Nevada’s Gambling Revenues Hit New October Record

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Nevada’s gambling operators had a record October for revenues, according to the latest stats release from regulator Nevada Gaming Control Board.

Gaming revenue hit $1.315 billion, which made October 2023 the sixth-best month for revenues in the state’s history. It’s also up 2.73% on October 2022, and a 3.9% increase on September’s numbers.

The most prestigious of Nevada casinos, those on the Las Vegas Strip, contributed nearly $714.5 million to the revenue pot, a 1.2% increase from the previous year. This growth was bolstered by strong baccarat play and hold, although slot income on the Strip saw a slight decline of 1%.

Statewide, casinos won more than $894.8 million from slot machines. They also reported $420.2 million from table games and sports betting, which are lumped together in the Control Board’s reports.

Nevada sports betting pulled in $101.75 million of that number, which is also a significant rise compared to September’s $62.3 million in revenues.

The record gaming revenue was reflected in the record numbers of visitors to Las Vegas’ Harry Reid International Airport over the month. Nearly 5.5 million people passed through the airport in October, which is an all-time record for the already busy airport.

Diverse Contributions Across Gaming Segments

Slots remained the dominant revenue generator across the state, accounting for $894.9 million. That’s up 2% from last October.

Multi-denomination slots were particularly successful, bringing in $527.8 million, a significant 16.3% increase. However, not all slot games saw growth. Penny slots experienced an 11.7% decline in revenue.

In terms of table, counter, and card games, total revenue edged up by 4.2% to $420.3 million. Baccarat led this segment with a notable 35.3% increase in revenue to $89.8 million. On the other hand, blackjack, the main source of table game revenue, saw a 12.6% decline to $114.1 million.

Other games, like craps and roulette, also reported revenue increases, whereas Ultimate Texas Hold’em and three-card poker experienced declines.

Sports Betting Continues to Thrive

Online and retail sportsbooks in Nevada reported a 19.8% increase in revenue from September, rising to $101.75 million.

Football betting was the largest contributor to this increase, followed by betting on baseball, basketball, and ice hockey.

Mobile betting accounted for $35 million of that total. That is about 34% of revenues.

Nevada’s policy of making customers sign up in-person at retail sportsbooks before placing mobile bets is clearly paying off in this regard, as the ratio of mobile bets to online wagers is far more favorable to retail in the Silver State than in any other legal U.S. sports betting market.

Las Vegas Strip Still on Top

The Las Vegas Strip was the major contributor to Nevada’s record-breaking October.

It accounted for 54.3% of all gambling revenue in the state. There was a slight decrease in slot revenue on the Strip, potentially influenced by a series of big jackpot slot wins over the month.

However, table, counter, and card game revenue at the major casino resorts saw a 4.4% increase. That included significant gains in baccarat and blackjack, which already had a good September.

Downtown Las Vegas also saw significant growth, with casinos there winning more than $97.5 million, marking an almost 8% increase from the previous year. It was also the downtown area’s best October performance.

The Nevada Gaming Control Board reported that the state collected $83.1 million in tax on revenues generated in October 2023. This represents an 8.72% increase in tax taken compared to the previous October.

Looking ahead, these record breaking months may well continue. The F1 Las Vegas Grand Prix, held earlier in November, broke motor racing records at the city’s sportsbooks and attracted hundreds of thousands of extra visitors to the city.

Reports are that casino dealers at high-end Las Vegas Strip casinos were making thousands of dollars in tips a night over the race weekend, so signs are promising for November’s revenue report.

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