Vegas, we have a problem

First, the good news. Statewide, gambling revenues in Nevada were up 2% last month, halting a five-month skid. However, there was no relief from decline on the Las Vegas Strip, where the take was down 2.5%. If you’re searching for a silver lining in that, Deutsche Bank had expected an 8% drop. Whew. The main culprit for the Strip’s continued declivity was baccarat. That notoriously volatile game saw house winnings plummet 10% on 4.5% less money wagered and looser hold.

Regular table games also saw the house get cleaned out. Table winnings plunged 16%, on 4% less betting. Slots were the lone bright spot (unless you were a player), as winnings leapt 11% on 1.5% more coin-in. It was even worse for you if you were a locals casino player, as slot takings vaulted 24% on flat coin-in. By contrast, locals table games went in players’ favor, with win plummeting 22% despite more 4.5% more betting.

The Strip made $881 million, while Downtown hopped 8.5% to $82 million. And except for Utah-facing Mesquite, down 3% to $16 million, all non-Strip locales in the Las Vegas area were feeling happy. The Boulder Strip came roaring back, catapulted 30% to $88 million. Also up were North Las Vegas ($25 million, +2%), Laughlin ($34.5 million, +9.5%) and miscellaneous Clark County ($161 million, +9%), the latter still feasting off Durango Resort. Drive-in business from Utah should be a cause for concern, as Wendover was also down, tumbling 11% to $22.5 million. California-facing Reno and Lake Tahoe were looking very good, however. The former was up 20% to $66 million and the latter leapt 20% to $19.5 million. As for the anemic wagering numbers on the Strip, maybe players are finally getting fed up with Sin City’s price-gouging ways. We can only hope.