Casino revenue takes a dip in Nevada
October brought to an end a continuous winning streak in Sin City
It is almost the end of this year and, with all the changes that several states go through regarding gambling and other aspects, revenue numbers for the month of October were just presented. In Nevada, the situation is a bit different than the impressive month of September that showed a great increment on the overall profits for casinos. There was a decrease of 3.85% for the month in revenue, however; that didn’t stop the casinos in the Silver State from collecting well over $1 billion.
The Nevada Gaming Control board released the figures and The Las Vegas Strip was one of the areas with the biggest decline. The total revenue generated was reported at $538.5 million and that alone constitutes more than half of Nevada’s total revenue; however, the gambling’s heart of the state decreased its revenues by 9.25% compared to last year’s numbers. To justify these numbers, experts are targeting a poor hold percentage for many casino games and, on top of that, a light conversion that was scheduled. North Lake Tahoe reported a 17.1% decrease for an even larger decline than what was seen on The Strip.
One part of the whole gambling scope that remained not only intact, but got stronger, is the sports betting space. Nevada reported a total of $543.9 million in October coming from bets on sports, which represents a 2.9% increase compared to last year’s numbers. Taking into account the football season, which had a good month, and the World Series, the total profit was $47.9 million coming from those wagers, representing an increase of a surprising 62.1%.