Nevada sets April gaming revenue record
Regulation · 2024-05-29

Nevada sets April gaming revenue record

Nevada gaming revenues set an all-time record for the month of April and increased nearly 7%, bolstered by big gains across the Las Vegas casinos board.

The state’s casinos generated $1.24 billion in revenue in April, up 7% over the $1.15 billion in April 2023. Revenues are up 3.4% for the first four months of the year.

Casinos that cater to Las Vegas residents jumped the most at 16.3% in April, up from $232.4 million to $270.2 million. Deutsche Bank singled out the Durango Casino & Resort in southwest Las Vegas for the strong showing. Deutsche Bank reported neighborhood casino slot revenue rose 13.4%, while table revenue was up 32.3%.

Downtown Las Vegas surged 11% from $74.5 million a year ago to $82.7 million. For the year, downtown revenue, however, is down .02%.

The Strip gained 6.6% to $666 million in April, up from $624.7 million. For the year, Strip revenues are up 3.4%.

The state’s revenue increase was led by Clark County, specifically, the Strip, downtown, and the balance of Clark County, according to Michael Lawton, senior economic analyst for the Nevada Gaming Control Board. Strip baccarat continued to perform “very well against a soft comparison” for hold and win, as last April’s Strip baccarat hold was 7.1% and win was down 11.3%.

Downtown benefited from slot revenue and improved sports hold. In addition, the balance of Clark County is “experiencing very robust growth” due to the Durango opening in December in southwest Las Vegas valley, Lawton said.

The April statewide increase follows a rare 1% year-over-year decline in March.

“This month represented a nice comeback after last month’s decrease,” Lawton said. “April traditionally is not the strongest month for gaming revenue and although this is our lowest win total this calendar year, it does represent an all-time record for the month.”

Lawton pointed out an unfavorable calendar compared to April 2023 with two less weekend days. The April 2023 gaming win increased 2.7% versus April 2022.

The statewide total win was 32.4% or $303.8 million over April 2019 prior to the pandemic. April also represented the 38th consecutive month that the state has recorded $1 billion in monthly gaming win.

Special events included the Tropicana Las Vegas closing on April 2. Mariah Carey began her residency at Dolby Live inside the Park MGM April 12-27. UFC 300 was held at the T-Mobile Arena with the main event featuring Alex Pereira fighting Jamahal Hill in a light heavyweight match. Garth Brooks’ “Plus One” residency returned to the Colosseum at Caesars Palace April 18-28.

The Strip’s slot win totaled $409.3 million and increased 5.1% or $19.8 million. Slot coin-in totaled $4.8 billion and decreased 3.9% or $194.1 million. Slot hold was 8.6% versus 7.9% last year.

The Strip’s games win of $256.8 million increased 9.1% or $21.5 million and the drop total of $1.97 billion increased 1.9% or $36.5 million. Games hold percentage was 13% versus 12.2% last year.

]Strip baccarat win totaled $76.7 million and was up $34.1 million or 80.1%. The volume totaled $662.9 million, up 9.9% or $59.7 million. The hold was 11.6% versus 7.1%. Total win excluding baccarat increased by 1.2% or $7.2 million, Lawton said.

In downtown, slot win totaled $57.9 million and increased 13.4% ($6.8 million). Slot coin-in was up 2.2% ($13.8 million). Slot win was 9% versus 8.1% last year.

Downtown game and table win totaled $24.8 million, up 6.1% ($1.4 million). Games drop decreased 12.6% or $35 million on a hold of 10.2% versus 8.4% last year.

Downtown sports wagering increased 19.9% or $1.8 million. Volumes were down 15.4% or $28.9 million with a hold of 6.7% versus 4.7%.

Overall, Nevada sportsbooks won $30.8 million, down 5% or $1.6 million compared to April 2023 on a hold of 5.41% versus 5.42% last year. Sportsbook wagers totaled $569.3 million, down 4.8% or $28.7 million compared to last April when $598 million was wagered statewide. Mobile wagers totaled $389.8 million, down 1.4% or $5.4 million and accounted for 68.5% of total wagers.

Elsewhere in the state, Boulder Strip revenues rose 8.5% to $83.1 million, up from $76.6 million.

Two declines in southern Nevada were in North Las Vegas, which fell 3.3% to $23.8 million, down from $24.6 million, and Laughlin, which dropped nearly 7% to $43.5 million, down from $46.7 million.

Mesquite edged up 1.1% to $16.8 million, up from $16.6 million.

In northern Nevada, Reno saw a 5.9% decline to $59.2 million, down from $63 million a year ago. Sparks fell 8.9% to $13.9 million, down from $15.3 million.

South Lake Tahoe jumped 31.5% to $17.99 million.

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