Nevada Casino Revenues Rise 8% to $990M in February

Nevada’s casino market has bounced back from a 3% revenue decline in January, to post an 8% improvement in business in February compared to the same month in 2015. According to the Nevada Gaming Control Board, Nevada’s casinos generated $989.8 million in revenues last month, of which $51 million was subsequently collected by way of state gambling taxes.
Amongst the factors accounting for the improvement in revenues was an extra leap day last month, as well as the Super Bowl taking place a week into February, rather than in 2015 when most of the pre-Super Bowl coverage took place mostly in January.
In February, slots revenues were up a solid 7.8% to $609.4m, while table games also reported an 8.3% improvement in business. Meanwhile, baccarat was higher by less than 1% to $122.1m, and commenting on the figure J.P. Morgan gaming analyst Joseph Greff said:
“While we expect the market to continue experiencing volatility in baccarat play given a slowdown in Chinese players, this drag should moderate given mostly easing baccarat growth comparisons in the coming months.”
In addition, all markets across the state reported an increase in their year-on-year revenues.
Accounting for more than half the state’s revenues in February was the Las Vegas Strip, which generated $570.25m, up by 7.32% year-on-year. Elsewhere around Clark County, Downtown was up by 17% to $50.61m; North Las Vegas up 12.88% to $24.73m; Laughlin up 0.79% to $43.35m; Boulder Strip up 10.40% to $70.96m; Mesquite up 4.95% to $10.9m; with Clark County’s remaining markets up by a collective 11.89% to $92.48m.
Meanwhile, Washoe County was also higher by 8.59% across the board. Leading the market in terms of revenue was Reno up 6.91% to $48.22m; Sparks up 9.92% to $10.47m; North Lake Tahoe up $17.68% to $2.07m; with the balance of the state higher by $19.71% at $5.08m.
Going forward, a number of big events are likely to help improve sports book revenues in March and April, including NCAA March Madness, and several major fights. Overall business and tourism should also receive a further boost from the upcoming opening of the T-Mobile Arena, the Las Vegas Strip’s newest sports and entertainment venue.

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