US – Another $1bn month in Nevada but revenues fallBy Phil - 29 March 2019
Nevada casinos had another $1bn month in February although revenues were down by three per cent across the state.
The Nevada Gaming Control Board confirmed the state earned $1.01bn last month, down 0.62 per cent with sports betting generating $35.8m, led by basketball with revenue of $19.8m.
Gaming revenue on the Strip was down 0.65 per cent with baccarat revenue down by 26 per cent. February was the second consecutive month there has been a slight decrease in GGR.
NGCB Senior Analyst Michael Lawton said: “All things considered, whenever we record a billion dollars in gaming win we are very pleased, although for this month, that still resulted in a very small decrease statewide. We had really severe weather in northern Nevada. In all fairness, if that weather wasn’t so severe, the state probably would have been up. Those markets every weekend it seemed like there was a large winter storm that impacted visitation and travel. We had a really good sports betting month.”
Downtown Las Vegas saw its revenues climb by $58m, a nine per cent increase.
Wells Fargo analyst Mark Vitner said: “There’s a lot of concern that the global economy is slowing down. In Las Vegas, there were efforts to diversify the economy following the last recession, and that’s all paid off.”