Records are made to be broken. Even in the Silver State.
According to a recent release from the Nevada Gaming Control Board (NGCB), casino gaming wins for the state’s licensees exceeded $1.2 billion in June 2024. This represents a slight increase compared to June 2023 and sets a new state record for June. According to Deutsche Bank, Nevada casinos catering to local residents saw a 6.2% increase in revenue compared to June 2023. For the entire second quarter, their revenue rose by 9%.
The streak of monthly win totals surpassing previous records continues, with June marking the 40th consecutive month of at least a billion dollars in wins for Nevada. While growth has been modest in the fiscal year that just ended, it remains evident that the state’s gaming industry is healthy, even if rapid expansion has become more challenging.
Three Casino Sectors All Come Up Big
On the Las Vegas Strip revenue increased nearly $758 million, up 4.2% from June 2023, and second-quarter growth was up 4.8% compared to the same period last year. Downtown casino revenue rose 5.8% to more than $66 million, up from $62.5 million. And on the Boulder Strip, revenue increased more than 2% to $73.2 million, up from $71.6 million in June 2023.
In addition to Nevada overall, seven of the state’s 18 major submarkets set all-time records for fiscal-year gaming wins: Clark County, downtown Las Vegas, the Strip, Mesquite, the balance of Clark County, Elko County, and Wendover.
Nevada Sportsbooks Also Have Solid June
Nevada sportsbooks are also having a good summer, reporting $29.8 million in revenue, marking a remarkable 213.7% year-over-year increase.
The total handle for June reached $481.6 million, slightly up from last year, with a 6.2% hold (4.2 percentage points higher). Wagering declined by 6.6% from May, and revenue dropped by a little more than 17% due to a lower win rate.
The state received $2 million in tax revenue from sports betting in June, and the $16.1 million accumulated in the first half of 2024 surpasses last year’s performance by $2.1 million.
Las Vegas Strip Also Performing Well
In fiscal year 2024, which ended June 30th, the Las Vegas Strip’s gaming win increased by 6.1% to $9.1 billion, surpassing the previous record of $8.5 billion set last year. The Strip accounted for 57.4% of the total statewide win, up from 56.5% last year.
Why is this significant? There was some concern when additional states started legalizing sports betting and gambling in general, that Nevada’s gaming scene might suffer. That is clearly not the case. Plus, despite inflation, increasing air travel costs, and weather challenges, Nevada’s gaming industry continues to thrive. While the wins may not be substantial, they persistently accumulate.
So, Sin City continues to show up and show out on the gambling scene. We’ll see if the momentum spills into the new fiscal year.
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