Nevada's January gaming win stays strong at $1.27 billion, despite Las Vegas Strip dip

Nevada's gaming win for January showed a marginal increase of 0.5% compared to the same period in 2023, maintaining a flat level performance when compared to the record-breaking January last year. The Nevada Gaming Control Board reported that the state's 438 major casinos collectively earned $1.27 billion during the month.

The Las Vegas Strip experienced a 3.8 percent decline in winnings compared to the previous year's record, marking its first decrease since June and thus breaking a six-month winning streak. Analysts attribute this dip to a potential postponement of visits from December to February, coinciding with the Super Bowl's debut in Las Vegas and the shift of Chinese New Year to February, Las Vegas Review-Journal reported.

A notable highlight for January was the 10.9 percent increase in the balance of Clark County win, reaching $169.3 million, primarily influenced by the December opening of the Durango resort. Also among the month's brightest spots, Reno and Washoe County witnessed substantial growth, with numbers soaring by 55 percent and 35.4 percent, respectively, attributed to the timing of slot machine winnings collections and the impact of adverse weather conditions in January 2023.

The Las Vegas Strip, a key contributor to the state's economy, recorded a decline in winnings to $686.2 million in January, significantly below December's record of $905.4 million. However, various areas such as Downtown Las Vegas, the Boulder Strip, and off-Strip locals casinos showed a recovery from the previous month.

The state is currently ahead of last year's performance by 4.77%, while the Strip is outperforming with a 6.78% increase, reflecting gaming wins in the fiscal year from July 1 to June 30.

The report marked the 35th consecutive month where gaming win exceeded $1 billion, reflecting the industry's sustained strength. Special events, such as a Las Vegas Raiders home game, performances like "Weekends With Adele" and U2's residency at the Sphere, along with major trade shows, including CES, World of Concrete, and the Shooting, Hunting, and Outdoor Trade shows, contributed to increased footfall in Southern Nevada.

Analyzing specific casino games on the Strip, slot wins increased by 3.1 percent to $400.8 million, despite a 4.5 percent decrease in coin-in. Blackjack win declined by 24 percent, totaling $70.5 million, with a volume drop of 13.2 percent. Roulette win decreased by 47.9 percent to $21 million, largely due to a hold of 11.9 percent compared to 22 percent the previous year.

Baccarat win on the Strip increased by 7.4 percent to $97 million, although volume was down 31.9 percent. Strip sportsbooks won $28.5 million, a 35.4 percent increase, with a 14.8 percent hold compared to 13.2 percent in the previous year.

Gaming tax collections remained robust, with the state collecting $99.7 million in gaming percentage taxes from January play, the highest monthly amount in the 2023-24 fiscal year. The total collections for the first seven months of the current fiscal year amounted to $684.6 million, reflecting a 5.8 percent increase from the previous fiscal year.