Nevada Sets Another Gaming Revenue Record in May

Article by : Erik Gibbs Jul 3, 2024

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In May 2024, Nevada’s gaming industry continued to demonstrate robust performance, setting new records in revenue generation and highlighting its crucial role in the state’s economy. Total gaming revenue for the month reached $1.32 billion, marking a 2.45% increase compared to the same period the previous year.

This growth not only underscores the resilience of Nevada’s gaming sector but also signals sustained interest from both local enthusiasts and tourists alike.

The Las Vegas Strip, renowned globally as a premier gaming destination, contributed significantly to Nevada’s overall figures with a reported gaming revenue of $742.4 million. This marked a notable 3.7% increase year-on-year, reflecting the Strip’s enduring allure and ability to attract a diverse range of visitors from around the world.

Clark County, home to various gaming hotspots, including downtown Las Vegas, North Las Vegas, and the Boulder Strip, collectively generated $1.5 billion in gaming revenue for May. This represented a solid 3% growth, indicating broad-based economic expansion across different gaming regions within the county.

Washoe County, encompassing popular destinations such as Reno, Sparks, and North Lake Tahoe, reported a steady performance with gaming revenue totaling $90.4 million. This contribution further solidifies the county’s position as a significant player in Nevada’s gaming landscape, catering to both local residents and regional visitors.

In terms of gaming revenue breakdown by type, slot machines continued to dominate, generating $884.3 million in revenue. While this segment experienced a modest 1% increase compared to the previous year, it reaffirms the enduring popularity and profitability of slot gaming across Nevada’s casinos.

Revenue from table games, counters, and card games also saw notable growth, increasing by 5.5% to reach $332.4 million. The uptick suggests strong patronage and engagement in traditional gaming offerings, contributing substantially to the overall revenue growth observed in the state.

Turning to the sports betting sector, Nevada reported a total win of $36 million in May 2024, marking a robust 19.8% increase from the previous year. Despite this increase in total wins, total wagers placed slightly decreased to $515.1 million, down by 2.3% compared to the previous year’s figure of $527 million.

Mobile sports betting continued to dominate Nevada’s sports wagering landscape, constituting 68.2% of all wagers placed. Although mobile wagers decreased slightly, by 1.9%, to $351.2 million compared to the previous year, the preference for mobile platforms among sports bettors remains strong, highlighting ongoing reliance and convenience.

From a governmental revenue perspective, the state of Nevada collected $88.5 million in percentage fees during June 2024, based on taxable revenues generated in May 2024.

This figure represents a notable 11.97% increase ($9.4 million) from the previous year’s collection of $79 million in June. The increase in percentage fee collections underscores the overall growth and profitability of Nevada’s gaming industry, contributing positively to state revenues and supporting various economic activities.