Formula 1's November betting revenue hits record high
The inaugural Las Vegas Formula 1 Grand Prix pushed Nevada’s gross gaming revenue (GGR) to a new high in November, with national gaming revenue rising to more than $1.37 billion. It was the best November ever and the second-best month ever in the state, behind only July 2023, when casinos won more than $1.4 billion.
F1 is designed to speed up racing on the Las Vegas Strip in November, a traditionally quiet month in southern Nevada. Despite some local opposition due to months of road closures and service disruptions ahead of the Nov. 16-18 race weekend, the Vegas bet appears to be paying off at Strip casinos.
GGR for the Las Vegas Strip increased nearly 23% from November 2022 to $821 million. It's a new November record for the Las Vegas Strip and the second-best month ever, trailing only last July's $834.9 million in gaming profits.
F1 fans are keen on table games as expensive minimums don't bother high-end European customers. Feeling bonuses increased 62 percent on the Las Vegas Strip, with baccarat the biggest contributor, with the dealer card game bringing in more than $178.3 million in casino revenue.
Slot machine prizes are down about 1.3 percent as deep-pocketed international VIPs don't favor the one-armed tiger as much as they do the gaming tables. Slot machine revenue on the Las Vegas Strip totaled $410.9 million.
F1 provides services to Strip
While locals and regular tourists are prohibited from visiting attractions like the Bellagio Fountains and are quickly escorted away by security when they stop to take photos on the Las Vegas Strip overpass, Michael Lawton Said the company's chief economic analyst at Nevada Gambling, the city's bet on Formula 1 is a gamble according to the control board. In addition to a memorable November at the casinos, Las Vegas Strip resorts reported strong hotel bookings and the resulting resort-wide business.
The four-day period starting Nov. 16 saw extremely profitable gaming and non-gaming events on the Las Vegas Strip, with some hotels estimating record-breaking sales during the days, " Lawton said.
Lawton admits that the luxury properties where F1 fans live and play are the biggest benefactors.
While the Las Vegas Strip is busy, GGR in the downtown area, where budget travelers tend to stay, fell 2% in November to $81.2 million. Profits at city center tables fell nearly 7% compared with November 2022, as games with lower minimum requirements were less busy. Downtown casinos weren't so lucky either, with a win rate of just 7.6 percent on table games compared to a 15 percent win rate on the Strip.
Record-setting 2023
Nevada gaming revenue totaled more than $14.08 billion in the 11 months of 2023. It's almost certain that by 2023, when December's data is released, the Silver State will post record profits for the third consecutive year.
In 2022, Nevada casinos won $14.84 billion. Before that, players lost $13.42 billion in 2021 due to the COVID-19 pandemic.
The record growth in 2021 and last year was driven in part by pent-up demand for leisure travel and the extra disposable income many U.S. residents received from the coronavirus stimulus package.
However, 2023 appears to be a testament to the resilience of the U.S. gaming industry, as its most important and important market is about to post a third consecutive record year.
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Source: www.casino.org
