The Nevada Gaming Control Board reported a substantial increase in gaming revenue for the state in September, driven largely by strong performances on the Las Vegas Strip.
According to the latest data, the 60 licensed casinos on the Strip collectively won $741.2 million from gamblers during the month. This surge in revenue contributed to a state-wide total of $1.27 billion, marking a 1.7% increase over the previous year and establishing an all-time record for any September. Remarkably, this also represents the 31st consecutive month in which Nevada’s gaming revenue has exceeded one billion dollars.
The Strip’s success in September can be partly attributed to its high-end baccarat action, which contributed $147.4 million to the total revenue – an impressive 87.8% increase from the previous year. This baccarat revenue accounted for 20% of the Strip’s overall earnings, effectively offsetting a 6.4% decline in slot machine revenue. The total revenue from table games, including baccarat, increased by 26.3%.
Baccarat betting decreased by 3.2% to $62.5 million compared to the previous year, but the percentage of wagers retained by the casinos increased to 22.2%, nearly double that of September 2022.
Despite the success of table games and baccarat, slot machine revenue experienced a decline, with a total win of $814.6 million, down by 5.1%. The coin-in amount reached $11.6 billion, reflecting a decrease of 1.4%, and the slot win percentage dropped to 7.01% from 7.28% in September 2022. Slot win has decreased in three of the last four months.
Las Vegas Strip’s slot win reached $383.1 million, marking a 6.4% decrease, with a coin-in total of $4.7 billion, a 3.7% decrease. Slot hold was 8.14%, compared to 8.38% in the previous year. This marked the first decrease in slot volume on the Strip this year, ending a streak of 30 consecutive monthly increases dating back to March 2021.
According to a report by The Nevada Independent, Deutsche Bank gaming analyst Carlo Santarelli highlighted that the Strip’s September results exceeded all expectations but were primarily driven by baccarat. He noted that when normalizing for the low hold percentage from the previous year and the unusually high hold percentage in September, the overall gaming revenue on the Strip would have seen a decrease of 3.2%.
While the Strip and Laughlin experienced revenue growth, other reporting markets in Clark and Washoe counties saw year-over-year declines in gaming revenue for September. Downtown Las Vegas casinos in Clark County saw a revenue dip of nearly 7.9%, while the Boulder Strip, which includes Henderson, experienced a decline of 9.4%. Reno’s casino market also faced a 7% drop in revenue.
September 2022 proved to be one of the year’s strongest months for gaming revenue in Nevada, especially in the northern region, resulting in tough comparatives. Sparks casinos set a single-month gaming revenue record, while South Lake Tahoe casinos rebounded after the Calder Fire in California forced their closure over the Labor Day weekend in 2021.
For the fiscal year 2023-24, the state’s overall gaming revenue is trending 3.4% ahead of the previous year’s total of $14.8 billion, with growth observed in various reporting markets across the state.