Nevada sets May gaming revenue record

Thursday, June 27, 2024 3:34 PM
Photo:  Shutterstock
  • Buck Wargo, CDC Gaming

Nevada set a May record with $1.32 billion in gaming revenue. It was also the eighth highest total in history as the Strip continues to benefit from a strong events calendar that boosted hotel occupancy and room rates.

The $1.32 billion rose 2.5% or $31.6 million versus May 2023. For the year, total win is up 3.2% or $202 million, according to the Nevada Gaming Control Board.

Of that, the combined total for the Las Vegas Strip and the balance of Clark County are up $207.2 million or 4.9% for the year. The Strip alone is up 3.5% for the year.

The Strip’s gaming win of $742.5 million increased 3.7% or $26.6 million and accounted for 84.1% of the statewide increase in May. Statewide win excluding the Strip increased $5 million or 0.9%, according Michael Lawton, senior economic analyst for the Gaming Control Board.

Lawton said the Strip benefited from a very robust event calendar in May. Harry Reid International Airport recorded its second highest month in passenger count in history in May.

The Las Vegas Convention and Visitors Authority reported 3.65 million visitors in May, a 4.6% increase over May 2023’s 3.49 million. The LVCVA cited the Electric Daisy Carnival, which typically attracts hundreds of thousands of attendees, and convention attendance of 461,900, up 1.8%.

Lawton said special events or other items of note included Canelo Alvarez fighting Jaime Munguia at the T-Mobile Arena on May 4 for the undisputed Super Middleweight world title. Justin Timberlake performed at the T-Mobile Arena for his “Forget Tomorrow” world tour on May 10. The Rolling Stones played Allegiant Stadium on May 11. The MGM Grand Garden Arena featured Pearl Jam for two nights on May 17-18. Maroon 5 returned to Dolby Live at Park MGM May 17-31. Garth Brooks and Adele were both in town for their residencies at the Colosseum at Caesars Palace for multiple dates during the month of May. Carrie Underwood returned to the Resorts World Theatre from May 22-31.

The strong event schedule helped fill hotel rooms; overall occupancy was 86.1%, up from 84.4% a year ago. Weekend occupancy was 93.4%, up from 93.2%. Strip occupancy hit 88.5%, up from 87%. The average daily room rate on the Strip was $212, up 9% from $194 a year ago, according to the LVCVA.

The Strip’s slot win totaled $402.9 million and increased 2.6% or $10.1 million with a 6.5% or $306.3 million increase in coin-in. Slot hold was 7.99% versus 8.29% last year, Lawton said.

The Strip’s games win totaled $339.5 million and increased 5.1% or $16.4 million and drop increased 4.9% or $100 million. Games hold percentage was 15.8% versus 15.7% last year.

Strip baccarat win totaled $122.1 million, but was down $8.7 million or 6.6%. Volume totaled $758.1 million, down 2.4% or $18.2 million. Hold was 16.1% versus 16.9%. Total win excluding baccarat increased by 6% or $35.2 million.

Strip twenty-one win of $93.2 million increased 17.6% or $13.9 million. Volumes totaled $615.3 million and increased 10.43% or $58.1 million. Hold percentage was 15.15% versus 14.23% last year.

Strip roulette win of $37.4 million increased 55.5% or $13.3 million. Volumes totaled $185.9 million and increased 28.7% or $41.5 million. Hold percentage was 20.09% versus 16.63% last year.

Locals casinos generate $277.7 million in revenue in May, up 5.1% year over year. Revenue is up 10.3% for the second quarter compared to a year ago.

Downtown casinos had $74.8 million, up 1.6% over $73.6 million in May 2023. North Las Vegas had $24.7 million, up 2.1% over last year. Downtown’s occupancy reached 76.1% in May, up from 71.4% a year ago. Room rates were up 15.4% to $124.92.

Elsewhere, Laughlin had $36.9 million, down 21.4% from $46.9 million a year ago. Mesquite had $16.3 million, up 8.5%. Reno had $65.2 million, down 1.1%. Sparks had $15.3 million, up 2%. South Lake Tahoe had $17.6 million, down 9.4%.

Lawton said Laughlin was impacted by slot-revenue timing in May 2023, as April 2023 ended on a Sunday and revenue was subsequently reported in May 2023. Laughlin casinos also experienced some softness in slot volume, down 5.7% even with an additional weekend day. Total win of $36.9 million was down 21.4% or $10.1 million. For the year, Laughlin is down 6.2%. Slot win was down 23.4% or $10.2 million. Slot coin-in was down 5.7% ($27.9 million), while the hold was 7.2% versus 8.9%.

Statewide, Nevada sportsbooks won $36 million, up 19.8% or $6 million compared to May 2023 on a hold percentage of 7% versus 5.7% last year. Sportsbook wagers totaled $515.1 million, down 2.3% or $12 million compared to last May, when $527 million was wagered statewide. Mobile wagers totaled $351.2 million, down 1.9% or $6.7 million and accounted for 68.2% of total wagers, Lawton said.

Statewide slot win of $886.1 million increased 1% or $8.5 million and coin-in of $12.3 billion was up $501.2 million or 4.2%. Slot hold percentage was 7.19% versus 7.43% last year.

Statewide table, counter, and card games win of $434.3 million increased 5.6% or $23.1 million and games drop of $2.9 billion, increased 4.8% or $132.6 million from May 2023. Games hold percentage was 15.13% versus 15.01% last year.

Statewide baccarat win of $126.4 million decreased 5.5% or $7.4 million and baccarat drop of $780.3 million decreased 1.8% or $14 million. Baccarat’s hold percentage was 16.20% versus 16.84% last year. Statewide total win excluding baccarat increased 3.4% or $39 million. This is the first decrease in monthly baccarat win since June 2023, ending a streak of 10 consecutive increases.

Statewide twenty-one win of $116.8 million increased 11.4% or $12 million. Volumes totaled $788.1 million and increased 12.9% or $90.2 million. Hold percentage was 14.82% versus 15.02% last year.

Statewide roulette win of $44.1 million increased 45.9% or $13.9 million. Volumes totaled $217.6 million and increased 24.9% or $43.3 million. Hold percentage was 20.29% versus 17.37% last year.