Nevada's February Gaming Winnings Fell 7%, State Report Says

(Bloomberg) -- Nevada's gaming revenue fell 7 percent in February from a year earlier, in part because Chinese New Year, a popular time for gambling, boosted visitation in February last year.

Along the Las Vegas Strip, home to the state's largest casinos including the MGM Grand and Caesars Palace, winnings fell 13 percent to $338 million from $386.8 million, Nevada's Gaming Control Board said. Casino winnings for the state fell to $698.9 million from $751.6 million a year earlier, the board said.

``It's very clear that revenue and visitor growth are de- accelerating this year,'' said analyst Brian Egger of Credit Suisse First Boston.

Visitation to Las Vegas will rise just 2 percent to 4 percent this year as a softer economy curtails personal spending, he said. Visitation rose 6 percent in 2000, according to the city's Convention and Visitors Authority.

Still, Egger said first quarter revenue growth for the large casinos would be ``modest but nevertheless positive.''

Chinese New Year, a popular time for gamblers to visit Las Vegas, fell in January, helping casinos post a 3.5 percent gain in winnings over January 2000.

Adjusted for such factors as the loss of the holiday, revenue from the Aladdin casino, which opened in August, and one extra day in February last year because of leap year, winnings for casinos on the Strip rose 1.5 percent in the month, Eggers said.

In downtown Las Vegas, revenue rose 2.5 percent to $55.8 million in February. In Reno revenue fell 6.9 percent to $52.5 million.

Companies that own and manage casinos in Nevada include MGM Mirage Inc., Park Place Entertainment Corp., Mandalay Resort Group and Harrah's Entertainment Inc.