In August 2017, Nevada casinos experienced a substantial increase in gaming revenues, with a statewide rise in the double digits. This boost can be partially attributed to the Mayweather-McGregor boxing match that took place during that month. [toc]
The Nevada Gaming Control Board published its monthly report on Nevada Gaming Revenues and Collections last week. The report revealed that in August 2017, casinos in Nevada reported a total gaming win exceeding $989.5 million.
This marked a significant 14.9 percent rise compared to the same month of the previous year. In August 2016, Nevada casinos reported a gaming win slightly over $861 million.
Year-to-date Nevada gaming revenues up
The significant revenue in August greatly contributed to the impressive start of the year-to-date revenue numbers. Indeed, compared to the same period last year, Nevada’s gaming revenues for the year-to-date are up by 5.9 percent.
The fiscal year of the gaming industry in Nevada starts on July 1. To date, Nevada’s casinos have reported $1.98 billion in revenue, an increase compared to the $1.87 billion reported for the same two-month period in the 2016 fiscal year.
Clark County, as always, reported the highest figures and increases in the state. Casinos in Clark County declared a gaming win of $841 million in August 2017, a significant rise from $724 million in August 2016. This indicates a growth of 16.1 percent.
Las Vegas Strip casinos lead the state
As expected, casinos on the Las Vegas Strip topped the charts, recording the biggest casino win and percentage increase in the entire state. Indeed, these casinos reported a gaming win exceeding $545 million in August 2017, a significant increase from $449 million reported in the same month the previous year. This translates to a 21.3 percent rise.
The Boulder Strip recorded the second-highest gaming win across the state. Nonetheless, the gaming win which was reported by the Boulder Strip casinos to be $74 million saw an increase of less than one percent from the $73.6 million reported in August 2016.
In August, Downtown Las Vegas experienced a 13.4 percent increase in gaming revenues year-over-year, marking the second largest growth. The gaming win of $48.5 million significantly surpassed the previous year’s figure of $42.7 million.
Mayweather-McGregor makes an impact
The increases were largely attributed to fighters Floyd Mayweather and Conor McGregor, as stated by the Las Vegas Review-Journal newspaper.
The boxing match between Mayweather, an undefeated boxing champion, and McGregor, an MMA champion turned boxer, that took place on August 27, generated a record-breaking $65 million handle for Nevada sports books, according to the Las Vegas Review-Journal. Additionally, the match also stimulated significant spinoff business for casinos in the Las Vegas area.
Michael Lawton, the senior research analyst for the Tax and License Division of the Nevada Gaming Control Board, told the newspaper that the fight significantly contributed to the gaming win sports wagering, as well as table games and slots.
In addition, betting on football and baseball also contributed, with football winnings increasing by 111.8 percent and baseball by 772 percent.
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