Nevada has hit the jackpot, breaking records with its best-ever October gaming win, marking the sixth-best month in the state’s history. The Nevada Gaming Control Board released figures showing a staggering $1.3 billion collected, reflecting a robust 2.7% increase over the previous year.
Anticipation Mounts for November Figures Following Downtown Las Vegas Triumph
Downtown Las Vegas emerged as a star performer, raking in a record-breaking $97.5 million for the month. Industry experts are now eagerly awaiting November figures, anticipating the impact of the inaugural Formula 1 Las Vegas Grand Prix that roared down the iconic Las Vegas Strip. With the addition of two new properties, Durango and Fontainebleau, December is also poised to be a strong month for gaming.
Michael Lawton, senior economic analyst at the Nevada Gaming Control Board, hinted at the anticipation surrounding the November gaming win totals. Lawton remarked that there would be significant anticipation to observe the results and the impact of F1 Las Vegas Grand Prix, advising everyone to stay tuned.
Despite October having one less weekend day compared to the previous year, nearly every Southern Nevada market experienced an increase in gaming wins. The Boulder Strip saw a significant uptick of 10.3% to $88.6 million, while Laughlin climbed 5.3% to $47.6 million. However, North Las Vegas reported a marginal decline of 0.8% to $23.4 million.
October marked a reversal in trends, with various markets, including downtown Las Vegas, Laughlin, the Boulder Strip, outlying Clark County, and Washoe County, contributing to increased slot-machine win totals, primarily driven by higher hold percentages.
Challenges Emerge as Slot-Machine Wins and Table-Game Wagers Decline in October
The state’s gaming numbers continue to outpace pre-pandemic levels, with October 2023 boasting a 28.7% increase, amounting to $293.3 million more than the same month in 2019. This milestone also marks the 32nd consecutive month that the state has recorded at least $1 billion in monthly gaming wins.
Las Vegas Strip properties continue to thrive, benefitting from residencies, concerts, and sports events. Notable performances by Adele, U2, Pink, Ed Sheeran, and sporting events like the NASCAR Xfinity Series and the Las Vegas Raiders’ home games contributed to the city’s vibrant gaming scene.
However, the report revealed a gradual slowdown in gambling on the Strip, with slot machine wins decreasing by 1.1% and the total amount wagered down by 1.3% to $4.9 billion.
October marked the third consecutive month of slot-machine revenue declines, breaking a streak of 30 consecutive monthly increases dating back to March 2021.Table-game play also saw a decline, with a drop in money wagered, despite a 4.4% increase in table-game wins.