Gambling Revenues take a Two Per Cent Dip in Nevada in April 2016

Nevada Gaming Control board released the financial figures for the month of April of 2016, last week; all the casinos across the state of Nevada reported collective revenues of $876 million, a 2.49% year over year decrease compared to the month of April in 2015, when collective revenues were reported at $898 million.

This decline in revenues compared to the year before can partly be attributed to the strong revenues that were seen in the month of April in 2015 and also partly to the way income from slots are counted in the casino industry.

Joint Slot Revenues for all the Nevada casinos were reported at just over $567 million for April 2016; approximately a 5% decrease from the year before, when slot revenues were recorded at just under $602 million. A 4% increase in Slot Handle was noticed last month; while patrons wagered a total of $9.1 billion on slot machines across the state of Nevada in April 2016, they only gambled around $8.8 billion in the comparative period of 2015. Despite an increase in total amount of bets placed on slot machines, the Slot Hold Percentage suffered; with reports of 6.23% in April 2016 compared to 6.87% for the same period last year.

According to control board analyst, Michael Lawton, casinos are in the practice of counting slot revenues from the weekend once the following week has commenced; this is done in an effort to alleviate some of the pressure on the busy casino floors over the weekends and to avoid disturbing activity on those days and nights. As the month of April ended on a Saturday this year, it has been estimated that a sum of $30 million in slot revenue from April will actually be counted in May; contributing to the figures for the May 2016 Slot Revenues.

Revenues from table games went up to $308 million in April 2016 from $288 million in the same month las year; this reflected a 7% year over year increase. Money wagered on table games showed a year over year dip of 4.5%; while a total of $2.1 billion was wagered on table games across the state in April 2016, April 2015 saw wagers in the region of $2.25 billion. Game hold percentage, however, increased from 12.8% in April 2015 to 14.3% in April of 2016. Baccarat Handle saw a massive drop from $742 million in April 2015 to $591 million in 2016; however, due to a strong Hold Percentage values of 17.77% in April 2016, compared to 12.86% in April 2015, about a $105 million profit was recorded from baccarat alone, which also equates to a 10% increase compared to the same time last year.

Lawton only had the following to say in response to the fantastic performance seen at the baccarat tables in Nevada last month, “The reason why baccarat increased was the casinos ran pretty lucky last month.”

Las Vegas Strip

The Las Vegas Strip, which houses 40 of the gambling venues of Nevada, also saw their total revenues take a 2% year over year dip in April 2016; total revenues were down from $499 million in April 2015 to $491,200 this year in the month of April. Total revenues collected from slot machines saw a 4.5% year over year decrease; from $262 million in April 2015 to about $251 million this year. Table Game revenues were up by 3.7%; from $232 million in April 2015 to $241 million in April 2016. Profits from Baccarats amounted to $105 million, a 9.4% year over year improvement, despite a significantly lower Baccarat handle.

Downtown Las Vegas

Downtown Las Vegas, which is the historic centre of Las Vegas, Nevada was the gambling district of the city before The Strip was developed; 17 of the state’s gambling locations are still located in this area. Downtown Las Vegas Casinos reported total gaming revenues for the month of Aril 2016 at $43 million, a 14% year over year drop in revenues compared to April 2015, when total earnings were reported at $49 million. Slot machine revenues were also down from $37 million in April 2015 to $29 million for the comparative period this year; this reflected a 27.5% year over year decline. Total revenues from table games were up from $12.7 million in April 2015 to $13.5 million in April 2016, a 6% year over year increase.

Boulder Strip

The Boulder Strip gaming market is a division that was created by the Nevada Gaming Commission to aid with their administrative needs. The Boulder Strip, named after the Boulder Highway, which bring the largest volume of traffic to the area, houses 31 of the casinos of the state. Total revenues for the month of April 2016 was reported at $54 million, a 23% year over year decrease compared to April 2015, when total revenues were reported at over $66 million. Slot revenues also suffered a 30% decrease compared to last year, with April 2016 slot revenues reported at $46 million compared to April 2015, when slot revenues were reported at almost $60 million. Table game revenues, however, increase by 24%; from $6 million in April 2015 to $7.8 million in April 2016.

Washoe County

Washoe County Nevada, which falls under Reno in the Nevada Metropolitan Statistical Area, houses 45 of the casinos of Nevada. These Reno casinos saw a 14% year over year increase in total revenues for the month of April in 2016; figures were reported at $44 million for this year, compared to $57 million that was reported for the same time period last year, April 2015. Slot revenues were also up from $47.6 million in April 2015 to $55 million in April 2016; this reflected a 13.5% year over year growth. Table game revenues also saw an increase in April 2016 when compared to the same time last year; revenues for last month were reported at $11.2 million compared to April 2015, when revenues were reported at $9.3 million.

Taxes

The state of Nevada collected a total of $44 million in tax money from the April winnings; this however reflects an 18% decrease from the amount that was collected in tax for the same period last year.

 

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