March revenue in Nevada fell short of February’s total of $1.34bn, as well as 1.5% behind the same month last year, when the state’s licensees generated $1.31bn in revenue. The state collected $86.5m in taxes for the month.
Slot machines continue to be the dominant product, accounting for $874.5m in revenue, 67.8% of the monthly total. Nevada’s slot revenue for March was 5.7% ahead of February’s total of $827.6m. However, multi-denomination slots remain the only machines in the segment to record year-on-year growth.
Meanwhile, table, counter and card games were responsible for $415.9m in revenue, 19.2% behind February’s figure of $514.6m. While baccarat revenue fell 36.3% from $180.1m to $114.7m, it remains the biggest earner among table, counter and card games.
Despite the March drop, Nevada has still accumulated $11.92bn in gaming revenue for its fiscal year-to-date, up 4.44% on the same period last year.
Nevada sportsbook revenue down despite March Madness
Despite the presence of March Madness in the month, Nevada’s sportsbook revenue fell to $29.8m during March.
That is a 37.8% drop month-on-month, although February did include a Super Bowl held in Nevada. The game was played at the Allegiant Stadium, with the Kansas City Chiefs beating the San Francisco 49ers 25-22.
Basketball accounted for $32.5m in revenue, although losses of $12.9m in the football sector heavily cut into the profits produced largely by March Madness.
Strip revenue also drops in March
While Las Vegas Strip revenue topped $800m in February, Nevada failed to follow up that success in March.
The Las Vegas Strip only generated $715.9m in March, 10.6% behind February’s total of $800.7m. March’s figure was also a 1.2% decrease year-on-year from the $724.6m generated in the same month last year.
Slots on the Strip accumulated revenues of $401.4m, up on the $381.0 generated the month prior. However, table, counter and card games received $314.4m in revenue, over 25% down on February’s total of $419.7m.
Cumulatively, with the Las Vegas Strip revenue included, Clark County’s casinos generated $1.13bn in March revenue, again 1.55% behind the same month last year.
Original article: https://igamingbusiness.com/finance/nevada-gambling-revenue-drops-march/
