Nevada Casinos See First Revenue Dip in Months
March 2024 brought a notable shift in Nevada’s gaming landscape, with the state’s casinos witnessing a 1.5% decline in gaming revenue, marking an end to an eight-month streak of consecutive gains.
The Nevada Gaming Control Board reported that statewide casino revenues totaled $1.29 billion, a slight dip from the previous year.
Regional Performance Variances
The downturn was felt unevenly across different regions. The Las Vegas Strip, a major revenue generator, saw a modest decrease of 1.2%, bringing in $715.8 million.
Overall, Clark County, which encompasses the Strip along with other key areas such as downtown Las Vegas and the Boulder Strip, mirrored the state’s overall decline with revenues falling 1.5% to $1.13 billion. Washoe County, home to Reno and its neighboring cities, experienced a more pronounced decline of 3.8%.
Sports Betting Slump
Nevada’s sportsbooks felt a significant impact, with earnings plummeting 32.1% to $29.8 million, a stark contrast to the performance in March of the previous year.
The total amount wagered on sports came in at $784.4 million, down 5.5%, with mobile wagers also decreasing by 4.6% to $507 million. A downturn in sports betting contributed notably to the overall dip in gaming revenue.
The decline in gaming revenue also affected state finances, with Nevada collecting $86.4 million in percentage fees based on the taxable revenues for March 2024. This amount represents an 11.22% decrease, or a $10.9 million fall, compared to the same month last year, signaling a need for cautious optimism in the state’s economic forecasts related to gaming.
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