Las Vegas Weekly

June 11, 2008 · 11:14 AM

State gaming profits sag by 5 percent

By Robin Leach

Wall Street banking corporation J.P Morgan reported this morning (Wednesday) that the Nevada Gaming Control Board is stating serious slippage in gaming revenues for the month of April. LV Strip gaming revenues decreased 1.3 percent to $524.1 million, and statewide revenues decreased 5 percent to $1 billion. A 5.7-percent decline in total drop on the Strip was partially mitigated as total hold increased 40 bps (basis points, or one-hundredth of a percentage point) over last year.

Strip slot revenues were down 6.7 percent, as a slot handle decreased 6.4 percent, and hold was essentially flat year over year.

In April, table win was up 6.7 percent, driven by a 150 bps increase in table hold (14.4 percent in April 2008 vs. 12.9 percent in April 2007), which offset a 4.2-percent decrease in table drop.

Baccarat win was down 0.5 percent year over year to $59 million, as a 110 bps increase in hold offset an 8.1 percent decrease in baccarat drop in April. Without baccarat, total win on the Strip in April fell 1.4 percent year over year.

In April, the locals market generated $206.9 million in revenue, a 9.5-percent decrease year over year. The balance of Clark County was down 4.4 percent, while the Boulder Strip and North Las Vegas segments decreased 12.2 percent and 22.4 percent, respectively, over last year.

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