Nevada Casino Revenue Spikes 15% in AugustOctober 4, 2017 1:24 pm
Going into August, Nevada’s casino revenue was higher by 2.6% compared to the same seven months a year earlier. However, August’s results were expected to give the Silver State’s gambling revenues a boost, and the month did not disappoint with business rising by an impressive 14.91% to $989.5 million versus the $861.14 million generated in August of 2016.
Nevada subsequently collected $50.42 million by way of gaming taxes and fees, representing a 6.09% improvement from the $47.53 million received a year earlier, worth an extra $2,895,476 for state coffers. One of the reasons for the strong upsurge in year-on-year revenue was the Floyd Mayweather Jr. and Conor McGregor fight which took place on August 26th, and was billed as “The Biggest Fight in Combat Sports History”. As Michael Lawton, senior research analyst with the Tax and License Division of the Gaming Control Board, explains:
“Sports betting did contribute $32 million of the increase and 25 percent of the total win increase. Obviously, everyone knew it was going to be a big sports betting month, and everyone wants to know about the fight.”
In August, Las Vegas Strip casinos generated more than $486 million in revenue, up by 21.3% year-on-year, and accounting for around 52% of Nevada’s statewide gambling revenue. Downtown Las Vegas also noted impressive growth, with its revenue higher by 13.4%, while North Las Vegas saw its business grow by 1.74%.
Elsewhere, Laughlin was higher by 6.94%, Mesquite was up 10.57%, although the Boulder Strip was only slightly higher by less than 1%. Meanwhile, Reno was up 11.92%, Sparks saw its market expand by 7.45%, North Lake Tahoe increased by 10.39%, revenue in South Lake Tahoe grew by 7.02%, and Elko County rose by 7.04%.
Finally, Nevada’s 63 poker rooms collected $8.56 million in August, marking a 4% gain year-over-year. Consequently, the state’s poker rooms have seen their revenues grow in four months so far this year, and fall in the other four months. They have also generated a collective $117.9 million over the last 12 months, or 0.02% more compared to the previous 12 month period.