Nevada casinos report “flat” revenue for February
The casinos aren’t happy with the performance last month
Nevada casinos have a serious money issue, if you consider making more than $1 billion in a single month a problem. According to state regulators, gambling revenue in the state topped ten digits in February, but this was 0.62% less than what they reported during February 2017.
According to the Nevada Gaming Control Board (NGCB), casinos took in $1.02 billion in February. The Las Vegas Strip venues saw a 2% year-on-year decline, taking in just $591.7 million. One of the hardest area hit was the North Lake Tahoe region, which saw a 24.7% drop due to severe winter weather. Those casinos reported revenue of just $1.4 million. The biggest drop was seen around Stateline, where the south shore casinos reported revenue of $14.5 million, 26.6% less than February of last year.
According to the NGCB’s senior research analyst, Michael Lawton, the overall take was certainly no reason to be concerned. He explained, “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.”
One of the biggest factors in the decline was a drop in baccarat win. Lawton states, “Baccarat was off 25.5 percent or $45.2 million due to volumes being down 18 percent on a hold of 12.77 percent vs. 14.05 percent last year. Baccarat has now decreased in seven of the last eight months; however this is more the result of poor hold as volumes are down just 1 percent over the same time period.”
Table games gave the casinos $403.2 million, a dip of 2.2% year-on-year. Slot machines, of which there are 135,000 in the state, produced $608.3 million. Sportsbooks earned $35.8 million, which was a 235% jump over a year earlier, with a record handle of $458.6 million.