Nevada casino gaming “win,” or revenue, was relatively flat in March 2010 compared to March 2009, according to figures released by the Gaming Control Board last week. Nevada casinos hauled in $912.2 million during the month.
Gaming revenue on the famed Las Vegas Strip actually rose in March year over year. The Strip, which features poker-friendly casinos like the Bellagio, Venetian, and Aria, reported a win of $467.1 million in March, a rise of 2.40% from the $456.1 million in the same month in 2009. For the fiscal year to date, casino gambling revenue on the Las Vegas Strip is nearly flat at over $4.3 billion.
Downtown Las Vegas wasn’t as fortunate. The former home of the annual World Series of Poker (WSOP), Fremont Street saw its revenues nosedive by 10.62% in March year over year to $49.4 million, or about one-tenth of the revenues recorded on the Las Vegas Strip. Downtown Las Vegas has been hit hard ever since the worldwide recession began in late 2008. Its revenues in the fiscal year to date are off 8.23% year over year to $380.4 million.
In North Las Vegas, revenues tumbled by 11.75% in March to $28.2 million. In Laughlin, however, the situation was much rosier, as casino gambling win grew by 2.47% to $52.8 million. Laughlin’s revenues are still down 10.31% for the current fiscal year at $362.9 million. On the Boulder Strip, which is also in Clark County, revenues dropped by 4.95% year over year in March to $75.5 million. For the fiscal year to date, Boulder Strip revenues are off 3.92%.
In the gambling metropolis of Reno, located in Washoe County, business was booming in March, as gambling revenues ticked up by 4.59% to $48.3 million. Reno features a host of gambling options including Harrah’s, Peppermill, Circus Circus, and the Grand Sierra. Despite the lively month of gaming action, casinos in Reno have still seen their revenues fall by 10.37% over the fiscal year to date to $424.1 million.
South Lake Tahoe fared well in March, as its revenues rose 7.15% year over year to $21.1 million, the largest increase reported by the Nevada Gaming Control Board. During the fiscal year to date, however, the area’s win is off 19.29%. In Wendover, located in Elko County, casino gambling revenue registered $14.9 million in March, down 3.41% compared to the same time period last year. The city’s gambling establishments include the Wendover Nugget, Montego Bay, and Red Garter.
In Nevada’s Carson Valley area, revenues of $8.5 million represented a 2.26% growth year over year. The March total helped offset a 6.86% drop in casino revenue during the fiscal year to date. The Gaming Control Board defines the Carson Valley area as Carson City, Gardnerville, Minden, and all other areas of Douglas County except South Lake Tahoe.
Also released last week by the Nevada agency were fee collection totals based on April’s revenues. The State of Nevada hauled in $79.9 million in fees, which represents a 6.85% increase compared to April 2009. Fee collections have been up in two of the last three reported months and are roughly equal over the fiscal year to date at $533.0 million.
Las Vegas is gearing up to host the 2010 WSOP, which kicks off on May 28th from the Rio. The tournament series includes 57 bracelet events spanning a six-week time frame, wrapping up on July 17th. Poker players from the four corners of the globe will descend upon Sin City for the annual gala, which also features concurrent events as part of the Bellagio Cup and Venetian Deep Stack Extravaganza.
