Nevada gambling revenue dips in July

According to figures from the Nevada Gaming Control Board, casinos took in almost USD 998M last month, even after Las Vegas Strip properties – the main source of revenue for the state – posted winnings of $565.6 million, a figure that represents a 7.7% decline.

Commenting on the results, Michael Lawton, the board’s senior analyst, said, “We were facing a pretty difficult comparison. The state was up 10.1% last July, and the Strip was up 16.8%. So for us to come in very close to $1 billion and only being down 1.7%, I don’t think we can be too disappointed about those results.”

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The decline can also be attributed to fewer weekend day compared to July 2016.

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Last month, punters gambled $787.4 million in baccarat. That was a drop of $123.8 million or 13.6% over the year.

“Baccarat had a good month, but it was nowhere near as good as last July,” Lawton commented.

A year ago, gambling venues in the Silver State passed the USD1B mark because of more weekend days in the calendar and good luck with baccarat.

Nevada benefited with more than USD 69.1M in percentage fees based on the taxable revenues generated in July. That number represents a 1.1% increase over the year.

Statewide this calendar year gambling revenue has increased by 2.6%. According to Lawton, the board expects casinos to post strong winnings for August and September after last weekend’s boxing match between Floyd Mayweather Jr. and Conor McGregor.

“We have a lot to look forward to in the next couple of months,” he stated.