This makes the 25th consecutive month in which Nevada collected more than $1 billion from its gaming operations. Yet, there has been a slowdown, as casino revenue declined on an annual basis, the Nevada Gaming Control Board confirmed in an update on Tuesday.
Nevada’s Market Continues to Surpass $1B Revenue
The results in March 2022 were $1.35 billion, slightly higher than the present-day results. Even July 2021 did better than March 2023 when the Silver State recorded $1.35 billion. However, the results in the coming months would be skewed, predicts the control board’s senior economic analyst Michael Lawton.
Lawton explains that the past 13 months saw an incredible increase in overall results, partly because the pent-up demand during the pandemic finally found an outlet. This initial frenzy though has now subsided, meaning that the coming months will contin ufa365 ue to post “weaker” results, when in fact they would just be a normalization of the gaming revenue.
The decline the Nevada Gaming Control Board spoke of in its latest update is small on the face of it. The Strip’s results contracted by 2.9% to $724.6 million. Interestingly, high-end baccarat is the key culprit here, with revenue from this segment falling by a whopping 50% to just $63.2 million.
Sports betting earnings across the state, though, reached $43.9 million, which was a 19% gain compared to March 2022. Naturally, mobile betting accounted for the bulk of that – 64%. However, Nevada is still a place where a lot of bets are placed in-person and at land-based venues, which is what makes the Silver State an outlier.
March Madness and Betting Drive Strong Results
Most other states that have mobile betting see people mostly use mobile apps, with mobile betting activity accounting for nearly 90% or more of the total amount placed as wagers. Commenting on the state’s results, Wells Fargo analyst Daniel Polizer suggested that despite the “slowdown” March was a solid month for Las Vegas and the Silver State in general.
The growing pains Nevada is experiencing are attributable to what Lawton said – a boom following the pandemic with the markets finally correcting themselves. It’s all in line with expectations. Slots were once again the top performer in March with $906.4 million generated from the vertical.
