Nevada’s January Gambling Revenues hit Monthly Record

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Nevada’s January gambling revenues fell significantly on December 2023’s numbers. But operators still (just) hit a new record for the first month of the year.

In total, all the Nevada casinos and sports betting operators made $1.28 billion in revenues for the month. That’s according to the latest monthly figures from the state regulator, the Nevada Gaming Control Board.

Total revenues were up 3% on January 2023, which was also a record-breaker. However, that $1.28 billion is also down 10.5% on December’s figures.

Factors affecting the slower growth may include visitors putting off their trips until during or after the February 11 Super Bowl weekend in Las Vegas. It may also be attributed to a general fall in gambling on Las Vegas Strip casino floors as customers reined in their finances after New Year’s exuberance.

From all that activity, Nevada’s taxman collected $99 million, a 3.7% rise on January 2023. The Silver State also continued its 35-month streak of billion-dollar plus monthly gambling revenues.

Area Breakdown

The Las Vegas Strip casinos’ revenues fell 3.8% for the month. Table games saw the steepest fall at around 15% year-on-year.

Casino winnings from blackjack, craps, and roulette all fell by more than 10%, compared to January 2023.

Blackjack fell 18.2% on January 2023. However, card tables still made $98.3 million in revenues for the month, the single highest of any gambling activity in the breakdown.

Slot machines were up slightly at 3%, but not enough to offset the fall in table game income.

On the other hand, Nevada still hit a record breaking January – so where did those revenues come from?

Well, local casinos in wider Clark County, and even rival cities like Reno, pulled in the biggest gains in January.

Casinos in Washoe County, home to Reno, were up 36% year-on-year. The Biggest Little City in the World’s gamblers are a committed crowd, with up to 75% of residents having visited a casino at least once in the past year, according to a recent survey.

Clark County casinos outside of the Las Vegas Strip and Downtown were up 11%.

That included the newly opened Durango in Henderson, and M-Resort, which recently celebrated its 15th anniversary. Between them, off-Strip casinos in Clark County made $163.9 million in revenues.

The fall in Las Vegas Strip revenues, the main driver of the Silver State’s gambling income, was also offset by sports gambling.

Nevada sports betting saw a 24% growth in revenue at $64.7 million. The majority of that was football betting, which made $38.5 million in revenue for the ‘books.

Big February Incoming

Don’t expect that football dominance to change when February’s numbers are released, as the month saw Las Vegas play host to Super Bowl LVIII at Allegiant Stadium.

Nevada retail sportsbooks reported betting records smashed within a day of the big game. So the full revenue report for February will be keenly watched as a probable record-breaking month.

February was also Chinese New Year, a big event for the Las Vegas Strip’s casinos, especially its baccarat tables.

In 2023, the festival occurred in January. That also may have contributed to the slower growth this month, as well as the expected boom from February’s numbers when they are released.

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