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Nevada reports best-ever October revenue with $1.3B, driven by growth across slots, baccarat, sports pool betting

2023-12-01
Reading time 2:42 min

The Nevada Gaming Control Board reported a substantial increase in gaming revenue for the state in October, driven by growth across multi-denomination slots, baccarat, and sports pool betting. According to the latest data, Nevada's gambling revenue increased 3.1% year-on-year to $1.32 billion, ahead of the $1.28 billion in the same period last year, and 3.9% more than the $1.27 billion posted the prior month this year. It was also the best October revenue total in the history of the state’s market.

The success in October can be largely attributed to slots, which generated $894.9 million, a 2% increase from last year. Multi-denomination slots were the single highest revenue source with $527.8 million for the month, up 16.3%. Incidentally, almost all other slot games reported a decline in revenue, including penny slots, with revenue dropping 11.7% to $271.9 million.

According to the latest figures table, counter and card game revenue was up 4.2% to $420.3 million, driven by growth within the baccarat segment, with revenue jumping 35.3% to $89.8 million. Blackjack was the main source of table, counter, and card game revenue, although revenue from these games slipped 12.6% year-on-year to $114.1 million.

Meanwhile, craps revenue jumped 8.2% to $40.4 million and roulette 4.2% to $34.5 million. However, Ultimate Texas Hold’em revenue dipped 13.9% to $13.5 million while three-card poker revenue also fell 5.6% to $10 million in October. 

Sports pool betting, which is also reported as part of the table, counter, and card game segment, saw revenue up 9.8% year-on-year at $61.1 million. Football betting accounted for $48.3 million of sports pool revenue during October. Some $9.5 million came from baseball betting, $3.2 million from basketball, and $2.2 million from ice hockey. A further $1.5 million was attributed to parlay cards and the remaining $3.5 million to other sports. 

The Nevada Gaming Control Board also noted that $35.1 million of all sports pool revenue in October came from mobile betting.

It should be noted that the Las Vegas Strip drew 54.3% of all gambling revenue in Nevada in October. This total was 1.2% ahead of the same month in 2022. Strip slots revenue edged down 1.1% to $406 million but table, counter, and card game revenue climbed 4.4% to $308.5 million. The latter included $89.8 million in baccarat revenue and $87.3 million from 21. Sports pool revenue on the Strip jumped 27.9% to $26.9 million, some $10.8 million was from mobile betting.

Despite the monthly record, industry analysts are looking to late December when the board releases figures from November, which includes win totals from when the inaugural Formula One Las Vegas Grand Prix was run on the Strip. December numbers also are expected to be robust with two new properties, Durango and Fontainebleau, open and joining their respective markets.

"We will be reporting the November gaming win totals during the last week of December and I understand there will be a great deal of anticipation to see the results and the impact from F1 so everyone will have to stay tuned until that time,” said Michael Lawton, the Control Board’s senior economic analyst who crunches the gaming numbers for the state, as reported by the Las Vegas Review-Journal.

As for other October highlights, nearly every Southern Nevada market saw increases in gaming win over 2022, despite there being one fewer weekend day in October 2023 compared with the previous year.

Win on the Boulder Strip was up 10.3% to $88.6 million and Laughlin climbed 5.3% to $47.6 million. Among Southern Nevada markets, only North Las Vegas declined, off 0.8% to $23.4 million.

Lawton said October figures reversed a trend with several markets, including downtown Las Vegas, Laughlin, the Boulder Strip, outlying Clark County, and Washoe County lifting statewide totals due to increased slot-machine win totals driven by increased hold percentages.

According to Lawton, the state’s gaming numbers continue to push ahead of those from pre-pandemic 2019. Statewide total win was 28.7% or $293.3 million more than in October 2019. The month also represented the 32nd consecutive month that the state has recorded at least $1 billion in monthly gaming win.

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