Nevada Sets April Gaming Revenue Record

Nevada's gaming industry experienced its lowest monthly revenue of the year in April, yet managed to set a record for April earnings. According to the Nevada Gaming Control Board (NGCB), the state collected $1.24 billion in gaming revenue for the month. This figure, while slightly below March 2024's revenue, represents a 6.95% increase compared to April 2023, when the state brought in $1.15 billion. This was sufficient to set a new April gaming revenue record, highlighting the state's ongoing strength in the gaming sector.

Key Movements

• Record April Revenue: Nevada's gaming industry achieved a historic milestone in April despite experiencing its lowest monthly revenue of the year, signaling resilience and adaptability within the sector.
• Strong Contributions from Southern Nevada: Southern Nevada casinos, particularly those on the Las Vegas Strip, played a pivotal role in driving the state's gaming revenue growth, highlighting the region's continued importance to the industry.
• Popularity of Table Games: Popular table games like baccarat and blackjack saw notable revenue increases, underscoring the enduring appeal of traditional gaming offerings amidst a dynamic entertainment landscape.

 

For the fiscal year starting July 1, 2023, through April 30, 2024, Nevada's gaming revenue totals $13.16 billion, marking a 4.67% increase over the same period last year. Up until May 28, the state collected $70 million in taxes from nonrestricted gaming licensees, based on April's gaming revenue. This steady growth underscores the consistent performance and resilience of Nevada's gaming industry.

The influx of tourists and locals to Las Vegas casinos is partially attributed to the city's vibrant entertainment and sports events. Although the Vegas Golden Knights' playoff run ended early, their April games attracted locals to the Strip. Additionally, residencies by Garth Brooks at Caesars Palace and Mariah Carey at Park MGM drew tourists over the weekends. The NAB Show midweek convention also contributed, bringing 61,000 attendees to the city. These events continue to play a crucial role in driving traffic to the casinos, enhancing overall gaming revenue.

Nevada's online gaming presence remains minimal, with only one online poker room, WSOP Online, whose rebranding occurred this month. Despite this limited online presence, the state's physical casinos continue to thrive. There is currently no significant movement towards legalizing full online casinos, though BetMGM and Z4 could potentially add up to three online poker rooms by next year, which could diversify the gaming landscape further.

The year-over-year increase in April's gaming revenue was largely driven by Southern Nevada casinos. Clark County saw an 8.48% rise in revenue to $1.08 billion. Despite the Tropicana closing on April 2, the Las Vegas Strip generated $666 million in revenue, a 6.62% increase from the previous year. Downtown Las Vegas also performed well, with revenue reaching $82.78 million, up 11.1% from last year. The recently opened Durango Casino significantly boosted the rest of Clark County’s revenue by 24.5% to $163.3 million. However, Laughlin and North Las Vegas were the only Southern Nevada segments to report lower revenue than April 2023.

Northern Nevada casinos experienced varied results. South Lake Tahoe casinos reported a significant 31.59% increase in revenue. In contrast, Reno's revenue fell by 5.92% to $59.2 million, and both Sparks and Wendover also saw declines compared to last year. These mixed results indicate that while some areas in the north are thriving, others are facing challenges.

Baccarat and blackjack were notable bright spots among Nevada's casino games, with both showing revenue increases over the previous year. Baccarat generated $76.1 million, up 72.5%, while blackjack brought in $110 million, a 16.01% increase. Slot machines, including video poker and keno, continued to dominate overall revenue, with an increase of 5.86% to $886.8 million, although penny slot revenue dropped by 21.48% to $216.58 million. These figures highlight the enduring popularity and profitability of traditional table games and slot machines in Nevada's casinos.

Despite facing its lowest monthly revenue of the year, Nevada's gaming industry achieved a record-setting April. The state's casinos collected $1.24 billion in revenue, marking a significant milestone despite the slight dip from March's earnings. Strong contributions from Southern Nevada casinos, particularly those on the Las Vegas Strip, played a crucial role in this achievement. Popular table games like baccarat and blackjack saw notable revenue increases, further boosting overall performance. This success indicates robust industry health amid a dynamic and competitive entertainment landscape.

 

The Outcome

The combination of increased tourism, driven by high-profile events and residencies from top entertainers, alongside resilient gaming performance, paints a positive picture for Nevada's gaming sector moving forward. Major conventions like the NAB Show, which brought in 61,000 attendees, and sports events, such as the Vegas Golden Knights' playoff games, have significantly contributed to the influx of visitors.

These factors, coupled with the continued popularity of traditional casino games, suggest that Nevada's gaming industry is well-positioned to maintain its upward trajectory. As the state looks to the future, the sustained interest and investment in its gaming and entertainment offerings promise continued growth and prosperity for this vital sector of its economy.