Nevada casinos gained $1.29 billion final month, a 1.65% decline from March 2023 and the primary year-over-year month-to-month decline for the Silver State gaming business in eight months.
March Insanity bettors pack the Fontainebleau Las Vegas sportsbook. March gaming win for Nevada casinos declined about 2% from March 2023, as slots and sportsbooks gained much less cash. (Picture: Fontainebleau Las Vegas)
The Nevada Gaming Management Board (NGCB) unveiled gaming income numbers for the state’s 316 casinos and gaming licensees on Thursday. Whereas statewide desk win grew 2.5% to $415.9 million, slots didn’t compete with their document efficiency set in March 2023. The reels gained $874.5 million, 3.5% decrease than their month-to-month all-time excessive of $906.5 million set in March 2023.
The state’s most important metered market, the Las Vegas Strip, noticed play gradual 1.2% to $715.8 million. Slots on the primary drag gained 5% much less cash from gamblers at $401.4 million. The desk felt bridged a few of these losses, however the 4% acquire to $314.4 million wasn’t sufficient to completely offset the decreased slot maintain.
Oddsmakers additionally didn’t fare as nicely, as a lot of March Insanity went the general public’s manner with favorites UConn and South Carolina respectively profitable the boys’s and ladies’s faculty basketball tournaments. Sportsbook win fell 32% to about $29.8 million on a poor 3.8% win charge.
First Quarter Nonetheless Robust
Regardless of the year-over-year month-to-month gross gaming income (GGR) decline, the March 2024 submitting reveals that the Nevada gaming business continues to develop. By way of the primary quarter, GGR totaled greater than $3.9 billion, a 2.35% year-over-year premium.
Desk play fueled the three-month improve, because the felt accounted for $1.32 billion of the overall win, up 6% from Q1 2023. Slot machines reported a trivial 0.4% improve to $2.58 billion. Sports activities betting win, which the NGCB teams into the cardboard income, grew 5% to $142.4 million.
Although March 2024 wasn’t as wealthy as March 2023, the month’s practically $1.3 billion haul prolonged Nevada’s month-to-month streak of profitable a minimum of $1 billion to 37 consecutive months. Earlier than the unprecedented $1B+ run, the Nevada gaming business’s longest month-to-month GGR streak profitable upwards of 10 digits was solely eight months lengthy, a feat skilled between October 2006 by way of Could 2007.
Within the first quarter, most markets skilled income beneficial properties. Strip GGR climbed 2.5% to $2.2 billion, South Shore Lake Tahoe noticed win bounce 4.5% to $55.4 million, and Washoe County, residence to Reno, soared 12% to $246.9 million.
There have been a number of market losers, together with Downtown Las Vegas the place GGR tumbled 3% to $238.2 million. Elko County GGR fell 2% to $99.2 million, and Nye County casinos reported a 4% discount in on line casino win to $17 million.
March Journey Strong
On line casino win might need slowed a bit final month however visitation to Southern Nevada remained robust. Harry Reid Worldwide Airport officers revealed Thursday that Las Vegas’ main air hub served over 5 million passengers, a 2% bounce on March 2023.
12 months thus far, air site visitors at Harry Reid was up 1.7% by way of March to greater than 13.7 million arriving and departing passengers.
The Las Vegas Conference and Guests Authority later this week will launch its March report that may present further particulars on Southern Nevada’s tourism and gaming industries, together with general customer quantity, conference attendance, and lodge occupancy ranges.
