Nevada’s Casinos Continue Strong Run, Post Record Revenue in October

Article by : Erik Gibbs Dec 1, 2023

• 
• 

The Nevada casino-resort industry sustained its momentum in October, with a 2.7% YoY revenue increase, setting a new record for the month at $1.31 billion.

The annual revenue is expected to reach a record high with a 3.3% increase in 2023 over the first 10 months of 2022. November’s anticipated strong showing, credited to events like Las Vegas’s Formula One race and Thanksgiving weekend, is eagerly awaited.

Downtown Las Vegas and the Boulder Strip stood out in October, with Downtown reporting a revenue of $97.5 million, a substantial 7.8% increase from October 2022, and the Boulder Strip marking a remarkable 10.2% YoY surge, reaching a revenue of $88.6 million.

Local-serving casinos experienced a significant 5.7% increase in revenue, reaching $261.5 million in October, as per Deutsche Bank analysis.

On the Las Vegas Strip, a solid month was driven by a 43% surge in baccarat wins, resulting in a total revenue of $714.4 million, a 1.2% increase from October 2022. Strip gaming revenue has seen a commendable 5.4% uptick over 2022 year-to-date.

Statewide total wins, excluding the Las Vegas Strip, increased by 4.5%, equivalent to $25.7 million.

October marked the 32nd month Nevada surpassed $1 billion in gaming revenue, standing 28.7% or $293.3 million higher than October 2019. It’s worth noting that there was one less weekend day in 2023 compared to 2022, impacting the comparative figures.

The Las Vegas Strip benefited significantly from residencies, concerts and a robust sports calendar that attracted 3.63 million visitors to Las Vegas in October, slightly fewer than in October 2022.

Overall visitation is up 5.8% for the year. Convention attendance in October reached 640,600, surpassing October 2022 by 12,500.

This contributed to a record-high room rate in October, reaching $233.22—an 11.1% increase over October 2022. The Strip’s room rate reached $251.42.

The overall occupancy rate remained steady at 87.7%, mirroring October 2022, while weekend occupancy rose slightly to 94.2%, up by 0.2 points year over year.

The Strip’s occupancy increased to 89.6% from 88.7% a year ago, while downtown occupancy dipped from 84.2% to 82.3%. The Las Vegas Convention and Visitors Authority attributed this dynamic to the heightened demand for sports, entertainment and conventions.

Table, counter and card games saw a win of $420.3 million, marking a 4.2% increase of $16.8 million.

The drop in games, amounting to $2.9 billion, witnessed a 5.6% decrease or $170 million from October 2022, experiencing declines for six consecutive months. The game’s hold percentage was 14.74%, a notable increase from 13.35% the previous year.

Baccarat’s win reached $89.8 million, reflecting a remarkable 35.3% increase or $23.4 million. The baccarat drop of $607.8 million rose by 19% or $96.9 million, with a hold percentage of 14.8%, compared to 13% the previous year. Statewide total wins, excluding baccarat, saw a 0.9% increase or $11 million.