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Nevada Casinos Tie Record With Eighth Straight Month With at Least $1 Billion In Revenue


With another huge month in October, Nevada casinos extended its streak of generating 10-figure revenues to eight months.

According to numbers released Tuesday by the Nevada Gaming Control Board, Silver State casinos reported $1.22 billion in gross gaming revenue in October. With the eighth straight month of at least $1 billion, the industry ties a state record set in 2006 into 2007, before the Great Recession set in and took a toll on the Las Vegas gaming industry.

The streak started in March when casinos reported $1.06 billion in revenue. It followed up with $1.03 billion in April, $1.23 billion in May, $1.19 billion in June, $1.35 billion in July, $1.16 billion in August, and $1.16 billion last month. July’s $1.35 billion was the highest reported revenue in the history of the industry.

As it typically does, the state was driven by the casinos on the Las Vegas Strip, which made up $702.2 million of the state’s total. Clark County casinos made up nearly the entirety of the state’s revenue with $1.05 billion from the Southern Nevada area.

The Strip is obviously driven by tourism, which is down from pre-pandemic levels but still relatively strong compared to the rest of 2021.

According to the Las Vegas Convention and Visitors Authority, there were more than 3.39 million tourists coming to Sin City throughout the month. It represents a 15.5% jump from September but is down 7.6% from October 2019.

Nevada Gaming Control Board Senior Analyst Michael Lawton told the Nevada Independent that an increase in demand and in tourism led to such a strong rebound this year.

“Strong demand across markets, the continued rebound of leisure travel, and the return of special events and entertainment continued to propel gaming win past 2019 levels,” said Lawton.

As conventions and more live entertainment continue to return to Las Vegas, these numbers will continue to rise. Of course, things could change swiftly if the public reacts negatively to the new COVID variant.

Along with more than $1 billion in revenue, Nevada sportsbooks accepted more than $1 billion in wagers for the first time in state history. Sportsbooks reported a total handle of $1.1 million, which crushed the previous all-time high of $786.5 million, set in September. New Jersey is the only other state to record a 10-figure sports betting handle.

Bettors were sharper than average, however, as books won $48.3 million on those bets, which translates to a 4.3% hold.

Outside of the Strip, Downtown Las Vegas was the state’s top-performing area with $76 million in revenue. Boulder Strip and Reno were just behind Downtown Las Vegas with $67.7 million and $62.5 million, respectively.

The state government collected $71.8 million in taxes in November from October’s recorded revenue. It’s a 42.07% jump from the taxes collected during the same time frame last year.

 

 

 





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