Nevada casinos reported their best results in more than five years in October 2018.
The gambling regulators in the state revealed that casino venues in Nevada generated an overall amount of more than $1 billion from gamblers in October. The result was higher than the one registered last year and also put an end to the slower revenue trend which has been reported in Nevada casinos lately.
As mentioned above, the reported figure marked the highest monthly revenue result since February 2013. It is also the fifth time in 2018 when local casino facilities’ result surpassed the $1-billion revenue mark.
According to the figures released by the Nevada Gaming Control Board, the “gaming win” equaled a 7.5% increase in comparison to the result registered in October 2017. Last year, October revenues registered a decline after a mass shooting at a music festival resulted in a smaller number of tourists visiting Las Vegas. Now, the positive results came after a slow third quarter during which saw a revenue decline in two straight months.
One of the senior analysts at the Nevada Gaming Control Board, Michael Lawton, described October as “a great month” for local casinos, especially considering the fact that it was generated in a difficult third quarter. Mr. Lawton explained that the increase was boosted by slot machine play, as well as by table games other than baccarat.
More Tourists to the Las Vegas Strip Bring Larger Casino Revenue
Casinos in Nevada generated a total of $125.5 million from blackjack (the card game of 21), with a $36.1 million increase registered in comparison to the results generated a year ago.
Slot machines, on the other hand, brought a $693.5 million revenue to Nevada casinos. The result is $36.7 million higher than the one registered in October 2017.
The Nevada Gaming Control Board further revealed that the state revenues for the calendar year are 2.6% larger, with all major markets monitored by the regulatory body being marking progress.
As the Nevada state gambling regulator revealed, casinos situated on the Las Vegas Strip reported overall revenues amounting to $593.5 million in October, registering a 12.2% increase thanks to the growing number of visitors who came to the area. According to data revealed by the Las Vegas Convention and Visitors Authority, about 3.69 million people visited the destination last month. The larger number of visitors helped local casinos generate larger revenue at the time.
Casino in Reno, situated in the northern part of the state, reported a 2.7% revenue decline to approximately $52.2 million. On the other hand, the casino venues in the north shore of Lake Tahoe revealed a 5.4% increase, reaching a revenue of about $2.3 million.
The overall amount of the fees derived by the state from local casinos is worth about $57 million based on taxable revenues in October. The contribution, however, is by 4.7% smaller than the one registered at the same time in 2017.