CASINO

Nevada casinos break five-month losing streak on baccarat, sports betting gains

TAGs: Nevada

nevada-casino-break-losing-streakNevada casinos snapped their five-month losing streak in January as revenue rose 7.8% to $952.7m.

The numbers were even better on the Las Vegas Strip, where revenue rose 15.4% to $576.8m. The rebound was largely due to a 69% rise in baccarat revenue to $137.8m. Baccarat enjoyed a 17.35% win rate, compared to a record low 9% in January 2014. However, baccarat volume fell 13.5% in January, the fifth straight month that baccarat whales have kept a tighter grip on their wallets.

Blackjack revenue was flat at $97.8m, while roulette rose 37% to $34.5m and craps fell 7% to $28m. The rest of the table games finished as follows: three-card poker ($13.7m, +22%), mini-baccarat ($11.1m, +3%), pai gow poker ($9.6m, +3%), let it ride ($3.2m, -4%), pai gow ($3m, -26%), keno ($1.9m, -6%) and bingo ($450k, +7%). Slots revenue fell 1% to $561.2m.

Nevada sportsbook revenue rose 51.7% to $20.3m, the fifth straight month sports betting revenue has topped the $20m mark, a new state record. The numbers were driven by a 28.7% rise in basketball winnings to $14m, another new Nevada record for the month of January. Basketball stakes hit $177m and hold reached 7.9%.

Football revenue was up 90% to $4.7m on a 2.54% hold, making a total football win of $106m from September through the Super Bowl. Pari-mutuel race betting revenue was up 7.25% to $4.7m while ‘other’ wagers rose 134% to $1.7m. Parlay cards rose 268% to $964k but this was cancelled out by laggard baseball bettors cashing in $992k worth of winners.

Meanwhile, Rep. Dina Titus has reintroduced federal legislation that would repeal the 0.0025% tax on Nevada sportsbook betting handle. On Friday, Titus sent a letter to the House of Representatives Committee on Ways and Means reiterating her position that the $9m to $11m the state sends Washington each year via this tax was a pittance in federal budget terms but that same sum could do some real good if it stayed in Nevada. Titus’ previous effort to repeal the tax went nowhere.

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