Gaming decline decelerating at Tahoe

The decline in gaming revenues generated at Stateline casinos during January is decelerating, dropping only $2 million compared to last year.

According to figures released by the Nevada Gaming Control Board today, Stateline casinos took in $18.3 million, the first time the total dropped below $20 million since 2005, when major storms interfered with gamblers' reaching the tables.

That's a decrease of $12.8 million since the casino corridor win peaked at $31.1 million in 2007.

Stateline is the main source of gaming revenue for Douglas County. January's take was below that of January 2002, when the Sept. 11 attacks depressed gaming reveues all over the state.

January's decrease was far less than the $6 million plunge between 2008 and 2009, and the $4.9 million plunge between 2007 and 2008.

That market has been heavily affected by Indian casinos between Stateline and the primary source of tourists in California.

Meanwhile, Douglas County and Carson City casinos outside of the Lake Tahoe basin didn't fare much better.

The take for those two areas dropped 20.7 percent to $7.3 million. It was the largest percentage decline for the Carson Valley Area in the last decade. It also follows an 8.5 percent increase reported in December.

Statewide, the gaming win dropped 3.2 percent.

Gaming Control Board Analyst Frank Streshley said last year, Chinese New Year was all in January where most of this year's celebration, one of the industry's best holidays in terms of visitation, was in February. In addition, the weekend run-up to the Superbowl was in January last year but February this year.

Because of those factors, he said predictions were this January's gaming numbers would be a double digit drop compared to last year. Total win falling just 3.2 percent, Streshley said, is "well above expectations."

The annual consumer electronics convention provided part of the boost. The show drew 120,000 to Las Vegas this year, an increase of 6.1 percent over the previous year.

That decrease is also about the same as reported in December, which Streshley said is a hopeful sign the industry may be through losing business and on the road to recovery.

Washoe County reported an 8.7 percent decline in win to $60.2 million. That is Washoe's 31st straight month of declining gaming win.

North Lake Tahoe was down 11.3 percent to $1.99 million for January. For North Shore casinos, that is on top of an 11.4 percent decrease in January 2009.

In Churchill County, games play did well, increasing 25 percent to just over $79,000. That positive note, however, was erased by a more than 14 percent decrease in slot win. Overall, the nine unrestricted gaming locations there finished the month at $1.59 million in total win, a 13 percent drop compared to January 2009.

While slot win was down 4.7 percent to $556.1 million statewide, game and table win was off just a third of a percent to $315.7 million. The key factor was a strong 12.4 percent increase in Baccarat win to $108.1 million. The strong return of high rollers also showed itself in gaming tax collections as they paid off markers from the American New Year.

February collections increased 26.8 percent - more than $12.6 million - to $59.6 million.

Sportsbook win jumped dramatically - up 93 percent to $15.3 million for January - poker win was up 9 percent to $11.5 million and roulette 10.9 percent to $24.4 million.

Craps and 21 were both down double digit percentages.

The casinos did well despite a reduction in the total amounts played. Slot coin in was down 9.9 percent to $8.6 billion for the month. Table games drop fell 2.2 percent to $2.6 billion.