In October, Nevada casinos saw their highest earnings ever, raking in $1.3 billion in winnings.
This was published on: November 30, 2023 at 04:53 AM.
Last updated on: November 30, 2023, 05:08h.
The gambling industry in Nevada continues to thrive, with a total GGR of over $1.315 billion in October. This marks the best October in history for Nevada casinos and the sixth-highest month for gaming revenue.
The Las Vegas Sphere celebrates Halloween on October 31st, 2023. It was the most successful October ever for the Nevada gaming industry, with casinos bringing in over $1.3 billion in gross gaming revenue. (Image: WTVM)
According to statistics provided by the Nevada Gaming Control Board (NGCB), casinos in the state earned a total of $894.8 million from slot machines and $420.2 million from table games and sports betting.
Revenue from slot machines increased by 2%, while earnings from felt gaming and sports betting saw a 4% rise compared to the previous year. October marked the 32nd consecutive month that the state has earned at least $1 billion from players.
The casinos on the Las Vegas Strip earned a total of $714.5 million, showing a 1.2% increase from the previous year. Table games on the strip saw success with high baccarat activity and profits, but earnings from slot machines decreased by 1%.
In October, the casinos in Downtown Las Vegas earned over $97.5 million, a significant increase of nearly 8% compared to the previous year. This marks the highest monthly earnings for the market. The area continues to draw in both local residents and visitors due to its lower table minimums and more generous slot machines. Specifically, the slot machines brought in around $66.4 million, a notable rise of over 10%.
November Focus
Las Vegas recently held its first ever F1 event, the Las Vegas Grand Prix, on November 19. However, not everyone was thrilled with the motorsport spectacle.
The 3.8-mile track caused significant disturbance to the Strip area, not only during the race weekend, but also in the weeks prior to the event. According to officials in Southern Nevada, the inconveniences were justified.
According to experts, the event attracted a crowd of 315,000 individuals over the course of four evenings and had a significant economic impact of $1.2 billion on the local community. The effects of F1 on the casino industry are yet to be determined.
This week, MGM Resorts Chief Financial Officer Jonathan Halkyard announced that F1 brought in the highest weekend revenue for the company ever. MGM currently holds the largest number of properties on the Las Vegas Strip.
According to Michael Lawton, the chief economic analyst for the state Gaming Control Board, November is expected to set a new record for revenue.
Lawton said that the November gaming win totals will be announced in the final week of December. There is a lot of excitement to see the outcome and the influence of F1, so everyone should keep an eye out until then.
There were allegations of dealers dividing large amounts of tip money every evening. According to Las Vegas Locally on X, Wynn and Encore dealers collectively received $700,000 on Saturday night, resulting in an average of $2,000 for each dealer. This was supposedly the largest tip pool recorded in Wynn Las Vegas’ 18-year existence.
November Jumpstart
The authorities of Las Vegas were open to the idea of hosting F1 because the time between mid to late November is usually considered a slow period in Southern Nevada. Las Vegas is not known as a popular Thanksgiving spot, so F1 was seen as a potential boost to the local economy.
F1 is highly esteemed for its wealthy viewers, a significant number of whom invest substantial amounts to attend races and stay in luxurious accommodations.
“This will be the single largest tax-collection event in Nevada’s history by a fairly healthy margin,” Jeremy Aguero, a principal analyst at Applied Analysis, a preferred consultant to the Las Vegas Convention and Visitors Authority, told Business Insider. “We believe the net impact of Formula 1 will be about $87 million in tax revenue.
