Nevada's Gaming Revenue Soars to $1.27B in September Due to Las Vegas Strip's Success
In September 2023, the Las Vegas Strip was responsible for more than half of Nevada's total $1.27 billion gaming revenue. The Strip's $741.2 million in gross gaming revenue (GGR) was a significant factor in breaking the state's previous records. When compared to September 2022, the state's total gaming revenue increased by 1.7%, while it surpassed the September 2019 total by almost $213.3 million.
Other areas in Nevada experienced declines, including downtown Las Vegas, North Las Vegas, Mesquite, the Boulder Strip, and both shores of Lake Tahoe.
Baccarat was the star performer among table games, with a staggering $147.4 million in income, a whopping 88% increase from the previous year. This further signals the return of Asian gamblers to Southern Nevada. Blackjack was also a winner, with $74.7 million earned. This figure represents a 18% improvement over September 2022.
The Strip's slots also performed well, bringing in $741.2 million. This represents a 7% gain from the previous year due to increased hold rates.
The convention season kicked off in Las Vegas during September. Highlighting the month were events like The Experience Cleaning and Restoration Trade Show at Caesars Forum Convention Center, which attracted 50K people, and the Healthcare Packaging Expo at the Las Vegas Convention Center, with 30K attendees.
Las Vegas saw many popular events in September, including "Weekends With Adele" at Caesars Palace Colosseum, "Weekends With Lady Gaga" at Park MGM's Dolby Live, a performance from the Jonas Brothers at MGM Grand Garden Arena, and the opening of the Sphere, the $2.3 billion immersive entertainment and concert venue behind The Venetian. With a seating capacity of 17,500, the Sphere is the most expensive entertainment venue in Las Vegas history.
Football was big in September too, as the Las Vegas Raiders played their home opener at Allegiant Stadium on the 24th. Boxing fans were treated to a great event at T-Mobile Arena as Canelo Alvarez beat Jermell Charlo in a super middleweight championship battle on the 30th. The Las Vegas Aces also clinched their second consecutive WNBA title in October.
The cyberattack on MGM Resorts in September greatly affected resort operations but did not result in any Strip properties closing. Although many slot machines were rendered useless due to the cyber incident, this could have contributed to the decline in slot handle that month.
According to CBRE Equity Research analyst John DeCree, slot volume decreased for the first time since June 2020, when casinos resumed their operations. The number of visitors to Las Vegas fell slightly by 0.5% year over year, and occupancy rates on the Strip dropped as well. MGM offered guests free cancellations during this time.
The analyst attributed the drop in both visitation and occupancy rates to the cyberattack.
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Source: www.casino.org
