Las Vegas Revenue Increases 1.6%, Promote State Tops $1B
Las Vegas casino revenue lit up the Nevada gaming industry over Independence Day throughout the month of July
Casino Slot Games Revenue Occupies 70% GGR In July
Las Vegas Strip casino revenue climbed 1.6 percent in July to $541.8 million, which pushed the overall state gaming industry past the $1 billion threshold for the second consecutive month.
Statistics from the Nevada Gaming Control Board reveal statewide gross gaming revenue (GGR) came in at $1.023 billion – an increase of 2.9 percent compared to July 2018.
July was a bit backwards, as baccarat play typically determines the monthly fate of the Las Vegas Strip. The table game generated a GGR decline of nearly 26 percent to $73.6 million, but was offset by a 6.4 percent increase in slot machine win.
Other important metered markets in July: Reno was up 1.5 percent to $57.3 million, downtown Las Vegas gained 7.5 percent to $52.5 million, and South Shore Lake Tahoe up 6.3 percent to $27.5 million.
Statewide, slots delivered casinos a win of $695.8 million, with penny slots most responsible for the haul at $307.1 million. Blackjack was the next winningest game at $87.2 million, followed by baccarat ($77.1 million), craps ($39.3 million), roulette ($32.2 million), card games ($22.2 million), “other” ($10.9 million), sports pools ($10.54 million), and sports betting ($10.5 million).
January through July, Nevada GGR is flat compared to the same period in 2018. The Strip is down one percent.
Las Vegas Market Flourishing Promotes GGR Growth
The summer months are proving fruitful for the Las Vegas Strip. The main drag and most important gaming market in the nation posted six consecutive months of GGR declines from December through May.
The Strip returned to positive year-over-year territory in June. The market soared to $616.5 million – a jump of almost 18 percent – on baccarat finally turning in the house’s favor.
July 2019 marks the fourth time Nevada casinos have won at least $1 billion in a single month. The others came in February, March, and June. Last year (2018) saw five months of $1 billion or more GGR (January, February, March, May, October).
August 2018 wasn’t an especially kind month to Nevada or the Strip. It posed a difficult comparable because of the Floyd Mayweather vs. Conor McGregor boxing spectacle on August 26, 2017. Total GGR dropped 7.7 percent year-over-year statewide to $912.9 million, and 12.4 percent on the Strip to $477.9 million.
Nevada Needs To Pay Attention To The Development Of Sports Betting
The last losing month experienced by Nevada oddsmakers came in July 2013. The best-in-class sportsbooks are pros at beating their customers, but New Jersey has quickly overtaken the Silver State as the richest sports betting market.
New Jersey sportsbooks won $17.88 million in July – almost $7.4 million more than Nevada. Nevada’s oddsmakers recorded a 4.5 percent win on handle of $154.7 million. New Jersey’s oddsmakers recorded a 7.1 win percent win on handle of $251.3 million.
Meadowlands owner Jeff Gural, whose FanDuel sportsbook is by far taking the most bets in New Jersey, said this week that the Garden State sports betting market is still in its infancy.
He says his racetrack book is now the richest sports betting business in the world. “Inning one, we’re going to do $500 million. I believe the biggest sportsbook in Las Vegas does $300 million [in handle].”