Nevada casino profits slow for first time in eight months, state's $1 billion sequential profit remains unchanged
Nevada casinos won $1.29 billion last month, down 1.65% from March 2023 and the first monthly year-over-year decline in the Silver State gaming industry in eight months.
The Nevada Gaming Control Board (NGCB) on Thursday released gaming revenue data for the state’s 316 casinos and gaming licensees. While national table gaming revenue rose 2.5% to $415.9 million, slot machine performance failed to match the record levels seen since March 2023. Those reels earned $874.5 million, 3.5% below the previous monthly all-time high of $906.5 million set in March 2023.
The state's most important market, the Las Vegas Strip, fell 1.2 percent to $715.8 million. Main Street slot machines won 5% less money from players, to $401.4 million. The table felt like it could recoup some of its losses, but a 4% gain of $314.4 million wasn't enough to fully offset the decline in slot machine holdings.
Oddsmakers didn't fare too well either, as most of the March Madness games were heavily favored by the public, with favorites UConn and South Carolina winning the men's and women's college basketball tournaments, respectively. Sports betting profits fell 32% to about $29.8 million, with a win rate of just 3.8%.
First quarter remains strong
Although Gross Gaming Revenue (GGR) is declining month over month, March 2024 filings show Nevada’s gaming industry continues to grow. In the first quarter, GGR exceeded US$3.9 billion, a year-on-year premium of 2.35%.
Tabletop games drove three months of growth, accounting for $1.32 billion in total profits, up 6% from the first quarter of 2023. Slots edged up 0.4% to $2.58 billion. The NGCB's allocation of sports betting winnings to card revenue increased 5% to $142.4 million.
Although March 2024 will not be as strong as March 2023, the nearly $1.3 billion monthly increase extends Nevada's streak of at least $1 billion a month to 37 consecutive months. Prior to its unprecedented surge to more than $1 billion, Nevada gaming's longest winning streak of monthly GGR exceeding ten digits lasted just eight months, a feat that occurred between October 2006 and May 2007.
Sales increased in most markets during the first quarter. Strip GGR increased 2.5% to $2.2 billion, South Shore Lake Tahoe profits increased 4.5% to $55.4 million, and profits in Washoe County, home to Reno, increased 12% to $246.9 million.
Some market losers included downtown Las Vegas, where total revenue fell 3% to $238.2 million. Elko County's GGR fell 2% to $99.2 million, and Nye County casinos reported a 4% decline in casino profits to $17.0 million.
Strong Travel in March
Casino profits may have slowed last month, but attendance remains strong in Southern Nevada. The major air hub in Las Vegas served more than 5 million passengers, a 2% increase from March 2023, officials at Harry Reid International Airport announced Thursday.
Year-to-date, Harry Reid air traffic is up 1.7% through March, with more than 13.7 million arriving and departing passengers.
The Las Vegas Convention and Visitors Authority will release its March report later this week, which will provide more details on Southern Nevada’s tourism and gaming industry, including visitor totals, convention attendance and hotel occupancy Rate.
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Source: www.casino.org
