Nevada gaming revenue hits $1.23 billion in August, up 5.5%

Nevada casinos posted $1.23 billion in gaming revenue in August, up 5.5% from a year earlier and marking the state’s 54th straight month above the $1 billion threshold, according to data released by the Nevada Gaming Control Board (NGCB).

The growth was driven by strong baccarat results and soaring mobile sports betting, even as some slot categories showed weakness. Table and card games rose 12.6% to $411.8 million, with baccarat up 52.6% to $116.5 million. Sports betting revenue jumped 68.1% to $42 million, with mobile wagers nearly doubling to $29.4 million, accounting for 73% of the total. Football betting brought in $16.3 million, up 85.9% with the return of college and NFL preseason play.

Clark County, which includes the Las Vegas Strip, reported $1.03 billion, up 5.3%. Strip revenue rose 2% to $652.1 million, supported by baccarat and a 14.2% increase in multi-denomination slot revenue. Penny slot play fell sharply, down 31.2% to $93.1 million.

Deutsche Bank originally estimated Strip gaming totals would be down 1.3 percent in August, even without accounting for Hurricane Hilary, a major storm that caused the cancellation of several hundred flights late in the month, analyst Carlo Santarelli said.

Downtown Las Vegas revenue rose 8.3% to $63.2 million, while North Las Vegas was up 7.8% at $24.7 million. By contrast, Laughlin fell 7.1% to $41 million, and the Boulder Strip slipped 1.1% to $84.8 million.

Tourism showed resilience. Las Vegas drew 3.3 million visitors in August, up 4% from a year earlier, while convention attendance surged 64% thanks to a major furniture expo. Overall hotel occupancy climbed to 80.3%, with Caesars Entertainment projecting occupancy of 96% to 97% over the next three months and MGM Resorts saying 90% of its Formula One tickets are sold.

Regional markets were mixed. Reno casinos gained 9.9% to $76.1 million, South Lake Tahoe jumped 21.5%, while North Lake Tahoe slid 15%. Mesquite rose 9.9% and Carson Valley 8.9%, but Elko County edged down 0.8%.

Harry Reid International Airport handled 4.6 million passengers in August, slightly fewer than last year, as domestic flights dipped 1.2%. International travel offset the decline, up 16% to 284,000.

Analysts noted that casinos benefited from an extra Sunday in August and stronger hold rates. NGCB analyst Shelley Newell said: “The Labor Day Weekend always helps licensees, as do all three-day holiday weekends.”