Nevada’s gambling industry reported total revenue of $1.24bn (£977.0m/€1.15bn) for April 2024, marking a notable increase from the previous year but also indicating a second consecutive month of decline. This figure represents a 6.9% increase from the $1.16bn recorded in April 2023. However, it is a 3.9% decrease from the $1.29bn generated in March 2024. Notably, March’s revenue was already lower than February’s, which had been bolstered by Nevada hosting the NFL’s Super Bowl.
Once again, slot machines remained the leading revenue source for Nevada operators, bringing in a total of $886.8m, which is a 5.9% rise from April 2023. Within the slot machine category, multi-denomination slots were the top earners, generating $586.8m, a significant 26.4% increase from the previous year.
High-stakes slots also performed well, with $25 machines seeing a revenue surge of 137.6% and $100 machines increasing by 14.5%. Conversely, lower-stakes slot machines experienced a year-on-year revenue decline.
Table Games and Card Games Boost Revenue
Revenue from table, counter, and card games, including sports betting, rose by 9.8% to $353.4m. In this segment, blackjack was the most profitable, generating $110.2m, up 16.0% year-on-year. Baccarat also saw a substantial increase, with revenue climbing 72.5% to $76.1m. Roulette followed with a 4.6% increase to $35.9m.
In contrast, craps revenue dropped by 25.5% to $30.3m, and Ultimate Texas Hold’em saw a slight decline of 1.1%, bringing in $15.1m.
Decline in Sports Betting Revenue
The sports betting sector saw a 5.0% decrease in revenue, totaling $30.8m in April. Basketball betting generated the highest revenue at $13.3m, though this was a 12.1% drop from the previous year. Baseball betting revenue increased by 18.4% to $10.7m, and hockey wagering saw a substantial rise of 74.2%, reaching $5.7m.
Football betting resulted in a $5.7m loss for operators, although this was a 17.1% improvement compared to April 2023. Wagering on other sports brought in $6.8m, down 31.6% from the previous year. Notably, $24.5m of all sports betting revenue in Nevada was generated through online wagering.
Las Vegas Strip Revenue Overview
Revenue on the iconic Las Vegas Strip reached $666.1m in April, which is 6.6% higher than the same month last year but 7.0% lower than in March 2024. Slot machine revenue on the Strip increased by 5.1% to $409.3m, with high-stakes machines showing the most improvement. Multi-denomination slots led the category with $276.9m in revenue, up 28.2%.
Revenue from table, counter, and card games on the Strip amounted to $256.8m, a 9.2% year-on-year increase. Blackjack was the top performer in this category, generating $81.7m, up 10.2%, followed closely by baccarat with $76.7m, which saw an 11.6% increase. However, sports betting revenue on the Strip fell by 26.5% to $9.7m in April.
Key Developments in Nevada’s Gambling Sector
Beyond revenue figures, Nevada has seen significant developments in its gambling sector recently. Earlier this month, London-listed Entain received unconditional approval to operate in Nevada. The company currently operates in the US through BetMGM, a joint venture with MGM Resorts. Entain had previously operated under a series of temporary licenses due to concerns from the Nevada Gaming Commission about its activities in unregulated markets. The recent full approval indicates that the Commission now considers these concerns to be resolved.
Additionally, Gaming and Leisure Properties (GLPI) announced a $105m acquisition of three casino resorts in South Dakota and Nevada. This includes the acquisition of Baldini’s Casino in Nevada, which spans nine acres and houses around 492 slot machines. GLPI also secured the Silverado Franklin Hotel & Gaming Complex and Deadwood Mountain Grand casino in South Dakota.
Source: Monthly Revenue Report [pdf]
Nevada Gaming Control Board. May 30, 2024.