Super Bowl plus leap day propel Nevada casinos to record February
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Statewide gaming revenue of $1.34 billion was the highest total ever recorded in February. Also, Strip resorts saw 9.5 percent more visitors than last February.
Nevada hit a trifecta in February.
With Las Vegas hosting Super Bowl LVIII and the month seeing the entirety of Chinese New Year and an extra day — given 2024 is a leap year — Nevada casinos posted a record gaming revenue total for February.
The Gaming Control Board said Thursday that casinos statewide collected more than $1.34 billion in gaming revenue during the month, an increase of 8.5 percent from a year ago. Strip resorts collected $800.7 million, an increase of 12.4 percent.
Michael Lawton, the control board’s senior economic analyst, said the events “created extremely supportive tailwinds for gaming activity in Nevada and the Las Vegas Strip.”
February marked the state’s sixth-highest single-month revenue total and the fifth-highest for the Strip. The state — with $1.43 billion in revenue — and the Strip — with $905.5 million — set single-month records in December.
In addition to the Super Bowl, concerts and other special events helped Strip casinos record a 30.3 percent increase in table game revenue to $419.7 million, which included baccarat revenue of $180.5 million, an 81.9 percent increase from 2023.
The events and extra day gave a boost to Las Vegas tourism totals as well. The Las Vegas Convention and Visitors Authority (LVCVA) said Thursday that more than 3.37 million visitors came through the market in February, 9.5 percent more than a year ago.
The average daily hotel room rate in February was a record-breaking $248.35, a 40.6 percent increase given the high room rates associated with the Super Bowl. Several Strip properties charged more than $1,000 a night during Super Bowl weekend.
“We think today's results prove [recent gaming] company commentary around [the Super Bowl being] a successful event,” Truist Securities gaming analyst Barry Jonas wrote in a research note.
Hotel occupancy was at 83.9 percent for the month, up 1.7 percent. The LVCVA noted that Las Vegas had almost 4,000 more rooms compared with a year ago after December’s opening of Fontainebleau Las Vegas.
Convention attendance also increased more than 15 percent in February to almost 765,000 guests.
While Clark County as a whole accounted for almost $1.2 billion of the state’s overall total, two markets experienced gaming revenue declines: North Las Vegas, down 4.4 percent, and Laughlin, down 7.9 percent.
Deutsche Bank gaming analyst Carlo Santarelli wrote in a research note that the balance of Clark County saw a 7.4 percent revenue increase to $142.5 million thanks to the opening late last year of Red Rock Resorts’ Durango Casino Resort.
For the second month in a row, Northern Nevada saw a hefty gaming revenue increase, rebounding from severe winter weather conditions that affected the market in 2023.
Washoe County casinos saw gaming revenue increase 7.7 percent to almost $82.8 million with Reno casinos seeing a 10 percent increase, contributing $60 million to the overall total. South Lake Tahoe gaming revenue grew 12.9 percent to $21.3 million.
Sportsbooks statewide saw an 8 percent increase in wagers during February, much of it attributed to the Super Bowl, which saw a record $185.6 million bet on the Kansas City Chiefs’ 25-22 overtime win over the San Francisco 49ers at Allegiant Stadium on Feb. 11. The control board said sportsbooks won $6.8 million from customers who bet heavily in the 49ers.
For the month, Nevada sportsbooks reported $47.9 million in revenue, up 16.1 percent from a year ago. Wagering totaled $712.3 million, of which $190.7 million was attributed to football. Mobile sports betting accounted for 59.5 percent of all wagers.
Updated at 1:38 p.m. on 3/28/2024 with Las Vegas tourism numbers.
