Nevada Casinos August Revenues Hit Record High
Nevada’s casinos have been on a roll, and the momentum shows no signs of slowing down.
August 2023 saw the state’s 437 licensed casinos pulling in roughly $1.2 billion, according to the latest figures from the Nevada Gaming Control Board. That marks a modest 0.07% increase from the previous year. But, it still sets a new record for gaming revenue in August, surpassing the previous year’s total by a hair’s breadth.
The news comes at a pivotal time for the famous Nevada casino venues on the Las Vegas Strip and beyond. The month saw the city’s Harry Red International Airport count record visitors and November’s upcoming Las Vegas Grand Prix is set to bring even more travellers in.
However, not all is well in Las Vegas. Late last week, the powerful Culinary Union, representing some 60,000 hospitality employees across dozens of top casino resorts, voted overwhelmingly in favor of upcoming strike action. Union officials pointed to record revenues during their demands for higher wages.
Two of the city’s biggest casino operators, Caesars Entertainment and MGM Resorts, were also hit with cyberattacks during the month of September. However, the impact of that will not have been included in this latest record-breaking release.
Las Vegas Strip Baccarat Up
Casinos on the Las Vegas Strip accounted for $667 million of Clark County’s total win of $1.026 billion. This represents a 1% increase compared to August 2022. The growth in gaming win for the 2023-24 fiscal year stands at 3.5%, amounting to $2.6 billion, with the Strip’s contribution up by 4.8%.
Slot machines, a staple in casinos, saw a slight dip in revenue, bringing in $829 million, marking a 2.1% decrease from August 2022.
However, table games witnessed a surge with a 5.1% increase, translating to roughly $380 million in wins. Baccarat, in particular, stood out, with a robust 20.2% year-over-year increase, amounting to $116.2 million in wins against players. Without the boost from baccarat, the statewide wins would have seen a decline of 1.7%.
Nevada retail sportsbooks also had a reason to celebrate, with a win of $18.1 million, up 12.7% from the previous year. Wagers totalled $431.3 million, a 5.5% increase compared to 2022.
Despite the challenges of in-person registration, and in some cases withdrawals, Nevada online sportsbooks still dominated their retail counterparts. Mobile sports betting accounted for nearly three-quarters of the total wagers, amounting to $316.7 million of the $431.1 million handle for the month.
Events and Weather Play Their Part
Part of the Strip’s success can also be attributed to a packed events calendar in August.
The Soccer Champions Tour at Allegiant Stadium, Maroon 5 and Adele’s Strip residencies, and Beyonce’s Renaissance World Tour performances at Allegiant Stadium were some of the highlights of August. However, the month wasn’t without its challenges. Heavy rains from Hurricane Hilary resulted in several flight cancellations on August 20, impacting the influx of tourists.
Comparing the numbers to pre-pandemic times, the statewide total win was 26.8% more than August 2019.
On the other hand, in September several high-profile shows and events faced cancellations over COVID outbreaks, proving that the virus is not completely finished with disrupting Sin City just yet.
Nevertheless, throughout August, the Nevada taxman benefited from the gaming industry’s record success.
Nevada collected $75.7 million in taxes and fees from casinos based on August’s win, a 2.6% increase from the previous year. For the first three months of the fiscal year, gaming tax revenue amounted to $255.7 million, marking a 2.6% increase over the same period last year. This revenue is directed to Nevada’s general fund through the state’s maximum gaming tax rate of 6.75%.