- Associated Press - Thursday, June 29, 2017

LAS VEGAS (AP) - Casinos across Nevada in May posted their third monthly year-over-year revenue increase in a row, pumping the optimism of state gambling regulators.

The casinos statewide won more than $991.6 million from gamblers last month, according to data released Thursday by the Nevada Gaming Control Board. The figure represents an increase of 3.5 percent over the year and the second-highest monthly revenue in 2017.

“It was a very positive month for Nevada gaming revenues,” Mike Lawton, senior analyst with the control board, said. “We are pleased.”

Table games made up $344.4 million of May’s revenue. Slot machines yielded casinos $647.2 million.

Lawton explained that the 3 percent revenue growth that casinos have experienced during the current fiscal year has not been limited to a particular area in the state. Except for those in the north shore of Lake Tahoe, casinos have recorded revenue wins since the start of the fiscal year in July through May, earning $10.6 billion from gamblers.

Revenue on the Las Vegas Strip in May was up almost 3 percent year-over-year, to almost $546.8 million. Downtown Las Vegas winnings increased 9.5 percent to more than $55.2 million.

The casinos at Stateline on the south shore of Lake Tahoe saw a 30 percent jump in revenue, winning more than $17.8 million from patrons. Reno casino revenue was up almost 1.7 percent to about $51.2 million.

Statewide, casinos’ revenue from baccarat - a high-stakes game favored by high-rollers from Asia - in May was $100.9 million, up 13.2 percent, or $11.8 million, compared with the same month last year. Although casinos earned less from baccarat, the amount people gambled increased.

Meanwhile, sportsbooks had a less-than-stellar month, winning only $3 million of the $312.2 million that was wagered. That’s a revenue decrease of 49.9 percent compared to May 2016.

Lawton said basketball is to blame for the decrease as the public “was hammering away” on the Cleveland Cavaliers and the Golden State Warriors, but both teams covered the spread during the month of May.

The state benefited with more than $52.3 million in percentage fees based on the taxable revenues generated in May. That’s a 2.6 percent increase over the year.


Follow Regina Garcia Cano on Twitter at https://twitter.com/reginagarciakNO / More of her work can be found at https://www.apnews.com/search/ReginaGarciaCano

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide