Nevada Casinos See Decline in Revenues for February
February reports show that casinos in Nevada saw a decline in revenues due to sports betting and baccarat.
Every month, gaming control boards or the equivalent regulating body will release the monthly revenue reports so the public as well as gaming venues are able to see just how much was earned in every avenue of gaming. Every casino hopes to see positive reports, where gains are earned. However, if certain games or offerings do poorly, it can lead to a decline in monthly revenue earnings. In Nevada, the state saw a decline in gaming revenues due to sports betting and baccarat performing poorly.
The Nevada Gaming Control Board is the group that reports the revenue earnings and losses for the state. Gaming takes place in Las Vegas as well as other cities such as Reno with the month of February showing a decline due to a decrease in sports betting as well as baccarat gaming. The state actually saw double-digit declines in both categories based on lower game play.
On Tuesday, the Nevada Gaming Control Board released the latest details of gaming revenues showing that casino gaming revenues hit $946.6 million overall which is a decline of 4.5% for the month when compared to the same month in 2015. The decline rate was actually larger for the Las Vegas Strip where $542 million was earned, a decline of 5%.
Breakdown of Revenues
Gaming regulators break down every gaming offering to see how they stack up when compared to the previous February. For slot gaming, the state was able to see a similar decline of 4.5% with $581.7 million earned. For table gaming, the top earner was the game of blackjack, which brought in $106.4 million, an increase of 12.3%. The game of roulette saw a huge jump in revenues, with $38.6 million earned, an increase of almost 59%.
However, sports betting and baccarat would perform poorly which would lead to the overall decrease in gaming earnings. Baccarat gaming was down to $98.4 million which is a decrease of just over 19%. The baccarat gaming figures were actually less than 2/3 of what was earned the previous month, in January. However, baccarat actually saw an increase in January due to the Chinese New Year and players hitting the baccarat tables.
The big loser for the month was craps where $35.6 million war earned, which is an increase of just over 20%. Sportsbooks also took a loss for the state with total revenues going down close to 26% when considering year-on-year totals. A total of $20.7 million was produced by sports betting wagers in the state. This amount is actually better than what was earned by sportsbooks in January, when only $8 million was reported. The sportsbooks actually experienced their first loss during a football month in a four year time frame. Yet, the overall betting handle came to a total of $380.7 million which is a new record for February.
For football in February, the state was able to bring in $7.1 million which is 45% less than what was earned in February of 2015. When it comes to basketball revenues, the state saw a decrease as well with only $11.5 million earned, which is a decrease of just over 13%.
Despite the loss, parlay cards and other sports were able to see an increase in earnings. Parlay cards earned $1.1 million which is just over 27% more than last year. For other sports, the total came in at $1.5 million which is an increase of 29.9%.
For poker gaming, the state earned $8.8 million in land-based play which is a decrease of 1.1%. Active poker tables in the state come to 661 for last year.