- Las Vegas Strip revenue jumps significantly in August.
- Table games and slots help to bring in major revenue earnings.
- Sports betting revenue in Las Vegas also increased last month.
For much of 2019, Nevada’s gambling revenue dropped. Things are now beginning to change, and Las Vegas Strip revenue has increased for the third straight month. It’s fantastic news for casinos operating in this city.
Las Vegas is also experiencing a boom in tourism, as well. Today, we’re going to look at how much gambling revenue has increased here. We’ll also talk about what forms of gambling helped to bring in the most money for Las Vegas casinos.
NV Gaming Control Board Confirms Las Vegas Strip Revenue Increase
Business has been booming in Las Vegas for the past few months. The summer months brought a major increase in tourism and gamblers to this city. Today, the Nevada Gaming Control Board released official gambling revenue figures. Things have improved once again during the month of August.
According to the Control Board, Nevada’s overall gambling revenue earnings were up 4.3% to $952.4 million in August. In the previous two months, gambling revenue here exceeded $1 billion. Las Vegas Strip revenue increased by an impressive 8.9%.
It’s a welcome sight for gambling operators in Las Vegas. From January to May, revenue earnings in this city dropped. Gaming winnings are up by 6.2% overall during the past three months.
Interestingly, Downtown Las Vegas saw it’s gambling revenue drop last month. Casinos in this area generated just $45.3 million. This represents a 1.9% dip from the same month in 2018.
Statewide, five out of the 20 gambling markets saw a revenue decline in August. Later today, the Las Vegas Convention and Visitors Authority will release tourism numbers in August.
Table Games and Slots Help to Boost Revenue
Las Vegas Strip revenue was boosted thanks to a few select games. Table games, slots, and sports betting were hugely popular. Micheal Lawton, a senior research analyst for the NV Control Board, commented on the revenue increase to the media today.
“This was the result of strong non-baccarat game and table play which benefited from increased volumes and significant increases to hold percentages,” He said. “For the month, (blackjack) was up 29.2 percent, craps was up 67.3 percent, roulette was up 43.3 percent and sports were up 111 percent.”
Slot gambling has been growing in 2019. Lawton claims that there was a 5.2% increase in slot volume last month. Baccarat revenue was also up 6%. It’s still unclear which casinos brought in the most revenue. Wynn Las Vegas is considered to be the highest-earning gambling venue in the state, yet this can change month-to-month.
Things don’t appear to be slowing down anytime soon. Despite the increase in competition around the country, a huge number of individuals continue to visit and gamble in Las Vegas.
New Jersey is Still Considered the Sports Betting Capital of the US
For decades, Nevada was the only state in the US that could legally offer sports gambling options. This changed in 2018 when PASPA was struck down. Today, 19 states have legalized and regulated the sports betting industry. New Jersey now has the most successful sports gambling market in the country.
Sports betting revenue is surging every single month in Atlantic City. Here, both land-based and online sports betting is legal. Sports gambling brought in $25.2 million for the state of New Jersey last month.
Recently, several casinos in this city revealed new sportsbooks for their patrons. Caesars Entertainment and MGM Resorts both have brand new sports betting areas. Caesars unveiled the “The Book” at Bally’s Atlantic City and MGM launched the “Money Bar & Book,” at the Borgata.
New Jersey has generated more sports betting revenue than Las Vegas for the majority of 2019. This state draws in many bettors from New York and Delaware, who can cross into the New Jersey border to place their online sports wagers.
Las Vegas Strip revenue is going up. Hopefully, this increase continues for the rest of the year. Stay tuned for more updates over the next few weeks!