Well, this isn’t really a surprise is it? For the 18th consecutive time, Nevada gaming revenue has topped a billion dollars in a month. The numbers are in from August, and they show that the state generated over $1.2 billion for the last full month of summer. The data was compiled by the Nevada Gaming Control Board, and it shows that revenue was up nearly 27% from August of 2019, before the Coronavirus pandemic forced the closure of the city for several months.
Gaming properties on the Las Vegas Strip generated most the the profit, which is not surprising, bringing in about $660 million. That was over 5% more that August of last year. Industry analysts also believe that Nevada gaming could continue to produce billion dollar months through the rest of this year. If so, the state could easily surpass its all-time record of $13.4 billion set in 2021.
As you may expect, it was slot machine revenue which led all metrics, bringing in over $847 million. Table games also did well, generating $361 million for operators. Sports betting in the state was able to take in just over $16 million, which was a jump of well over 10% due to the surging popularity of mobile betting.
So what does the future hold for Nevada gaming? Experts believe the good numbers will continue, pointing to the return of more visitors from conventions, as well as benefits from sports betting as the NFL season continues. Additionally, the city may see some benefits from possibly adding a Major League Baseball team next year, and an NBA team at some point in the future, as the basketball league expands.
Looking forward to next year, the NCAA March Madness Regional Championship is set to take place in the city next April, and there will be a Formula 1 race in the form of the Las Vegas Grand Prix in November. Even more exciting, the city will host Super Bowl LVIII in February 2024. All of these events will not just contribute to sports betting profits, but to Nevada gaming revenue as a whole when people flock to the city.
