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 0.25% 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.


views and opinions expressed are those of the author and do not necessarily reflect those of