June 20, 2024

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Nevada Casino-Resort Industry Reaches A Revenue Peak In October

2 min read

The casino-resort industry in Nevada is increasing its overall revenue collection by leaps and bounds. October as a whole witnessed a 2.7% year-over-year increase in revenue, reaching a record $1.31 billion. The regional casinos, too, have contributed to this.

Considering a ten-month period, the annual revenue for 2023 increases by 3.3% compared to the previous year. In part, the November added results were attributable to the Formula 1 race in Las Vegas and the Thanksgiving weekend.

According to gaming news, Downtown Las Vegas and the Boulder Strip had the highest revenues in October. In the instance of Downtown, the amount was $97.5 million, and the Boulder Strip, $88.6 million, representing an increase of 7.8% and 10.2%, respectively, over 2022.

Casinos catering to the locals had an added revenue of 5.7% in October, reaching $261.5 million. Baccarat winnings on the Las Vegas Strip surged by 43%, totaling $714.4 million in revenue collection. It was $705.8 million in October 2022. Overall, Strip gaming revenue increased by 5.4% as compared to 2022.

According to Michael Lawton, senior economic analyst for the Nevada Gaming Control Board, this is the 32nd month in a row that Nevada has generated an average of $1 billion in gaming revenue.

The Strip took advantage of the residencies, concerts, and sports dates that shifted 3.63 million outstation people toward Las Vegas in October. In 2022, the figure was less than 9,000. As per the Las Vegas Convention and Visitors Authority, the visits rose by 5.8%.

Overall occupancy increased by 87.7% in 2022. There was a 94.2% increase over the weekend. Strip occupancy was 89.6%, compared to 88.7% in 2022. The LVCVA attributes this to the growing popularity of sports, entertainment, and conventions. The events chosen include Caesars Palace, MSG Sphere Arena, Pink’s Summer Carnival Tour, and Ed Sheeran’s Mathematics Tour.

The games that added revenue included the NASCAR Xfinity Series, the NASCAR Cup Series, and the Las Vegas Raiders. Added to that were slots, table, counter, card game, and baccarat. Nevada sportsbooks witnessed big earnings.

As per Deutsche Bank, slots and local casinos contributed to the revenue, with handle playing a negative role. In Washoe County, Reno witnessed an upward trend, whereas in Clark County, it was North Las Vegas that saw a fall in revenue.

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