Nevada Casinos Win Big From Hosting Super Bowl LVIII

Article by : Erik Gibbs Mar 29, 2024

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Las Vegas’s bold gamble of hosting its inaugural Super Bowl paid off handsomely. Gaming revenue along the famous Strip soared by 12% to a staggering $800 million in February, setting a new record for the month.

Coupled with a robust convention schedule, this surge in revenue translated into an additional 300,000 visitors flocking to the city.

Moreover, the Super Bowl extravaganza contributed to a substantial increase in statewide gaming revenue. February witnessed a $105 million uptick compared to the previous year—marking it as the sixth-highest revenue month in Nevada’s history.

The Nevada Gaming Control Board’s latest report, released on Thursday, revealed a state revenue surge of 8.5%, reaching $1.34 billion, a notable jump from the $1.23 billion recorded in February 2023.

Amidst the glitz and glamor of the Strip, the $800.7 million windfall, buoyed by an astounding 82% surge in baccarat winnings compared to February 2023, easily eclipsed the previous year’s haul of $712.3 million, ranking as the fifth-highest gaming win in the Strip’s history.

Notably, the fortuitous timing of the Super Bowl coincided with the Chinese New Year holiday, which occurred over the same weekend, unlike the previous year when it was celebrated in January.

In February, there was a remarkable surge in table game credit issuance, reaching $1.9 billion, the highest since December 2014, as the Gaming Control Board reported.

This represented a 7.7% increase from the previous second-highest amount recorded in November 2023, showcasing strong momentum in gaming activity.

Michael Lawton, senior economic analyst for the Gaming Control Board, attributed this surge to a mixture of factors, including the Super Bowl, Chinese New Year festivities and an extra day in February due to the leap year, which combined, significantly boosted gaming activity in Nevada and on the Las Vegas Strip.

However, these figures only reflect gaming wins for February, with comprehensive revenue data, including hotel earnings, expected in first-quarter reports in late April and early May.

Las Vegas experienced a surge in visitors and record-breaking room rates. February witnessed a 9.5% increase in visitation, totaling 3.37 million visitors, largely driven by conventions, which saw a 15% rise in attendance.

Notable events like the National Association of Home Builders show and performances by renowned artists like Bruno Mars, contributed to the city’s bustling convention scene and entertainment landscape.

Despite a larger room inventory compared to the previous year, hotel occupancy rates surged in February, reaching 83.9%, with increases seen across the board, including downtown Las Vegas and the Strip.