Nevada Casinos Set New Record in April with over $1.2bn in Earnings

Summary:

• The market is up almost 7% from last year.
• The Las Vegas Strip was a huge revenue driver.
• High end baccarat also boosted totals.

The April casino totals are in for Nevada, and the state had an impressive month, earning over $1.2 billion.

This amount was so large that it provided an almost 7% increase from last year and set a new revenue record. This is the 38th month running that the state has seen an excess of $1 billion in earnings.

Revenue Drivers

Certain elements of the industry helped to boost the overall earnings in the state. The Las Vegas Strip brought in the bulk of the earnings, generating $666 million. This was a more than 6.6% increase for the area despite the Tropicana closing early in the month.

As far as games are concerned, the top earner was high-end baccarat. The game brought in over $76 million in earnings, a huge 80%. Baccarat wagering increased by almost 10%, with players hitting the tables more in April to generate the higher revenue total.

From the revenues, the state was paid more than $70 million. Within the past fiscal year, which ended in April, Nevada was provided over $13 billion in revenues.

Tourism Also Increases

Las Vegas tourism was also up, which helps to boost the overall revenues gained. Convention attendance increased by 36% from last year, and the Strip saw more visitors due to several events such as the Craft Brewers Conference and Google Cloud Next.

Hotel occupancy was up over 85% on the Strip, which was a slight increase from last year. The average daily room rate for the month was just over $182. April is not typically a strong month for Nevada, so it was nice for the industry to see so many gains in several areas.

When it comes to the local market, both Henderson and North Las Vegas saw revenues increase by 16%. South Lake Tahoe did even better, with a 31% increase and almost $18 million in earnings. Downtown Las Vegas was up 11% with $82.7 million, with slots and sports betting pushing the totals.

Washoe County was one of two areas that saw a significant decrease, dropping by almost 6% to $59.3 million in earnings. Sparks also dropped, earning $13.9 million, an 8.9% decrease.

Nevada is expected to continue to see revenue increases through June via casino gaming. Visitation rates are expected to climb, which will provide more earnings for gaming, dining, and entertainment services. It will be interesting to see if the gains continue once the June reports are released in July.