Nevada Casino Revenues Soar 12% to $1.04BN in JanuaryMarch 1, 2017 11:04 am
The Nevada Gaming Control Board has released its latest casino results for January, revealing an impressive 12% increase in revenues to $1.04 billion compared to the $925 million collected in the same month last year.
Furthermore, the figure marks only the 35th time the Silver State has generated over $1 billion since the feat was first achieved back in March 2005, and commenting on the win amount, Michael Lawton, senior research analyst with the Tax and License Division of the Gaming Control Board, said:
“The billion dollar number is impressive; it’s sort of a high water mark. The last time we recorded a billion was in July, but this month is a little bit higher than July’s … It’s a nice sign that we recorded a billion twice in the last seven months.”
The state subsequently received $75.2 million in taxable revenues, lower by 8% percent from the $81.8 million collected in January of 2016.
The Las Vegas Strip, which typically accounts for more than half of Nevada’s gambling revenues, reported a 14.4% jump in business to $609.9 million last month. From that tally, table games were higher by 22% to $334.6 million, with baccarat contributing $154.7 million of that amount. Slot machine revenues, too, noted a healthy 6.1% increase to $274.3 million, and as Union Gaming Research analyst John DeCree, explains:
“.. the Strip did benefit from the shift in Chinese New Year into January this year, while the locals market saw a larger than normal spillover of slot collections in December as New Year’s Eve landed on a Saturday.”
Elsewhere around the state, Downtown Las Vegas saw its casino revenues soar by 32% to $55.5 million from a year earlier, and North Las Vegas also rose by 25.94%, while Clark County as a whole saw its win climb 14.3% to $926.2 million. In the meantime, North Lake Tahoe went in the opposite direction with its revenues shrinking by 30%, as did Elko County down by 12.7%.