Nevada casinos raked in a hefty $1.27 billion from eager gamblers in January, marking a slight step back from the previous month’s record-breaking figures. The report comes amidst a flurry of activity in the entertainment capital, sandwiched between the grand openings of several resorts in December and the highly popular Super Bowl LVIII hosted in Las Vegas on February 11.
The Last Vegas Strip Records First Decline Since June 2023
While December boasted an impressive $1.43 billion in casino wins, January saw a dip, failing to clinch a spot in the top 10 highest gaming wins on record. Notably, the iconic Las Vegas Strip, typically the powerhouse driving the state’s economy, experienced a downturn with earnings totaling $686.2 million, significantly lower than December’s record-breaking $905.4 million haul.
Michael Lawton, senior economic analyst for the Nevada Gaming Control Board, noted that the decrease in January marked the Strip’s first decline since June 2023, thus breaking a streak of six consecutive increases.
Lawton attributed the decline to various factors, including the disruptive construction associated with the Formula 1 Las Vegas Grand Prix in November and December, prompting some tourists to postpone their visits until February for the Super Bowl festivities. Additionally, the timing of the Chinese New Year influenced visitor patterns, impacting January’s results.
Despite the Strip’s setback, other areas such as downtown Las Vegas, the Boulder Strip, and off-Strip locals’ casinos witnessed a resurgence from December’s figures. Notably, properties in the “Balance of Clark County” category recorded a record-breaking $169.3 million in earnings, buoyed by the recent opening of Durango Casino & Resort in early December.
Slot Machines Fuel Nevada’s Gaming Growth
The state remains on solid footing, boasting a 4.77% increase over the previous year’s performance, with the Strip outperforming at 6.78%. Slot machines emerged as a driving force behind the off-Strip surge, contributing $135.8 million to the overall earnings.
Comparing January 2023 to the present, Nevada saw a modest 0.51% improvement, while the Strip lagged behind by 3.79%. However, the shortfall was compensated by robust performances in Reno, where earnings soared by a staggering 55.0% compared to the previous year, partly attributed to favorable weather conditions that bolstered casino foot traffic.
With February’s figures expected to receive a significant boost from Super Bowl activities, Nevada’s casinos are poised to maintain their winning streak, surpassing the $1 billion mark for the 36th consecutive month.
Meanwhile, the state’s percentage fee collections for February reached $99.7 million, marking a 3.74% increase over February 2023, indicating continued resilience in the gaming sector despite fluctuations in performance on the iconic Las Vegas Strip.