The Nevada casino-resort industry continued to roll in October, led by a strong showing from downtown and locals casinos that boosted revenue 2.7% year over year and set an all-time record for the month at $1.31 billion.
Annual revenue is on its way to another record, up 3.3% in 2023 over the first 10 months of 2022, according to the Nevada Gaming Control Board. A strong showing is expected in November attributed to Las Vegas’s Formula One race and Thanksgiving weekend. Those numbers will be released the last week of December.
Downtown Las Vegas and the Boulder Strip led the way in October. Downtown came in at $97.5 million, 7.8% more than October 2022, while the Boulder Strip recorded a 10.2% year-over-year increase to $88.6 million.
Casinos that serve local residents increased revenue by 5.7% in October to $261.5 million, according to Deutsche Bank analysis.
The Las Vegas Strip, led by baccarat win that was up 43%, had a solid month by recording $714.4 million in revenue, a 1.2% increase from October 2022 when it was $705.8 million. For the year, Strip gaming revenue is up 5.4% over 2022.
Statewide total win, excluding the Las Vegas Strip, increased by 4.5% or $25.7 million.
The October showing marks the 32nd consecutive month Nevada has recorded at least $1 billion in gaming revenue and is 28.7% or $293.3 million higher than October 2019, according to Michael Lawton, a senior economic analyst for the Nevada Gaming Control Board.
There was one less weekend day in 2023 compared to 2022.
The Strip benefited again from residencies, concerts, and a sports calendar that brought 3.63 million visitors to Las Vegas in October, some 9,000 fewer than October 2022. Visitation is up 5.8% for the year, according to the Las Vegas Convention and Visitors Authority.
Convention attendance was 640,600, some 12,500 higher than October 2022. It helped boost room rates in October to a record $233.22, an 11.1% increase over October 2022 and highest since March. It was $251.42 on the Strip.
Overall occupancy was 87.7%, the same as October 2022, while weekend occupancy was 94.2%, 0.2 points higher year over year. Strip occupancy was 89.6%, up from 88.7% a year ago. Downtown occupancy was 82.3%, down from 84.2% a year ago.
The LVCVA said the demand for sports, entertainment, and conventions combined to lift room rates.
Weekends with Adele continued at the Colosseum inside Caesars Palace October 6 through the 28. U2 continued their residency at the MSG Sphere Arena for multiple dates through the 28 of October. Pink and her Summer Carnival Tour performed at Allegiant Stadium on October 7 and Ed Sheeran’s Mathematics Tour was also at Allegiant on October 28.
Usher returned to Dolby Live at the Park MGM on October 11 through the 28. The NASCAR Xfinity Series and the NASCAR Cup Series were held at the Las Vegas Motor Speedway on October 14 and 15. The Las Vegas Raiders played two home games at Allegiant Stadium on Monday October 9 versus the Green Bay Packers and Sunday October 15 against the New England Patriots.
Statewide, slot win of $894.9 million increased 2% or $17.6 million and coin-in of $11.9 billion was down $248 million or 2% and has decreased in consecutive months. The win percentage was 7.51% versus 7.21% in October 2022. Slot win has decreased in three of the last five months, Lawton said.
Table, counter, and card games’ win of $420.3 million increased 4.2% or $16.8 million. Games drop of $2.9 billion decreased 5.6% or $170 million from October 2022 and has decreased in six consecutive months. Games hold was 14.74% versus 13.35% last year.
Baccarat win of $89.8 million increased 35.3% or $23.4 million and baccarat drop of $607.8 million increased 19% or $96.9 million. Baccarat’s hold percentage was 14.8% versus 13% last year. Statewide total win excluding baccarat increased 0.9% or $11 million.
Nevada sportsbooks won $68.1 million, up 19.8% or $11.2 million compared to October 2022, on a hold percentage of 8.35% versus 6.18% last year. Sportsbook wagers totaled $815.6 million, down 11.4% or $105.2 million compared to last October when $920.8 million was wagered statewide. Mobile wagers totaled $537.2 million, down 12.4% or $76.3 million, and accounted for 65.9% of total wagers.
The Las Vegas Strip slot win totaled $406.0 million and decreased 1.1% or $4.3 million. Coin-in totaled $4.9 billion and decreased 1.3% or $63.1 million and slot hold was 8.2% vs 8.2%. This represents three consecutive decreases to slot win, Lawton said.
Prior to August, slot win last decreased in July 2022. This also represents consecutive decreases to slot volume. October ended a streak of 30 consecutive monthly increases to slot volume on the Strip going back to March 2021, Lawton said.
The Las Vegas Strip’s games win totaled $308.5 million and increased 4.4% or $13 million. The drop totaled $2 billion and decreased 5.5% or $116.9 million and hold percentage was 15.2% versus 13.8% last year. Games drop has decreased in six consecutive months on the Las Vegas Strip.
Baccarat win was up $27.1 million or 43.2%. Volume was 19.9% higher or $97.5 million while hold was 15.3% versus 12.8%.
Total gaming win excluding baccarat decreased 2.9% or $18.4 million compared to last year.
Deutsche Bank reported that at locals casinos, slot revenue of $212.3 million was up 5.5% year over year, while handle was down 1.4%. Table revenue of $49.2 million was up 6.7% year over year. Hold of 14.7% was up 45 basis points and table drop was up 3.5%.
In Clark County, only North Las Vegas recorded a decline, falling 0.8% to $23.3 million. Outside of Las Vegas in Clark County, Laughlin reported $47.5 million in revenue, a 5.34% increase. Mesquite recorded $16.2 million in revenue, a 1.8% increase.
In Washoe County, Reno reported $70.3 million in revenue, a 9% year-over-year gain. In an unusual decline since the opening of the Legends Bay Casino in August 2022, Sparks’s gaming revenue fell 6.9% to $15.3 million. South Lake Tahoe saw $17.5 million in revenue, a 3.4% decline.
