Nevada’s gaming industry set a new revenue record for April casino revenue, with casinos statewide collecting more than $1.2 billion, marking a nearly 7% increase from the same period last year. This was the 38th consecutive month that state gaming revenue exceeded $1 billion.
According to the Gaming Control Board, the revenue boost was largely driven by the Las Vegas Strip, where gaming revenue rose by 6.62% to $666 million, despite the Tropicana closing on April 2.
High-end baccarat activity played a significant role, with revenue from the game jumping 80% to $76.7 million. Overall wagering on baccarat increased nearly 10% to $662.9 million, with the hold percentage rising to almost 11.7% from 7% a year earlier. Excluding baccarat, Strip gaming revenue was up 1.2%.
Statewide, casinos paid out over $70 million in taxes from April’s revenue. For the fiscal year from July 1, 2023, to April 30, 2024, Nevada has collected $13.16 billion in gaming revenue, a 4.67% increase over the previous year.
Tourism to Las Vegas increased by nearly 4% in April, with convention attendance rising more than 36% compared to last April, according to the Las Vegas Convention and Visitors Authority (LVCVA).
The Strip saw an influx of visitors for events such as the International Security Conference, Google Cloud Next, and the Craft Brewers Conference. Overall hotel occupancy on the Strip reached 85.5%, up 1.2% from a year ago, with the average daily room rate increasing by 6.6% to $182.20.
“This month represented a very nice comeback after last month’s decrease. April traditionally is not the strongest month for gaming revenue and although this is our lowest win total this calendar year, it does represent an all-time record for the month of April,” Michael Lawton, the Control Board’s senior economic analyst, was quoted as saying in a Las Vegas Review-Journal report.
The Las Vegas locals market, which includes North Las Vegas and Henderson, experienced a 16% increase in gaming revenue compared to last April. However, Washoe County markets saw declines for the second consecutive month, with Reno’s revenue down 5.9% to $59.3 million and Sparks’ revenue falling 8.9% to $13.9 million.
In contrast, South Lake Tahoe recorded the state’s largest year-over-year monthly increase, with revenue rising 31.6% to almost $18 million, attributed to the calendar shift that pushed the last weekend of March’s slot machine revenue into April.
Other Southern Nevada gaming markets, including downtown Las Vegas and Clark County’s neighborhood areas, reported significant revenue increases. Downtown Las Vegas saw an 11.1% rise to $82.7 million, driven by a 13.4% increase in slot machine revenue and a 19.9% jump in sports betting revenue. The balance of Clark County, which includes neighborhood casinos, reported $163.2 million in gaming revenue, up 24.5%.
Macquarie Securities gaming analyst Chad Beynon said he expects gaming results on the Strip will continue to show revenue increases through the end of June, according to The Nevada Independent. He said the leadership of Las Vegas’ two largest hotel-casino operators, MGM Resorts International and Caesars Entertainment, predicted increased visitation but also higher hotel room rates through the end of 2024.
