-
Casinos for you
Nevada’s GGR Crosses $1 Billion for the 25th Straight Month in March
By Jeff Osienya Apr 29, 2023 IndustryLicensed Casinos in the Silver State recorded yet another 10-figure gaming win in March with $1.3 billion worth of revenue. This marks the 25th consecutive month that Nevada’s gaming facilities have generated a GGR of more than $1 billion.Nevada’s gaming win slipped in March but still managed to keep up with its billion-dollar streak for the 25th consecutive month. With this stretch lasting over 2 years, the argument that gambling expansion in other US jurisdictions would eat into the Silver State’s traffic has indeed been squashed.
Mind you, before the current run, the longest uninterrupted 10-figure monthly showing lasted just eight months, and that was between October 2006 and May 2007.
The latest numbers published by the Nevada Gaming Control Board (NGCB) indicate that the Silver State’s 441 major licensed casinos generated $1.31 billion in Gross Gaming Revenue (GGR) last month. This performance is a 3.18% slide compared to the same month last year when the casino industry brought in about $1.36 billion in GGR.
Still, of all the Marches in Nevada’s casino history, last month was second to March 2022 – which on the other hand doubles up as the state’s second-best month after July 2021.
What Caused the GGR Slip in March?
Well, Nevada’s decline was mainly attributed to a downturn in the Las Vegas Strip market, where casinos recorded 2.9% less revenue from their slot machines and table games. Nonetheless, Michael Lawton, the senior economic analyst for the NGCB pointed out that last month’s dip was not necessarily an overall slump. Instead, it was more of a tricky collation with a stellar month.
John DeCree, a Sin City-based gaming sector analyst for CBRE Equity Research also shared the same sentiments, citing that March 2023 was shaped by a mix of good fortune, and ‘unfavorable comparison. He said:
Quote“While July 2021 benefited from stimulus and the initial reopening from the pandemic, March 2022 also experienced some pent-up demand from Omicron disruption in January and February. Adding to the unfavorable comparison, the Strip held very lucky in baccarat in March 2022 while record snowfall significantly disrupted Northern Nevada casinos in March 2023.”
True to the analysts’ observations, despite the year-over-year dip, Nevada’s GGR showed a monthly improvement, up by roughly 5.4% compared to the $1.24 billion win recorded in February 2023.
Clark County Casinos on a Billion-Dollar Hot Streak
Of the $1.31 billion win generated last month, casinos in Clark County were responsible for $1.15 billion, which is however 2.5% lower than the same month last year. However, it is impressive that March marked the 11th consecutive month where Clark County casinos raked more than $1 billion in GGR.
As is the norm, casinos in the Las Vegas Strip brought in the most money for Clark County after posting a $724.6 million GGR, which is 55% of the statewide casino win. Overall, the strip saw a 2.9% downtown, and similarly, all Clark Country regions recorded a shrink in their GGR, save for Downtown Vegas and Mesquite. So, outside the Strip, here are the numbers posted by other Clark Country regions compared to the same month last year:
- Downtown Las Vegas: $87,429,092 (+1.2%)
- Boulder Strip: $86,326,026 (-10.8%)
- Laughlin: $48,629,669 (-2.4%)
- North Las Vegas: $26,823,392 (-1.4%)
- Mesquite: $18,932,615 (+3%)
Moving on to the gaming vertical performances, slot machines rallied the statewide GGR after generating a historic $906.5 million, smashing the previous record of $903 million set in March 2022. Table games on the other hand saw a 10.3% year-over-year decline with a $405.6 million win, whereas Baccarat racked up a $64.5 million win following a 51.1% dip.
As for sports betting, sportsbooks in the Silver State saw a $43.9 million win, 18.8% higher than the same month in 2022, from a handle of $829.8 million, less 3.8% year-over-year. 64.1% of all the sports wagers, or $532.7 million were placed online, representing an 8.7% slip.
A Packed March Calendar, Surged Tourism Volumes
Historically, March is among the busiest months in the Strip, thanks to events like the March Madness tournament, one of the biggest annual sports wagering events in the United States. Other notable events that took place in the gaming mecca last month include:
- NASCAR races at the Las Vegas Motor Speedway
- UFC Championship fight: Jim Jones vs Cirly Game
- The triennial ConExpo-Con/Agg construction industry trade show at the Las Vegas Convention Center (LVCC)
- Music concerts: Taylor Swift, Maroon 5, Keith Urban, John Mellencamp, Stevie Nicks, and Jimmy Buffet
It is the packed entertainment and sports calendar that uplifted tourism and subsequently the gaming performance last month.
Meanwhile, the Las Vegas Convention and Visitors Authority (LVCVA) also disclosed that March 2023 was a good month, having recorded 3.65 million tourists visiting Southern Nevada. The number was 10% higher compared to the same month last year, partly driven by the comeback in the convention business where traffic for exhibitions climbed to 771,000 attendees following a 40% jump.
Additionally, Sin City’s primary commercial airport, the Harry Reid International Airport reported that it processed 16% more travelers year-over-year. This uptick was possible thanks to a 64% soar in international passengers.
You might also like