Nevada set a record by surpassing $1 billion in gaming revenue for the ninth consecutive month in November. Analysts credit the return of international travel to Las Vegas in part for its strong numbers.
Sportsbooks also achieved a record win in November, as well as taking $1 billion in wagers in consecutive months for the first time in history.
Through 11 months, the state has generated $12.3 billion in total win, the third-highest total all-time with another month to go, according to Michael Lawton, a senior economic analyst for the state of Nevada. For 11 months of 2021, statewide gaming revenue is up 11.9% compared to 2019.
The question remains whether that will continue as COVID cases pick up across the country. Large conventions such as the Consumer Electronics Show return next week.
The $1.32 billion in revenue in November fell just short of the record $1.35 billion in revenue reported in July. That’s 71% higher than November 2020’s $771 million and 41% higher than November 2019, according to the Nevada Gaming Control Board.
The Las Vegas Strip recorded $755 million in revenue in November compared to October’s $702 million, a 7.5% increase and 11.1% for gross gaming revenue per day, according to Deutsche Bank. For the year, the Strip is up 7.2% compared to 2019.
November’s revenue on the Strip was 45.8% higher than November 2019, when it was $517.9 million, and the fourth quarter so far is 37.9% higher than the fourth quarter of 2019, according to Deutsche Bank.
Revenue from casinos that serve local residents rose 44.7% to $263.5 million compared to November 2019. It was 18.5% higher than October and 22.4% higher based on gaming revenue per day, according to Deutsche Bank.
Downtown Las Vegas’ revenue of $82.9 million was up 59.1% versus 2019.
The strong November is no surprise after numbers released Tuesday from Harry Reid International Airport indicated that the 3.98 million passengers who passed through in November fell only 81,000 short of the pre-pandemic number of 4.16 million in November 2019.
The U.S. lifted its ban on international travel on Nov. 8 and for the month, nearly 120,000 international travelers visited Las Vegas, the most since casinos reopened in June 2020. There’s room to grow; November’s total was 60% below the 305,000 who came through in November 2019.
“Nevada continued to record gaming win amounts in excess of pre-pandemic levels in November,” Lawton said. “Customers from multiple market segments continued to support the strong demand for gaming across all areas. Demand is being buoyed by healthy consumer savings, the sustained rebound of leisure travel and the return of international flights (other than Canada and Mexico), which allowed vaccinated foreign nationals to travel to the United States beginning on Nov. 8. These factors, in addition to special events and entertainment, continued to propel gaming win past 2019 levels.”
Lawton pointed out that the Specialty Equipment Market Association (SEMA) returned to the Las Vegas Convention Center on November 2. This event was the largest convention and trade show the city has hosted since January 2020 and will be the largest show of 2021.
Sting began his residency at the Colosseum at Caesars Palace on November 3. The Rolling Stones played Allegiant Stadium on November 6. Saul “Canelo” Álvarez fought Caleb Plant on November 6 at the MGM Grand Arena. Terence Crawford fought Shawn Porter at the Mandalay Bay Events Center in a WBO Welterweight title fight on November 20. The Las Vegas Raiders played two home games at Allegiant Stadium on November 14 and 21, Lawton said.
The previous statewide record of eight consecutive months exceeding $1 billion occurred between October 2006 to May 2007.
Clark County has recorded $1 billion in gaming win for six of the last seven months. Prior to that, October 2007 was the only month Clark County exceeded $1 billion.
In Reno, gaming revenue of $60 million was up 19.2% versus 2019.
Nevada had 3.11 million visitors in November, down 8.2% from 3.39 million in October and 11% less than the 3.5 million visitors in November 2019. The nearly 52,000 visitors a day who crossed into Nevada from California on Interstate 15 surpassed October by 11% and November 2019 by 17%, but domestic air travel, while up by 8,000 over November 2019, fell by more than 100,000 passengers from October.
Hotel occupancy in November was 77.6%, down from 81.6% in October. Weekend occupancy was 90.7%, essentially matching October. It was 94% in November 2019. The decline came from midweek occupancy, which was 71.9% compared to 77.5% in October.
The Strip occupancy rate was 79.7%, down from 90.1% in November 2019. Downtown occupancy was 67.2%, down from 81.4% in November 2019.
The average daily room rate fell in November to $155.93 from a post-pandemic high of $173.68 in October. It’s still above the $134.96 in November 2019.
On the Strip, the average room rate in November was $165.44, down from $184.65 in October. It was $145.49 in November 2019.
Nevada sportsbooks won $72 million on wagers that totaled $1.1 billion. The win represents an all-time record, beating the previous record of $61.8 million in November 2020. Sportbooks have now recorded more than $1 billion in wagers in consecutive months. Prior to last month, this threshold had never been reached, Lawton said.
Sports bets made with mobile apps won $35 million on a $776.6 million handle, holding 4.5%. This write amount accounted for 71.5% of total wagers, Lawton said.
The continued acceptance of mobile sports wagering by customers is driving these results, as this month represented the highest monthly total recorded in mobile write since the Gaming Control Board began tracking these wagers in January 2020, Lawton said. For the year, mobile wagering has accounted for 62.9% of total sports write.
Statewide, table games won $461.7 million, an increase of 90.3% over November 2020, while the drop of $3.4 billion was a 79.3% jump, Lawton said. Compared to November 2019, table-game win increased 43.9% and drop increased 34.6%. For 2021 compared to 2019, games win is up 2.4% and drop is up 3.9%, he said.
Baccarat win of $94.3 million increased 124.3% and the drop of $738.9 million increased 75% compared to November 2020, Lawton said. Baccarat’s hold was 12.76% vs. 9.96% last year. Compared to November 2019, baccarat win increased 24.8% and drop increased 32.8%, with a hold of 13.58%, he said.
Slot win of $859.9 million was up 62.7% and $11.4 billion in coin-in increased 51.7% from November 2020. Compared to November 2019, slot win and coin-in increased 39.4% and 18.9%, respectively, Lawton said. For the year, statewide slot win is up 16.8% and coin-in is up 12.3% compared to 2019.
