Figures released by the Nevada Gaming Control Board (NGCB) showed that the state recorded $1.31 billion (£1 billion/€1.21 billion) in gross gaming revenue (GGR) in September. In other words, an increase of 3.3% compared to the previous year. But it was hit thanks to the local Las Vegas market and downtown, not the Strip.
Las Vegas sees increase in revenue
NGCB data showed that downtown Las Vegas recorded $91 million in GGR in September. That represented a 33% increase over last year, the biggest jump of any Nevada market. Las Vegas’ local sector brought in $156 million, up 15.8% from the previous year.
For the fiscal year so far, both markets are up approximately 12% from this point in 2023. These are the highest marks of all verticals reported by management.
The combination of ancillary markets helped alleviate the fact that the Strip posted its third consecutive monthly decline. Its total of US$727.6 million represented a 1.8% drop from the previous year.
However, overall, the Strip was down 7.2% compared to the same period last year, the worst of all markets. The state as a whole is 2.6% below its record pace compared to the same period last year.
Taking a closer look at the Strip’s report, baccarat continues to be hit or miss for the gambling capital of the country. Strip won $88.5 million from the game in September, a 40% drop from the previous year.
So, to illustrate the volatility of the game, Strip is down 50% so far in fiscal 2024, but is still 16% above the previous 12 months (October 1, 2023 to September 30, 2024).
Nevada Sports Betting Up in September
Among the report’s highlights was the strength of the state’s sports betting numbers. Sports betting GGR was $80.8 million, a 30% increase from the previous year.
To date in FY24, state sports betting has generated a GGR of $131.6 million, a 25% increase from 2023. Mobile betting last month accounted for $36 million of total revenue, also a 25% increase compared to September 2023.
The NFL and college football seasons have been good so far for the state. Last month, the first full month of regular season action, there was a total of $55.8 million in football betting revenue.
This represents a 49% increase compared to the previous year. However, to date, the entire season has generated $64 million, a 53% increase over the previous year.
To the north, Reno’s revenue of $71.9 million (+12.4%) led Washoe County as a whole to a 7% annual gain. But despite the strong month, the market is still stable compared to the same period last year.
