Nevada Casino Revenue Continues To Surge
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Nevada’s casino industry continues to see an uptick in revenue numbers and looks to be on pace for the fourth straight record year, according to numbers released this week from the Nevada Gaming Control Board.
The state’s casinos reported $1.32 billion in revenue for May 2024, an increase of 2.5% compared to the same month in 2023. For the fiscal year (July 1, 2023, through May 31, 2024), gaming revenue has risen 4.5%.
Inside The Numbers
Clark County, home to Las Vegas, leads the state’s gaming industry and saw revenue of $1.15 billion, a 2.8% jump from the $1.1 billion reported last May. The Las Vegas Strip brought in $742.5 million, rising 3.7% from last year’s $715.9 million.
Table games accounted for $339.5 million of that total, a jump of 5.1%. Slot machine revenue rose 2.6% to $403 million. Stable slot numbers greatly contributed to positive numbers for the month in Las Vegas overall, according to experts, topping revenue predictions.
“The upside stemmed primarily from better-than-expected slot [wagering],” Deutsche Bank analyst Carlo Santarelli noted in a report of the industry’s results for May.
A busy summer season, including major concerts and events like the World Series of Poker could fuel more revenue gains in the coming months as well.
Downtown Vegas had a smaller gain than the Strip, seeing growth of 1.6% to $74.9 million compared to May 2023. North Las Vegas also saw gains, moving up 2.1% to $24.7 million. Laughlin was a negative spot on the monthly report, falling 21.4% from $47 million last May to $36.9 million this May.
Other parts of the state were a mixed bag. Reno saw a revenue decline of 1.2% to $65.2 million. South Lake Tahoe dropped ever further, down 9.5% to $17.6 million. However, North Lake Tahoe saw an increase of 16.8% to $2 million. The state collected $88.5 million in fees, a 12% increase to $88.5 million.
