Nevada gaming posted its best October revenue this year with an astounding $1.32 billion haul from the state’s legion of casinos and sportsbooks. While the gaming industry benefited from a slew of events on the fabled Vegas Strip, casinos across the state had an extremely good month no matter where they were located.
The official total “gaming win”, as reported by the Nevada Gaming Control Board was $1,315,114,434. That marks a 2.69 jump over October 2022’s take of $1,280,702,499. So far, Nevada gaming is up 2.85 percent over the last fiscal year, so far.
As is always the case, those Strip casinos brought in the lion’s share of gaming revenue for the entire state with $714.5 million in revenue. A report in the Nevada Independent points out a potential soft in the market observing that without $89.8 million brought in from a high roller baccarat surge, the Strip’s revenue would actually have been down 2.9 percent over the previous year. Baccarat play was 43.2 percent higher than in October 2022, though Nevada media was at a loss to explain the jump.
While the Strip played host to a myriad of events during the month that drew in visitors such several concerts by U2 at the Sphere and multiple Raiders games at Allegient Stadium boosted business overall, one core number showed an alarming decline – slot machine revenue. Slot machine play is normally very consistent, and consistently high across the state but October actually recorded a dip for the third straight month. This downward trend comes after an amazing 30 consecutive months of growth in that sector.
While the holiday season is normally a bit slower across Nevada’s gaming empire, this year the state and Strip will almost certainly see an uptick in revenue from crowds brought in for the massive Las Vegas Grand Prix. It’s also safe to say that the state is on track to break its annual revenue record when 2023 is finally in the books.