House luck drives Nevada casino win up 11 percent in October

Markets Associated Press

Luck ran in casinos' favor last month, contributing to an 11 percent jump in gambling revenue statewide compared with October 2015, according to state Gaming Control Board figures released Tuesday.

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Monthly data showed that Nevada casinos statewide won nearly $990 million on the $3.8 billion bet on table games and slot machines in October — up from almost $949 million a month earlier and $887 million in the year-to-year comparison.

The state collected $59.5 million in taxes on the monthly so-called "casino win," up almost 14 percent from the same period last year.

"The casinos ran luckier than they did last year, or the customers ran unluckier," said Michael Lawton, Gaming Control Board senior analyst. He attributed the difference to the normal ebb and flow of wagers and wins.

Casino winnings are now up 5 percent in the fiscal year since July 1 — part of a streak that Lawton said has statewide gambling winnings up 2 percent in 2016 compared with the first 10 months of 2015.

In general, patrons bet less money but casinos won more of it, Lawton said. The result was reflected in double-digit increases in and around Las Vegas.

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Revenue on the Las Vegas Strip was up 14 percent in October, to $563 million compared with a year earlier.

Downtown Las Vegas and North Las Vegas each reported winnings jumps of more than 29 percent, and the Boulder Highway strip reported a nearly 24 percent increase.

Reno-area casinos reported a 3.6 percent increase in winnings for the month, but South Lake Tahoe casino revenue was down 22 percent.

Table games statewide won 14.3 percent in October, compared with 11.1 percent last October, Lawton said.

From slot machines, casinos reaped $631.6 million of the $9.3 billion bet during the month, up 10.4 percent from October 2015.

At baccarat tables, casinos won $87.2 million of $609.6 million wagered, up 10.2 from a year earlier.

Lawton noted the total amount bet on baccarat was down $281.5 million, or almost 32 percent, from a year ago.