Overall, October was a stagnant month for casinos in Nevada.
Despite the recent Oct. 1 shooting affecting Las Vegas tourism with a 4.2 percent dip, the gaming win surprisingly maintained its pace.
Across the state, the total gaming revenue rose by only 0.27 percent this month, amounting to approximately $988.7 million, up from around $986.1 million the previous year. In comparison, September experienced a 3.25 percent rise, jumping from $949 million to $979.9 million.
According to a revenue comparison by UNLV for each October over the last decade, slot win increased due to a higher hold but still only reached 3.79 percent. On the other hand, the game win for tables and games decreased by 6.04 percent this month, attributed to both a lower handle and hold percentage.
Monthly revenue holds steady
Gaming win saw an increase of 3.76 percent from July to October. Here are some of this month’s figures:
- Clark County – -0.31%
- Las Vegas Strip – Decrease of 6.05%
- 9.96% in Downtown Las Vegas
- 11.59% in North Las Vegas
- Laughlin – 2.37%
- Boulder Strip – 17.10%
- Mesquite – 0.54%
- Washoe County – 3.26%
- Reno – 3.27%
- Sparks – 0.60%
- North Lake Tahoe: -3.55%
- Carson Valley, which includes Carson City, Gardenerville, Minden, and Douglas County (excluding South Lake Tahoe), represents 0.13%.
- South Lake Tahoe – Decreased by 16.19%
- Elko County – 0.52%
- Wendover – 3.13%
In a report to investors, John Decree, a gaming analyst at Union Gaming in Las Vegas, stated:
The airport traffic figures released last week, showing a 1.5 percent increase for the month, eased some worries about the worst possible outcome. Many were apprehensive that in October, gross gaming revenue could plummet by double digits, particularly considering the tough comparison with a 14 percent increase in October 2016, and the tragic event on October 1. Nonetheless, we consider the 6.1 percent drop in Strip revenue for October to be a comparatively robust result.
The Nevada Gaming Control Board reported that the state gathered $59.6 million in percentage fees from taxable revenues in October, during November 2017. This represents a 0.13 percent increase.
October already at a disadvantage
Michael Lawton, the Senior Analyst for the Control Board Tax and License Division, informed the Las Vegas Review-Journal that the additional weekend in October of last year made the month more challenging from the outset.
“It’s not surprising that the Strip experienced a 6.1 percent decline. This decrease was influenced by reduced slot volume, which fell by 3.8 percent, and game and table volume, which sank by 6.5 percent. Yet, the Strip’s overall trend is still positive, showing a 2.6 percent increase for the current calendar year. The comparisons for November and December are expected to be less severe.”
Las Vegas visitation down from the shooting
The Las Vegas Convention and Visitors Authority (LCVA) reported that in October, Las Vegas received 3.6 million tourists. According to the LCVA, this represents the second-largest year-on-year decrease of 2017.
Visitation has decreased by 1.4 percent for the year, amounting to 35.7 million people.
Even though it’s the third-best month of 2017 for convention attendance, decreases are still happening. The LCVA reported a 35 percent increase in convention attendees compared to the previous year, with a total of 687,209 attendees.
This is namely from:
- Global Gaming Expo
- National Business Aviation Association
- Emergency Medical Services Association
- MetalCon International
