The casino-resort industry in Nevada saw a significant increase in revenue in the month of October, reaching a record $1.31 billion, a 2.7% year-over-year increase. This growth contributed to a 3.3% increase in annual revenue for the year 2023 compared to the previous year. The Formula 1 race in Las Vegas and the Thanksgiving weekend were cited as contributing factors to the strong November results.
Downtown Las Vegas and the Boulder Strip saw the highest revenues in October, with $97.5 million and $88.6 million respectively, indicating increases of 7.8% and 10.2% over the previous year. Local casinos also saw a 5.7% increase in revenue, reaching $261.5 million.
Baccarat winnings on the Las Vegas Strip surged by 43% to reach $714.4 million in October, contributing to an overall 5.4% increase in Strip gaming revenue compared to 2022. Michael Lawton, senior economic analyst for the Nevada Gaming Control Board, noted that Nevada has now seen 32 consecutive months of generating an average of $1 billion in gaming revenue.
The Strip capitalized on residencies, concerts, and sports events, attracting 3.63 million out-of-town visitors in October, a significant increase from the previous year. The Las Vegas Convention and Visitors Authority reported a 5.8% rise in visits, with overall occupancy increasing by 87.7%. The spike in occupancy was attributed to the growing popularity of sports, entertainment, and conventions.
Revenue was boosted by events such as the NASCAR Xfinity Series, the NASCAR Cup Series, and the Las Vegas Raiders, as well as various casino games and Nevada sportsbooks. However, Deutsche Bank noted that slot handle played a negative role in revenue, despite contributions from local casinos. In terms of county-specific trends, Reno in Washoe County saw an increase in revenue, while North Las Vegas in Clark County experienced a decrease.
Overall, the casino-resort industry in Nevada is experiencing significant growth, driven by a variety of factors including special events, entertainment, and a resurgence in visitor numbers.