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Nevada released a February revenue report, and the results are better than ever. In total, the state generated $1,34 billion in revenue, which is the record amount ever collected in February.
Record revenue in February:
The main reasons behind that result are Super Bowl LVIII, as well as Chinese New Year. However, it should be noted that 2024 is a leap year, so February had an additional day. On top of that, the Strip saw a lot of concerts and other events.
As the Nevada Gaming Control Board released (pdf) on Thursday, March 28, the revenue increased by 8.5% compared to the previous year.
Strip resorts recorded an increase of 12.4% compared to February 2023, with a revenue of $800.7 million.
The board’s senior economic analyst, Michael Lawton, commented that the events “created extremely supportive tailwinds for gaming activity in Nevada and the Las Vegas Strip.”
Not only was February successful compared to the same month in previous years, but it also was the sixth-highest month when it came to revenue. Strip also announced that it was its fifth-highest month ever. Both the state and the Strip hit the records in December: Nevada in total generated $1.43 billion, and the Strip earned $905.5 million.
When it comes to the Strip, table games revenue increased by 30.3% to $419.7 million, including baccarat revenue, which was an enormous increase of 81.9% and generated $180.5 million.
But not only the revenue increased: according to the Las Vegas Convention and Visitors Authority (LVCVA), the number of visitors increased by 9.5%, so 3,37 million people visited the city. Both hotel occupancy and convention attendance were increased as well – hotels received 1.7% more visitors, and conventions saw an increase of more than 15% as well.
New casino and success of sportsbooks:
However, despite the success of Clark County, which generated almost $1.2 billion in revenue, North Las Vegas and Laughlin saw a decrease in February. Compared to the same month in 2023, North Las Vegas recorded a decline of 4.4%, while Laughlin’s revenue decreased by 7.9%.
As The Nevada Independent reports, Carlo Santarelli, a gaming analyst for Deutsche Bank, wrote a research note saying that Clark County’s revenue was $142.5 million, which is 7.4% more than in the previous year. He says the main reason for it is the opening of the new Durango Casino Resort, owned by Red Rock Resorts.
Sportsbooks in Nevada recorded an increase in revenue of 16.1%, with a reported revenue of $47.9 million. Handles were $712.3 million, and it was spent $190.7 million on football.
Mobile sports betting proved its popularity one more time, since 59.5% of all bets were placed via mobile device.