Nevada casino winnings decrease nearly 7 percent in February

Nevada casino winnings fell 6.8 percent in February compared with the same month in 2010, marking the fourth straight month of declines and the steepest drop in more than a year, state casino regulators reported Friday.

Statewide, casinos won $881.8 million during the reporting period. The $41.6 million in taxes collected by the state represent an 11.1 percent decline from the same month a year ago, according to the report from the Gaming Control Board. Taxes on casino winnings make up about a third of Nevada's general fund revenues.

For the fiscal year that began July 1, casino revenues were mostly flat, up about 0.1 percent.

On the Las Vegas Strip, Nevada's gambling mecca that generates half of all statewide casino revenues, winnings plunged 9.5 percent.

Mike Lawton, senior analyst with the control board, said the month-to-month comparison was difficult because winnings in February 2010 were up 13.9 percent.

Another reason is attributed to baccarat, a high-roller game favored by Asian players. Despite Chinese New Year's, a holiday that tends to generate baccarat play, the $1.2 billion wagered on the game was down $1.2 million, Lawton said. Besides that, gamblers were luckier than the house, with casinos having a win percentage of 11.7 percent, versus 17 percent last year.

The baccarat win of $141 million was off nearly 32 percent.

"It's a yo-yo," Lawton said the volatile casino game that can greatly sway month casino revenue reports.

The report found that for the first seven months of the fiscal year, statewide casino winnings were up a little less than 1 percent.

The "casino win" refers to the amount left in casino coffers after gamblers wagered $11.5 billion at tables games and slot machines. A breakdown shows the $2.9 billion bet at table games was up 2.8 percent, while the $8.6 billion gambled on slot machines fell 3.2 percent.

February's decline was the largest since October 2009, Lawton said.

"There are so many things that point in the right direction," Lawton said about Nevada's tourism-dependent economy. "Visitation is up, occupancy, conventions, air passenger traffic ... more people are coming and spending less," he said.

Elsewhere around the state, the casino win fell 7.5 percent in Reno; 10.2 percent in Sparks; 2.5 percent in South Lake Tahoe; and 3.8 percent in Elko.