million on the game, up 20.5% or $15.3 million.
"Those two amounts, the win and drop, are the largest amounts ever recorded in the state for the month of July," Lawton said. Without baccarat, the statewide total win would still be up 2 percent.
Though July winnings were below the double-digit increases experienced in the prior two months, they were still encouraging, Lawton said, adding that the volume of play was up.
On the Las Vegas Strip, slot volume increased $273.4 million, or 8.6 percent, marking a fifth month of gains and the largest increase in four years.
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