Nevada Statewide Gaming Win Up 7.1 Percent, Strip Up 9 Percent In November
CARSON CITY – Several major events in Las Vegas, including the final table at the World Series of Poker, combined with a healthy baccarat win, pushed Nevada gaming revenues up 7.1 percent in November, the Gaming Control Board reported today.
Nevada’s casinos took in $880.1 million in November 2011 compared to $822.1 million in November 2010, the second consecutive month of solid single-digit increases, said Michael Lawton, senior research analyst for the control board.
The Las Vegas Strip saw a 9 percent gain in revenues to $495.3 million in November.
Clark County as a whole was up 7.8 percent to $771.9 million. Washoe County was up nearly 2 percent to $53.5 million.
Calendar year to date, the state is up 2.9 percent.
Only four smaller markets declined in November so the increase was very broad, Lawton said.
North Las Vegas was down 4.7 percent in November bringing in $23.1 million, Laughlin was off 1.9 percent with $38.6 million, North Lake Tahoe was off 0.4 percent with $1.5 million, and South Lake Tahoe was down 6.9 percent to $14 million.
Lawton said November was heavy on events that contributed to the revenue increase.
In addition to the final table of the World Series of Poker at the Rio from Nov. 6 to 8, Las Vegas also saw several major concerts and the Manny Paquiao-Juan Manuel Marquez fight at the MGM Grand Garden on Nov. 12, he said.
Baccarat, the card game played by high rollers primarily on the Las Vegas Strip, was a major factor in the November win as well, Lawton said.
“Baccarat was once again a big part of the story,” he said. “A baccarat win of $89.4 million was up 30 percent, or $20.5 million. Calendar year to date baccarat win for the state is up 7.9 percent.”
The volumes wagered on baccarat were also up significantly, Lawton said. The “drop” was $657.3 million, an increase of $85.3 million or 15 percent over November 2010.
Slot win was $578.4 million statewide, an increase of 2.5 percent over November 2010.
Lawton said the agency expects to see good results from December as well when that report is released in February.
The Las Vegas Convention and Visitors Authority also reported today that visitor volume rose by 3.2 percent in November to just over three million.
Tax collections from the gaming revenues were also up in November 2011, by 15.2 percent over November 2010 and totaled $57.3 million. Gaming percentage fee tax revenues are now in the black for the 2012 fiscal year at 0.36 percent, he said.
The tax collections are still behind the projections made by the Economic Forum projections for the revenue source, but the numbers are headed in the right direction, Lawton said.
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Audio clips:
Nevada gaming analyst Michael Lawton says baccarat was again a big part of the gaming win story:
011112Lawton2 :14 up 7.9 percent.”
Lawton says gaming tax revenues are finally in the black this fiscal year:
011112Lawton3 :17 last fiscal year.”
Lawton says November had a lot of big events that drew visitors to Las Vegas:
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