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Nevada Casinos Report 11.2% Revenue Increase

Tuesday, October 22nd, 2013 Nevada Casinos Report 11.2% Revenue Increase

August proved to be a good month for casinos in Nevada, for a report released by the Nevada Gaming Control Board revealed that the revenues upped by 11.2% for the month. According to the NGCB, the casino revenue for the month totaled to $995.3 million in August this year, an increase from $859.3 million earned during the same month last year. The highest chunk of the revenue was as usual from casinos on the Las Vegas Strip, which registered an increase of 20% in revenues earned.

The state collected taxes worth $51.3 million for the month, an increase of 3.4 percent from last year.

Table Games Lead to Increase in Revenue

The eleven percent increase that casinos in Nevada reported mostly came from table games, especially baccarat. Of all the games, baccarat proved to be the lucky one for casinos, as it dragged in the highest amount through high stake games, according to the report. A senior analyst at the Nevada GCB, Mike Lawton stated that revenue from table games remained more or less stable for the month, but revenue from high stakes baccarat was up by 56% over the last year, to $193.6 million for the month.

According to Lawton, baccarat had the highest hold percentage since 1999. Apparently, players wagered a total of $1 billion and the win percentage of the house was 18.5%, an increase of 11.9% from last year. This was in spite of the betting action declining to $13.1 million.

Slots were not as strong as table games during the month and were off by 2.7% across casinos in the state. Minus baccarat, casinos revenues increased by $26.8 million, an increase of 3.7%.

Las Vegas Strip Contributes the Most

Casinos on the Las Vegas strip contributed highest as usual, with their total revenue for the month of August being $589 million, an increase of 20% from $490.9 million revenue they generated last year. Also, the revenue spike in August was a welcome change from the steep decline that casino revenues experienced in July this year, when revenues totaled to $511.4 million, declining by 14.4%.

Casinos in other areas of Las Vegas did not enjoy the same growth. In North Las Vegas, a decline of 18.2% was reported, while in Boulder strip the casino revenue dropped 12.6%. Downtown casino revenues fell by 8.3%, while in Mesquite they were down by 1.4%.On the whole, revenues of Clark County casinos increased by over 12%, which is a significant increase from the 9.6% fall in July.

Washoe County Shows Significant Increases

Casinos in Washoe county earned $73.8 million, an improvement of 8.4%. This was mostly due to the special summer promo called the Hot August Nights events that drew classic car lovers from across the country. According to Lawton, Washoe county’s casino revenues in August were the best since 2009. Also, Washoe county witnessed an increase in casino earnings during 5 of the first six months of the year. In Reno, casino revenues grew by 9.7%.

In Laughlin, the casino revenues were up by 5.6% and by 4.4% in Clark County minus Las Vegas. Revenue increase was minimal in Carson Valley, at 1.3%. Lake Tahoe reported a decline in its monthly revenue by 2.6%.

Sands Casino Exceeds Expectations

Las Vegas based Sands Corporation surpassed the expectations of those in Wall Street by registering a growth in its profits in the third quarter this year. Although the gambling giant’s casinos in Las Vegas did not perform so well, its facilities in Macau and Singapore performed excellently, allowing it to make up for losses in Las Vegas. The company reported that its revenues doubled, thanks to its five casinos in Macau.