The monthly total was 6.9% ahead of $1.16bn in April last year but 3.9% less than $1.29bn in Nevada in March this year. March was also lower than February’s total, with February having been boosted by Nevada’s hosting of the NFL’s Super Bowl.
Once again, slots proved to be the primary source of revenue for operators, generating a total of $886.8m. This is 5.9% higher than in April last year. Multi-denomination slots drew the most revenue at $586.8m during the month, a rise of 26.4%.
High-stakes slots also saw more revenue, with increases across both $25 (up 137.6%) and $100 machines (up 14.5%). In contrast, revenue from all lower-stakes machines was down year-on-year.
Blackjack and baccarat drive growth
Looking elsewhere in Nevada, revenue from table, counter and card games – including sports betting – climbed 9.8% to $353.4m.
Within this segment, blackjack drew the most revenue, generating $110.2m in April, up by 16.0% year-on-year. Baccarat revenue also hiked 72.5% to $76.1m, while roulette revenue increased 4.6% to $35.9m.
In contrast, revenue from craps dropped 25.5% to $30.3m during the month, while Ultimate Texas Hold’em edged down 1.1% to $15.1m.
Sports betting revenue dips 5.0% in April
Focusing now on the sports betting market, revenue here was 5.0% lower at $30.8m in April.
Basketball wagering generated the most revenue at $13.3m, down by 12.1%. Revenue from baseball betting increased 18.4%% to $10.7m and hockey wagering revenue jumped 74.2% to $5.7m.
Football betting generated a $5.7m loss for operators, but this was a 17.1% improvement on last April. Wagering on other sports generated $6.8m in revenue, down 31.6% year-on-year.
Some $24.5m of all sports betting revenue in Nevada came from wagering online.
Las Vegas Strip revenue reaches $666.1m
As for the famous Las Vegas Strip, revenue in April amounted to $666.1m. This is 6.6% more than in the same month last year but 7.0% short of March’s total.
Slots revenue increased 5.1% to $409.3m, with high-stakes machines again seeing the most improvement. However, multi-denomination slots generated the most revenue at $276.9m, up 28.2%.
Table, counter and card games revenue amounted to $256.8m, also up 9.2% year-on-year. Blackjack drew the most revenue at $81.7m, up 10.2%, just ahead of baccarat on $76.7m, a rise of 11.6%.
Sports betting revenue on the Strip slipped 26.5% to $9.7m during April.
What else is happening in Nevada?
Looking at the wider Nevada market, the state has seen several key developments in recent weeks.
Earlier this month, London-listed Entain gained unconditional approval to operate in Nevada. The operator currently runs in the US as BetMGM, its joint venture with MGM Resorts.
Entain previously operated under a two-year licence and, more recently, a three-year licence that expired in May. The temporary licences reflected concerns from the Nevada Gaming Commission over its operations in unregulated markets.
However, full approval suggests the Commission believes this is now in the past.
Meanwhile, Gaming and Leisure Properties (GLPI) announced the $105m acquisition of three casino resorts in South Dakota and Nevada.
GLPI acquired the real estate assets of Baldini’s Casino in Nevada. Baldini’s stretches across nine acres with around 492 slot machines.
It has also secured the Silverado Franklin Hotel & Gaming Complex and Deadwood Mountain Grand casino in South Dakota.
Original article: https://igamingbusiness.com/finance/nevada-gambling-revenue-in-april/
