Nevada sees modest casino revenue growth to $1.21 billion in August

Nevada's casino industry has reported its second consecutive monthly increase in gaming revenue for August, albeit a modest one. According to the Gaming Control Board, state-wide gaming revenue reached $1.209 billion in August, representing a less than 1% increase, or approximately $788,000, compared to the same period last year. The overall total was still a record for August.

This performance follows July's remarkable achievement of an all-time single-month record of $1.4 billion, marking a rebound in state casino revenues after two consecutive monthly declines in May and June, The Nevada Independent reported.

On the Las Vegas Strip, gaming revenue saw about a 1% increase, reaching nearly $666.8 million. This growth was aided by a robust event calendar, highlighted by two major events at Allegiant Stadium: a soccer match on August 1 featuring FC Barcelona and AC Milan, and Beyoncé's Renaissance World Tour on August 26 and 27.

State-wide, casinos surpassed the $1 billion mark for the 30th consecutive month in August. However, Strip gaming revenue faced a decline of 3.4% in slot machine winnings, offset by a 7.1% increase in table gameplay. High-end baccarat notably contributed to the table game segment with revenue of $22.1 million, marking a 24% increase from the previous month.

Las Vegas welcomed over 3.3 million visitors in August, a 4% increase compared to the previous year. Convention attendance also saw significant growth, rising by over 64%, primarily attributed to a major furniture conference at the World Market Center that took place in August instead of July, as it did the previous year.

The strong visitation numbers were posted despite Hurricane Hilary, a major storm that caused the cancellation of several hundred flights arriving or departing from Harry Reid International Airport starting August 20. Reid Airport saw more than 4.6 million passengers come through the facility in August, roughly 22,000 fewer than a year ago. 

The overall hotel occupancy rate in August reached 80.3%, reflecting a 3.5 percent increase compared to the previous year. Weekend occupancy remained relatively stable at 89.7%, similar to August of the previous year. For the first eight months of 2023, visitation increased by 7.6% compared to the same period in 2022, and convention attendance grew by 30%.

As per the report, state-wide sports betting contributed $18.1 million in revenue to the overall August total, an increase of 12.7% from the previous year. This growth was driven by a more than 1% increase in the sportsbook's hold percentage on all bets. Sports wagers increased by 5.5%, reaching $431.3 million, with mobile device wagers accounting for 73.4% of the total.

While the Strip delivered a strong August, Northern Nevada proved to be a mixed bag. While Reno casinos saw their fifth straight monthly increase with revenue up 2.2% to $68.7 million in August, and Sparks grew by 4.7% to $15.3 million, the two Lake Tahoe markets experienced the state's only double-digit declines for the month. South Lake Tahoe was down 11.3% to $26.6 million; and North Lake Tahoe dropped 17.4% to $2.5 million.

Over the first eight months of the year, state-wide gaming revenue showed a 3.6% increase compared to 2022. In comparison, Strip revenue increased by 5.8% compared to the previous year, reaching $8.2 billion.