Downtown Las Vegas sets gaming-win record at $90 million

November 29, 2022 3:00 PM
Photo: Shutterstock
  • Buck Wargo, CDC Gaming Reports
November 29, 2022 3:00 PM
  • Buck Wargo, CDC Gaming Reports

Nevada recorded its 20th consecutive month surpassing $1 billion in revenue in October, as gaming shows no signs of slowing, even in this high inflationary environment. Downtown casinos set a revenue record and locals casinos recorded sharp gains.

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Nevada casinos reported a gaming win of $1.28 billion in October, a $59 million or 4.8% increase over October 2021 when it won $1.22 billion, according to the Nevada Gaming Control Board. It was also a 25.3% increase over October 2019.

For the first 10 months of 2022, gaming revenue statewide was up 12.3% over 2021, with every market except North Lake Tahoe showing an increase.

The Las Vegas Strip held steady in October with $705.8 million in gaming revenue, a .52% increase over the $702.1 million in October 2021. That’s still 31% higher than October 2019’s $167.3 million pre-COVID. For the year, Strip gaming revenue is up 20% over the first 10 months of 2021.

Downtown Las Vegas and the Boulder Strip reported 19% and 18% gains, respectively. Downtown’s revenue increased from $76 million to a record $90.4 million, beating the $86.4 million set in March. The Boulder Strip went from $68 million a year ago to $80.3 million in October.

Downtown Las Vegas is up 6.1% for the year. This comes after Circa Las Vegas owner Derek Stevens told Nevada gaming officials in June he was seeing a slowdown in his three downtown properties and attributed it to the economy and inflation.

After being flat or down in recent months, casinos that cater to Las Vegas residents reported an 11% increase in gaming revenue in October, according to Deutsche Bank. That’s 14.8% higher than October 2019.

Michael Lawton, a senior economic analyst for the state, said the catalyst for October’s increase were the state’s combined markets outside of the Strip, which increased 10.6% or $55.3 million over October 2021. The combined markets have now recorded increases year over year in three consecutive months, after experiencing four consecutive decreases from April through July, Lawton said.

“The Strip continued to benefit from another incredibly strong sports and entertainment calendar, which included concerts, residencies, and three high-profile sporting events,” Lawton said.

Eddie Vedder performed at the Park MGM on October 7 and Usher returned to the Park MGM October 12-29. Van Morrison played at the Colosseum at Caesars Palace October 7-9. The NASCAR Cup Series returned on October 6 with the South Point 400. Panic at the Disco played at the T-Mobile Arena on October 21. The Las Vegas Raiders played two home games at Allegiant Stadium on October 2 and 23, Lawton reported in his roundup of activities.

Elsewhere around the state, Laughlin reported a 9.78% increase in October, Mesquite a 7.55% gain, Reno a 3.2% increase, Sparks a 14% increase, and South Lake Tahoe a 13.1% increase; North Lake Tahoe dropped by 9.25%.

Statewide, table-game win of $403.4 million decreased 6.4% ($27.7 million) and game drop of $3.0 billion decreased 12.1% from October 2021, Lawton said.

Baccarat win of $66.4 million decreased 28.1% and baccarat drop of $510.9 million decreased 17.2%. Baccarat’s hold percentage was 12.99% versus 14.96% last year, Lawton said.

Nevada sportsbooks won $56.9 million, up 17.7% compared to October 2021, due to a hold percentage of 6.17% versus 4.39% last year. Sportsbook wagers totaled $920.8 million, down 16.3% or $179.2 million compared to October 2021. Mobile wagers totaled $613.5 million, down 12.9% or $90.7 million and accounted for 66.6% of total wagers, Lawton said.

Slot win of $877.3 million increased 11.0% ($86.7 million) and coin-in of $12.2 billion was up $470.7 million or 4.0%, Lawton said.

In downtown Las Vegas, slot win in October totaled $60.2 million and increased 28.0% ($13.2 million). Slot coin-in was up 10.4% ($66.2 million). The slot win percentage was 8.58%, versus 7.41% last year, Lawton said.

Game and table win in downtown was up 4.4% ($1.3 million). Sports were up 20% or $2.4 million, while drop was down 3.3% ($12.6 million).

On the Strip in October, slot win increased 11.5% ($42.2 million), with a 5.3% or $252.6 million increase in coin-in, Lawton said.

The Strip’s table-game win decreased 11.5% ($38.6 million) and drop decreased 14.7% ($368.3 million).

Baccarat win decreased 30.0% or $27.9 million on volumes, which were down 17.8% or $109.4 million.

For casinos that serve locals, Deutsche Bank reported slot revenue of $201.3 million was up 9.9% year over year, as hold was up to 6.4%, while handle was down 1% year over year. Table revenue of $46.1 million was up 16.3% year over year, as drop was down 10.4% and hold of 14.2% was up 327 basis points.