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June 23, 2017

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Nevada gaming revenue up 1.19 percent in April

Image

Steve Marcus

Gamblers play roulette at the Eastside Cannery on Boulder Highway in this file photo.

Nevada’s gaming revenue increased by 1.19 percent to $886,528,810 in April, compared to a win of $876,135,199 for the same month in 2016, the Nevada Gaming Control Board reported today.

The numbers seem anticlimactic compared to March, when the revenue increased by 7.45 percent compared to the same month last year and the casinos saw nearly $1 billion in gaming revenue.

Those numbers were driven by, among other things, bets placed on the NCAA basketball tournament as well as positive gains for slots and table games, excluding baccarat.

May’s revenue numbers, however, are more in line with the general trend of gaming revenue. According to Michael Lawton, senior research analyst Tax and License Division, “revenue is trending up as calendar year to date we are up 3.9 percent statewide and for the fiscal year we are up 3 percent.”

The board also tracks revenue numbers for specific areas in Nevada.

In Southern Nevada, the board separately tracks the Strip, downtown Las Vegas, North Las Vegas, Laughlin, the Boulder Strip and Mesquite. All the areas except the Strip saw increases in revenue for April.

In North Las Vegas, the win was up 18.02 percent, in Laughlin it was up 4.24 percent, the Boulder Strip and Mesquite were up 19.02 percent and 2.25 percent, respectively, and downtown Las Vegas saw a 21.89 percent increase.

Lawton said the positive increases, especially in North Las Vegas and on the Boulder Strip, can be attributed to “slot revenue timing.” While casinos must report revenue each month, different properties tally their numbers at different times, some before the reporting deadline, some after.

Lawton said downtown’s even higher increase came in part from the addition of a new property. That new property is the Lucky Dragon, which is inside the Gaming Control Board’s boundaries of downtown Las Vegas and opened last November.

However, at $475,375,212, gaming revenue on the Strip was down 3.25 percent in April compared to April 2016, when it was $491,369,187.

Lawton, said the decrease on the Strip can be attributed to baccarat. Last April, the hold for baccarat was strong at 18.1 percent, he said. This April, the baccarat hold on the Strip was 13.1 percent.

In other parts of the state, the numbers were more varied.

Reno saw a 4.8 percent decrease, while Sparks experienced a 4.04 percent increase, and North Lake Tahoe had a 10.97 percent increase. In the rest of Washoe County, revenue was down 4.66 percent.

In South Lake Tahoe, revenue was up 4.55 percent, and in Elko County it was up 4.5 percent.

In the Carson Valley area, gaming revenue was up 6.06 percent. Carson Valley numbers include Carson City, Gardnerville, Minden and all other areas of Douglas County except South Lake Tahoe.

Because of April’s gaming revenue, in May, Nevada collected $44,245,090 in fees, a 0.26 percent, or $116,405, increase over last May, when the state collected $44,128,685.

You can view the Gaming Control Board’s full revenue report for April here and see an archive of past revenue reports here.

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