Nevada Casinos Smash The $1 Billion Threshold In January
The Nevada Gaming Control Board published a report detailing January 2018 results.
It seems the year kicked-off in the right way, with the state’s gross gaming revenue surpassing $1 billion.
A Perfect Way To Start The New Year
Table revenues recorded a drop, while casino sportsbooks were the one keeping revenues on track. The biggest news is that monthly revenues exceeded the $1 billion threshold for the first time in 12 months.
Although Grossing $1.015 billion in the first month of this year, this result represents a decline of 2.5% when compared to the corresponding period of 2017, but also the best monthly result since January last year.
Commenting on the results, Michael Lawton, Senior Research Analyst with the Nevada Gaming Control Board’s Tax and License Division said the results were impressive, especially when bearing in mind that Chinese New Year had taken place in January last year, bringing more tourists to Las Vegas.
Lawton pointed out this year’s January had been one weekend day shorter.
Results Tell The Whole Story
Table revenues during January dropped by 10.5% to $359.5 million, mainly due to a decline in baccarat, while slots recorded a slight year-on-year increase of 3.3% to $655.5 million.
Casino sportsbooks had a near record month, recording a staggering 216% increase to $25.1 million, with bets on basketball accounting for nearly 60% of the generated sum ($15 million), while football bets took home $7.8 million.
The fantastic improvement wasn’t felt at sportsbook across the state, where revenue declined by 3.1% to $3.1 million.
Casinos on the Las Vegas’ Strip didn’t have as successful January as they did last year when they generated $608.9 million. During the 31-day period ending on January 31, 2018, casinos on the Strip saw a drop in revenues by 8.9% to $554.7 million.
Casinos in Downtown Las Vegas recorded a 1.76% rise in revenue to $56.6 million.