Is Chinese New Year and baccarat bubble really to blame?
Gaming revenues in January fell 12.4 percent statewide and 18.7 percent on the Strip based on a challenging comparison to figures produced by Nevada’s resort industry a year ago.
The Gaming Control Board said Friday that Nevada casinos collected $909.2 million from customers during January, down from $1.038 billion a year ago. On the Strip, casinos won $507 million, compared with $623.5 in the same month of 2012.
January 2012 was the state’s first billion dollar gaming revenue month since September 2008 – a 40-month drought – fueled by the lucrative Chinese New Year holiday celebration.
This year, Chinese New Year, and the high-end baccarat play associated with the event, fell into February.
Because Chinese New Year moves around the calendar, gaming analysts said the combined two-month figures provide a better reading.
Nevada casinos collect $10.8 billion in 2012
Nevada’s casino industry posted its third straight annual gaming revenue increase in 2012 as the industry continues its modest recovery amid a sluggish economy.
Analysts noted the results were helped by high-end baccarat play, the game that has bolstered the industry’s bottom line since Las Vegas companies began doing business in Macau in 2004.
Statewide, casinos collected $10.86 billion in gaming revenue in 2012, a 1.5 percent increase over $10.7 billion in 2011.
“We are slowly increasing revenues,” said Michael Lawton, senior research analyst for the Nevada Gaming Control Board. “We are still 15.5 percent below the peak in 2007, but we are gradually moving in the right direction.”
Nevada gaming revenues were $12.8 billion in 2007, Lawton said. On the Strip, gaming revenues increased 2.3 percent over 2011 with casinos collecting $6.2 billion, marking a second straight year revenues topped $6 billion.
Nevada casinos lose $1.21 billion in fiscal 2012
When does a net loss of more than $1.21 billion not seem so bad?
When it’s compared with a net loss of almost $4 billion in the previous year.
Nevada’s casino industry suffered through its fourth straight fiscal year net loss despite 4.4 percent growth in total revenues over the 12-month period, according to the annual Gaming Abstract, which the Nevada Gaming Control Board released Wednesday.
The report compares revenues and income produced by casinos generating more than $1 million in gaming revenues during the fiscal year, which ended June 30.
In 2012, the abstract included results from 265 casinos statewide. Together, the casinos had a net loss of $1.21 billion on total revenues of more than $22.9 billion. In fiscal 2011, 256 casinos generated a net loss of almost $4 billion on revenues of $22 billion.
Nevada gaming revenues rise 3.3 percent in September
Forget about baccarat for at least one month.
Football wagering revenues offset declines in baccarat results during September, propelling Nevada to a modest gaming revenue increase.
Statewide, casinos collected $892.7 million in gaming revenues in September, a 3.3 percent increase compared to the same month a year ago according to figures released Thursday by the Gaming Control Board.
On the Strip, casinos collected $496.5 million from gamblers during the month, a 1.2 percent increase over September 2011.
Baccarat results – which have predominantly been the stepping-off point for whether or not that state and the Strip had a positive revenue month over the past few years – declined in September.