Nevada Economy: Casino’s Biggest Win Record

Nevada casinos achieved a record $12.6 billion in game wins in 2006 thanks to free gamblers walking in and out of Streep’s spectacular gambling den.

Revenue reported by the Game Management Board on Friday was up 8.3% overall, compared with $11.6 billion for casinos in 2005.

The strip casino was the barometer of the state. In 2006, the game win was nearly $6.7 billion, a 10.9 percent jump from $6 billion in 2005.

Taken together, the victory showed that Streep accounted for $6.69 billion of the total. That’s a record number, but not enough to stop Macau, which last month reported that Streep topped the list for the first time in 2006 with $6.95 billion in gambling income.

“Macao probably outperformed Las Vegas Strip’s game-winning performance,” said Frank Stretchley, an analyst with the state’s Game Control Board, while releasing the Nevada report. “But there’s a lot of uncertainty because the calculation of game-winning performance may not be the same as ours. It may not be a true apple-to-apple comparison.”

The 2005 figures were obtained when Wynn Las Vegas opened in April of that year. In 2006, no new casinos opened on Strip, and two properties – Boardwalk and Stardust – closed in January and Nov. 1.

Frank Stressley, a senior research analyst with the Game Control Board, said strip casinos accounted for 53% of the state’s total game wins. In 1990, he said strip casinos accounted for 47.3% of the state’s total game wins.

“Street’s growth really came in the first half of the year,” said Strelly. “We had two slow months in the summer, but the last two months of the year gave us very strong numbers.”

Game victories in 2006 were aided during the month of December, with casinos across the state earning $1.06 billion, a 17.1 percent increase year-on-year. Strip casinos reported nearly $610 million in gaming revenue, up 23.4 percent from $494.1 million a year ago.

“The December strip trend was very strong, which we note is further boosted by a solid New Year’s Eve weekend,” said Bear Stearns game analyst Joe Greff.

Stretchley said the month-long strong table gameplay helped bring the strip casino’s totals. While the annual National Finals rodeo earlier this month drew thousands of customers to Clark County over two weeks, the only non-annual special was a light heavyweight bout between Chuck Lindell and Tito Ortiz at MGM Grand Garden on Dec. 30, attracting 14,607 sold-out spectators.

“I think there’s been a lot of high-end plays combined with New Year’s Eve over that period,” Streshley said.

During 2006, nine out of 12 months had more than $1 billion in game multipliers statewide, with a record $1.141 billion in January. 파워볼실시간

In 2006, gamblers bet $138 billion on slot machines, 3.8 percent more than in 2005, with $32 billion on table games and racing and sports books, up 9.8 percent. Of the $170 billion in total gambling, statewide casinos earned $8.3 billion on slot machines and $4.3 billion on tables and racing and sports betting.

In 2006, nearly $7.6 billion was paid to baccarat, a 28.3 percent increase from the previous year. That led to gaming gains for the $835.8 million casino, a 25.6 percent increase from 2005.

“One of the things we noticed was game-wise growth, a lot of that was due to the increased play in Bakara,” Streshley said. “It seems like the Streep properties are doing more to market Bakara play.”

Twenty-one remains the most popular table game at $11.2 billion, up 6.1% in 2006, which led to a $1.38 billion casino victory, up 11.1% from 2005.

Deutsche Bank gaming analyst Bill Runner said the figures show value-oriented customers are returning to Nevada casinos after months on the sidelines worrying about high fuel costs and soaring interest rates.

“I think that’s behind us and those customers have accounted for the increase in visitor numbers and the busy airport,” Runner said. “Game revenue at Strip suggests continued strong health. A limited supply pipeline over the next few years will lead to a favorable operating environment going forward.”

Overall, Clark County earned $10.6 billion in gaming revenue in 2006, up 9.5 percent from $9.7 billion in 2005. Stretchley said Clark County accounted for 84.3 percent of the state’s total gaming revenue, a steady increase since Clark County made 74.8 percent of the state’s casino revenue in 1990.

Within Clark County, the region reported as Balance of the County had the highest year-over-year growth in gaming across Nevada during 2006.

Thanks to the April opening of the Red Rock Resort and the December 2005 opening of the South Coast (now named South Point), unincorporated areas of Clark County reported nearly $1.3 billion in gaming revenue, up 20.3% from $1.07 billion in 2005.

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