Nevada has broken another all-time monthly gambling revenue record in February. According to the Nevada Gaming Control Board’s latest report, the state’s casinos generated combined revenue of $1.24 billion over the last month, an 11.15% increase from February 2022 and the 24th consecutive month that operators generate more than $1 billion in revenue.
February also marks the second month in a row that the all-time monthly record was broken. Most of the revenue was driven by the Strip, which posted $712.5 million in casino win, an 18.9% increase from the past year but down slightly on a monthly basis.
Clark County reported a revenue total of almost $1.08 billion, making February the tenth straight month that its casinos generate more than $1 billion, thus building a streak of its own. Downtown Las Vegas generated $74.3 million in gaming revenue (up 7.49%), while areas outside of Clark County combined to $265.7 million, a drop of 4.6% from the same month in 2022.
Of the 20 submarkets monitored by the Control Board, six — all in snow-affected Northern Nevada — had lower revenue in February than a year earlier. Washoe County, Reno, North Lake Tahoe and South Lake Tahoe were among the submarkets with declines. Sparks win was up 4.9%, thanks to a new casino property in the market.
Michael Lawton, senior economic analyst for the Control Board, said after 24 months of $1 billion-plus win for the state, the figure has become the new normal. “I think after 24 consecutive months you could safely say it is,” Lawton told Las Vegas Review-Journal. “Obviously there is a lot of economic uncertainty, however, that uncertainty has not spilled over into the record gaming win amounts we have witnessed over the last two years.”
Lawton further said the state agency would continue to watch Clark County’s gaming win to see if its 217 casinos can maintain a $1 billion level. “Clark County has recorded over $1 billion in 10 consecutive months and in 17 out of the last 24 months,” he said. “The Strip in December of 2022 recorded a win amount of $814.2 million which was an all-time record for the market. I think there is interest if the Strip on its own could hit the billion-dollar amount.”
In February, Clark County’s win represented 87.4% of the state’s total win with the Strip having 57.6% of the state’s total. For the calendar year, gaming win is up 14.5% statewide. On the Strip, it’s up 22.2%.
The Nevada Gaming Control Board has also provided an update on revenue per vertical, which shows casinos were luckier than their customers last month. Slot win increased 7.6% in February to $822.8 million, with coin-in of $11.5 billion up 3.9%. The slot hold — the amount won by casinos — was up 7.2% compared with 6.9 percent last year.
Meanwhile, table and card game wins increased by 18.8% with the drop — the amount wagered — down 0.7% to $2.8 billion. However, casinos won 14.7% this year compared with 12.3% in February 2022. Baccarat win climbed 62.7% to $102.5 million with the drop increasing 18.6% to $696.8 million. The hold percentage was 14.7% in February compared with 10.7% last year.
For their part, Nevada sportsbooks won $41.2 million, up 33.5% from a year ago, even though the amount wagered was down 15.6% to $659.4 million. However, sportsbooks had a hold percentage of 6.3% compared with 4% last year. Mobile sports wagers totaled $402.2 million, down 21.6% and accounted for 61% of all sports wagers.
The number of weekends last month was consistent with the number in February a year ago. However, the positive results came despite fewer special events on the Las Vegas calendar this year, with Lunar New Year celebrated in January, compared to February last year.
Revenue could see further hikes in the year ahead as business travel and conventions have yet to fully rebound. However, the growth may prove not sustainable in the long term, with growth in gambling revenue reverting to single digits within the next few years.
There are also a number of headwinds with economic and geopolitical forces that could impact the current trends in revenue, including a recession pending, a potential banking crisis, and other factors. But for now, $1 billion seems to be the new normal for Nevada and its gambling mecca.
Original article: https://www.yogonet.com/international/news/2023/03/29/66633-nevada-posts-second-consecutive-monthly-gaming-revenue-record-at-124b-in-february
