Nevada casinos post best October ever, winning $1.3 billion from players
Nevada casinos continued their winning streak in October, with gross gaming revenue (GGR) topping $1.315 billion. It was the best October ever for Nevada’s gaming industry and the sixth best gaming month ever.
State casinos won more than $894.8 million through slot machines and $420.2 million through table games and sports betting, according to the Nevada Gaming Control Board (NGCB).
Slot machine revenue increased 2% year over year, while gaming and sports betting revenue increased 4%. October marked the 32nd month in a row that the state has taken at least $1 billion from players.
Las Vegas Strip casinos won nearly $714.5 million, up 1.2% from last year. Strip tables performed well, Baccarat play and holds were strong, but slot machine revenue was down 1%.
Casinos in downtown Las Vegas won more than $97.5 million, up nearly 8 percent year over year and the best monthly performance ever for the market. The downtown area attracts locals and guests seeking lower table minimums and more casual seating. In October, slot machines won nearly $66.4 million, an increase of more than 10%.
November Focus
Las Vegas just hosted its first ever Formula 1 race. The Las Vegas Grand Prix takes place on November 19th, but not everyone is a fan of this motor sport. The 3.8-mile track significantly disrupts the Las Vegas Strip corridor not only during race weekends, but also in the weeks leading up to the event. Officials in southern Nevada say the inconvenience is worth it.
The game drew 315,000 people over four nights and had a $1.2 billion impact on the local economy, analysts said. How Formula 1 affects the casino business remains to be seen.
MGM Resorts Chief Financial Officer Jonathan Halkyard said this week that Formula 1 gave the company its best weekend ever. MGM is the largest real estate operator on the Las Vegas Strip.
Michael Lawton, senior economic analyst at the State Gaming Control Board, predicts a record high in November.
We will report on November's gaming win totals in the last week of December and I know expectations will be high for the results and impact in Formula 1 so everyone will need to stay tuned until then. ” Lawton said.
There are reports that croupiers divvy up huge amounts of tips every night. Las Vegas Local reports that this is the highest tipped pool in the 18-year history of Wynn Las Vegas.
November Quick Start
Las Vegas officials are willing to bet on Formula 1 because of the typically slow weather in southern Nevada in mid-to-late November. Sin City is certainly not the place for a popular Thanksgiving show, and Formula One is seen as the new economic engine.
F1 is also revered for its well-heeled spectators, many of whom spend large sums of money to travel to circuits and stay in luxury accommodation.
"This will be the largest tax levy in Nevada history to date," Jeremy Aguero, principal analyst at Applied Analytics and preferred advisor to the Las Vegas Convention and Visitors Authority, told Business Insider. “We estimate the net impact of Formula 1 to be approximately $87 million in taxes.
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Source: www.casino.org
