[toc]Following disappointing figures at the end of 2016, Nevada’s gaming industry experienced a significant recovery in January.
Last month, the state received just over $1 billion in revenue from gambling.
The take indicates a 12 percent rise from the figures of January 2016. It also contributed to increasing the growth of the fiscal year numbers to 3.81 percent.
Downtown and North Vegas surge, Reno struggles
North Vegas and Downtown Las Vegas emerged as the major winners in the month’s revenue report from the Nevada Gaming Control Board (NGCB).
Year-over-year growth of over 25 percent was witnessed in both areas. Gaming revenue in North Vegas increased from $22.7 million to $28.7 million, while Downtown experienced the highest revenue growth in the state, increasing from $42 million to $55 million.
The gaming revenue in Clark County rose to $926 million, a significant increase from the $810 million in 2016. This was partly due to a 14 percent uptick observed on the Las Vegas Strip.
The majority of regions in the state either remained stable or experienced growth, with the notable exception of Washoe County – the home of Reno and Lake Tahoe.
North Lake Tahoe experienced a significant decrease of nearly 30 percent from $2.4 million to just $1.7 million. South Lake Tahoe, on the other hand, only saw a ten percent decrease, faring better.
Reno also reported declining figures, causing the total revenue of Washoe County to drop to $54.6 million, compared to $58.8 million the previous year.
Trends and takeaways
The Downtown Vegas business boom’s potential causes were recently examined by The Las Vegas Review-Journal.
The article used the El Cortez as a case study to illustrate that offering more free drink promotions, lowering table game stakes, and hosting frequent events on property helped to increase casino profits and attract non-locals to the facilities.
Executive Vice President Alexandra Epstein Gudai stated:
“We have certainly noticed growth within the Millennial demographic. We’ve made efforts to collaborate with them to increase their retention, enhance their sense of welcome, and improve their comfort level, all while maintaining our core customer base.”
Nevada’s larger growth is positive yet not groundbreaking. A billion-dollar income is significant but not unprecedented. The standing record is $1.165 billion earned in October 2007.
Michael Lawton, Senior Research Analyst for the Gaming Control Board’s Tax and License Division, stated to the Review-Journal, “While Clark County had a strong month, it wasn’t record-breaking.”
The Silver State shows promising signs after a sluggish December. Except for Washoe County, it experienced a positive month, marking the 35th instance in state history where gambling generated revenue exceeding a ten-figure amount.
