June 20, 2024

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Nevada Gambling Revenues Set A Monthly Record In January

2 min read
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In Nevada, the gaming sector recorded a small growth, reaching new highs despite a drop in January compared to December 2023. The state’s casinos and sports betting businesses generated a total of $1.28 billion in income, 3% more than in January 2023 and a new high for the year. The information obtained from the Nevada Gaming Control Board depicts a well-balanced image of the business at the time, despite the fact that revenues plummeted by 10.5% from December’s data.

Several factors contributed to this decelerated growth, such as consumers on the Strip reducing their spending during this weekend due to the festivities following the New Year’s holiday or those who delayed their Las Vegas vacation until the Super Bowl weekend on February 11.

Notwithstanding this, Nevada’s gaming tax increased by 3.7% in comparison to January 2023, reaching a total of $99 million, according to a report. The streak was prolonged for a total of 35 consecutive months, resulting in monthly gambling revenue exceeding one billion dollars, which was unprecedented.

Monthly revenue for casinos on the Las Vegas Strip was down 3.8%. The most precipitous decline, of almost 15% year-on-year, was seen in table games. Compared to January 2023, there was a greater than 10% decline in casino wins from blackjack, craps, and roulette. Blackjack dropped 18.2% in January 2023. The highest-earning gambling activity for the month, with a total of $98.3 million, remained the card tables.

Based on online gambling news, Slot machine revenue increased by 3%, which was insufficient to compensate for the decline in table game revenue. In January, the largest gains were seen by local casinos in Clark County and even neighboring areas like Reno. Downtown Reno and the surrounding Washoe County casinos had a 36% year-over-year increase.

A recent survey found that as many as 75% of people of the Biggest Little City in the World have visited a casino at least once in the past year, indicating that the gamblers here are rather dedicated. Casinos in Clark County that are not located on the Las Vegas Strip or in Downtown had an 11% increase. Among them were the Henderson-based Durango, which had just opened, and the M-Resort, which had just marked 15 years in business. Off-Strip casinos in Clark County brought in a total of $163.9 million.

Nevada sports betting revenue rose 24% to $64.7 million. Football betting brought in $38.5 million for the bookmakers.

The football domination is anticipated to remain unchanged when February’s stats are announced, as Las Vegas hosted Super Bowl LVIII at Allegiant Stadium. With February looking like it could break records, everyone is waiting with bated breath for the complete revenue report. The casinos along the Las Vegas Strip saw a surge in business over Chinese New Year in February, particularly at the baccarat tables.

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