Supplier News
US – Conventions helping to drive Las Vegas casino recovery
By Phil - 31 October 2016
Nevada gambling revenue increased by a healthy four per cent in September, boosted by strong visitation and a booming convention business that could reach record levels this year.
The Nevada Gaming Control Board revealed that the state’s casinos reported revenues of $949m in September with GG on the Las Vegas Strip up by more than seven per cent year-over-year, to $543m. Downtown Las Vegas’s GGR increased by four per cent to $49m, Reno by two per cent to $54m and South Lake Tahoe GGR increased by two per cent to $22m in September. Tax revenue increased by nine per cent to $63m for the month.
At 3.7m visitor levels for the month were the fourth-best of the year, with convention attendance up by 16.2 per cent at 614,924.
Convention attendance for the first nine months of the year has already surpassed the 5m mark. Weekend occupancy was at 95.5 per cent.
Michael Lawton, Senior Research Analyst for the Gaming Control Board’s tax and license division, said: “If you recall last month, the market was significantly up due to the same factor, but it was a positive impact. If you combined the two months, the market is down just 1.8 percent in total and slots are down just 0.3 percent. As for the three-month trend, I am not too concerned considering the longer-term trend shows the market is up 1 percent calendar year to date after a 3.8 percent decrease during the last quarter.”
