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Baccarat Prosper November Gaming Win 22.01.2003
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Nevada casinos won $732.4 million in November, up 1.5 percent from the same month a year earlier, due mostly to a strong performance by the high-end baccarat places on the Las Vegas Strip.
 
January 10, 2003

Nevada casinos won $732.4 million in November, up 1.5 percent from the same month a year earlier, due mostly to a strong performance by the high-end baccarat places on the Las Vegas Strip.

This was the fourth straight month of increased gaming win statewide, but it is being compared to business after the 9/11 terrorist attacks when the tourist trade fell off in Nevada. Compared with November 2000, gaming win was down 6 percent.

The state Gaming Control Board reported today that the Las Vegas Strip was the only area in Clark County that produced an increased gaming win, up 6 percent. Frank Streshley, senior research analyst for the board, said the Strip was the hardest hit in 2001 after the attack.

Streshley said Nevada casinos won $37.1 million in baccarat in November, up 240 percent. He said the clubs reported a "hold" of 30 percent, compared to a year earlier of 9 percent -- meaning the casinos beat the players by a higher percentage. Without the baccarat increase, the statewide win, which is computed before taxes and business expenses, would have been down 2.1 percent.

The board said the state collected $270.2 million in gaming taxes in the first six months of the current fiscal year (July 1-Dec. 31), a 2.2 percent increase from the same period in 2001.

Gov. Kenny Guinn said that means the state is $21.2 million behind the estimates of the Economic Forum, which the state budget is built on. "The news is bleak when you consider we fell another $3.6 million behind where the Economic Forum projects us to be this month (November)."

He said to meet the predictions of the forum; the casino win will have to grow by nearly 18 percent per month for the remainder of the fiscal year to catch up. That's very unlikely, said the governor.

The board said that statewide table game revenue reached $277.1 million, up 17.4 percent. There were increases in blackjack win of 13.7 percent; craps by 6.4 percent, roulette by 16.3 percent and the sports pool by 16.8 percent. But slot win fell 6.2 percent to $451 million statewide.

Casinos on the Strip produced $372.4 million in gaming revenue. In 2001 the win was down 16.3 percent. The win in 2002 was down 6.6 percent from two years ago.