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High Baccarat Play Supports Nevada Casino Win for March 2010
Gaming facilities in the state of Nevada won more than $912 million from players in March 2010, a slight drop from the same period in 2009 but a sign that Nevada's casino industry may be normalizing after two years of big gaming drops brought by the economic crisis.
The state Gaming Control Board said on May 12th, 2010 that the casinos' winning dropped by 0.6% from March 2009, when they took in $918 million. Frank Streshley, the chief of licensing and taxation of the board, said that this is a positive sign.
Winnings are what gaming facilities kept after players wagered $11.9 billion on slot machines and casino table games. Statewide, the $9.4 billion gamers wagered on slots machines dropped by 6.2%, but casino table games wagers of $2.5 billion were up by 10.6%. The state of Nevada earned almost $80 million in taxes based on those profits, a 6.8% improvement compared with the same time in 2009.
For the fiscal year that started July 1st, total casino winnings were down by 3.9%. Casino facilities on the Las Vegas Strip, which account for about half of all gaming revenues in Nevada, posted $467 million in total winnings, a 2.4% improvement from March 2009. It is the 2nd straight month of improvement after years of declines.
Streshley said that casino gaming on the Strip was supported by wagering on the National Collegiate Athletic Association (NCAA) basketball event and the high volume of baccarat play, which spilled over from the Chinese New Year and Super Bowl weekend celebrations. Baccarat is the game of choice among Asian gamblers especially with high-rollers. Most Las Vegas casinos are now catering to the increasing demand for baccarat from Asian players.
Bettors in Nevada wagered a total of $264.1 million during the 2010 March Madness and gaming facilities won $20 million, up about 74%. Sports book winning for the month earned a total of $13.7 million, up by 123% from last year.
The total win from the game of baccarat was $53.1 million, up by 58.6%. The tourism and casino market of Nevada were severely affected by the economic crisis as tourists stayed away from the Strip and gamblers refused to spend their discretionary dollars on gaming.
Streshley said that he definitely think that they have hit bottom as a state but it appears that economy is slowly recovering and he expects that the results in the next few months will not have any significant positive or negative swings.
Monday, May 31, 2010