Nevada gaming revenue hits record high in February, casino profits top $1.3 billion
Nevada’s gaming revenue hit a new high in February thanks to the combination of the Super Bowl, Lunar New Year and Leap Year Bonus Day, creating a month to remember.
The Nevada Gaming Control Board (NGCB) announced today that gaming revenue at the state’s casinos exceeded $1.34 billion in February 2024. It was the best February ever and the fifth-best month for gambling interest in Nevada.
It’s been a pretty incredible month and if we had 31 days, we might have set an all-time record for gross gaming revenue. ” said Michael Lawton, senior economic analyst at NGCB.
The year-on-year growth in February was 8.5%. This month, Nevada marked its 36th straight month of winnings of at least $1 billion.
After a nearly 4% year-on-year decline in GGR in January, there was also a significant rebound in February. Difficulties in January have been attributed to some travelers delaying plans to February to coincide with the Super Bowl being held in Las Vegas for the first time, and the fact that Chinese New Year in 2023 is in February instead of January.
The eight-day holiday in the People's Republic of China officially lasts from February 10 to February 17. Las Vegas hosts Super Bowl 58 on February 11.
Perceived Destiny
Unlike the US market, Chinese players prefer table games over slot machines. February's NGCB report showed that national table gaming revenue grew by more than 24%, while slot machine winnings increased by less than 1%.
On the Las Vegas Strip, growth in GGR table games has been even stronger. The main drag table shows GGR of $419.7 million, representing a year-over-year premium of over 30%.
Baccarat is the most popular game among Asian customers, with sales rising 82% to $180.5 million. Baccarat performed better than blackjack, which saw $107.8 million in wins, a 21% increase.
Gross slot machine gaming revenue on the Las Vegas Strip fell 2.4% year over year. Luck is to blame, with casino win rates falling from over 8% in February 2023 to 7.7% last month. Craps players' winnings increased 33% to $34.4 million, while roulette players lost $24.4 million, down 28% from the previous year as the wheel became more favorable to players than a year ago.
Even though Super Bowl LLVIII wasn't a great outcome for the books, the oddsmakers on the Las Vegas Strip were doing pretty well. Strip sports betting revenue was $24.7 million, up 10% from last February.
The Kansas City Chiefs generated a record $185.6 million for their 25-22 overtime victory over the San Francisco 49ers in Nevada. But oddsmakers across the state are keeping just $6.8 million in prize money as the public backs the Chiefs and Taylor Swift brings legions of new NFL fans to her boyfriend Travis Kaye Come on Travis Kelce.
Overall, Strip GGR totaled $800.7 million, up more than 12%. Downtown Las Vegas casinos won $76.2 million, up 3 percent.
Visitor increase
The Las Vegas Convention and Visitors Authority (LVCVA) announced in its February wrap-up that Southern Nevada’s hosting of major NFL games and Lunar New Year resulted in increased tourism. More than 3.37 million people traveled to Las Vegas, Laughlin and Mesquite last month, a 9.5% increase year over year.
These tourists face higher accommodation prices. Las Vegas Strip casinos have expanded their space ahead of the Super Bowl and the weeklong Chinese New Year. This results in an average room rate (before taxes and resort fees) of nearly $270 per night on the Las Vegas Strip.
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Source: www.casino.org
