After several hours of work, I’ve gotten the November historical comparison up and updated the 2010 Year-to-Date report. Here’s the narrative of the November report:
November reversed the recent trend, with Nevada gaming revenues showing a year?to?year decline. This was because of a general weakening of demand, as, with few exceptions, both table and slot play decreased in November 2010. Though this month’s results might not signal the start of a new decline, they indicate that any recovery is uneven at best.
Statewide, this was the worst November since 2003, with revenues falling by 5.87%. Despite a small increase in slot win (2.74%), statewide slot play fell by 3.26%; the gains were due to a higher hold percentage. A weaker hold percentage at the tables, combined with lower handle ( down 7.35%) led to more than 20% decline in table revenues.
Las Vegas Strip revenues fell by 4.12%, with an 18.20% decline in table win wiping out the 10.30% gain in slot win. Slot revenues gained because of a near?record 8.22% hold percentage; actual slot play fell by 3.26%, indicating that demand is still weak. There was a definite softness in high?end play, with baccarat play declining by 18.55%, a rate far greater than the non?baccarat handle decline (2.08%). This was not a good month for the Strip, with both table play and slot play losing ground after last month’s modest progress.
On the Boulder Strip, total revenues fell by 2.46%, with hold variances causing an unusual reversal. Slot revenues gained slightly (+ 0.53%) despite falling handle because of a higher hold percentage, while the impressive 18.37% percent gain in table play was eaten up by a aberrantly?low 4.88% hold percentage. Boulder Strip tables saw plenty of action, but the dice didn’t bounce the house’s way.
Washoe County revenues declined by an alarming 19.66%. Slot revenue fell nearly 25% due to both a decline in handle (?13.53%) and hold percentage (a 13% decrease to 4.68%). Table revenues plummeted by 43.19% as both hold and handle (?15.85%) dropped. This market continues to decline.
You’ve really got to click through and see all those charts, and not just because they were a bunch of work.
Basically, it’s not very good news, particularly because for the second month in a row baccarat play has slipped. Is the “baccarat recovery” over? If so, that’s bad news, since general levels of play aren’t rising.