The state of Nevada witnessed a mixed bag of results in its gambling revenue for April. While the monthly total marked a 6.9% increase from $1.16 billion in April last year, it was 3.9% lower than the $1.29 billion recorded in March 2023. This dip in March’s revenue was already lower than that of February, a month that had received a boost from Nevada’s hosting of the NFL’s Super Bowl.
Slot machines continued to dominate as the primary revenue generator for operators, raking in a total of $886.8 million. This figure is a 5.9% increase from April of the previous year. Multi-denomination slots proved particularly lucrative, amassing $586.8 million during the month, which marks a 26.4% rise. High-stakes slots demonstrated a significant uptick in revenue too, especially with $25 machines surging by 137.6% and $100 machines by 14.5%. In stark contrast, lower-stakes machines saw a year-on-year decrease in revenue.
In other segments of Nevada’s gambling landscape, revenue from table, counter, and card games—including sports betting—climbed by 9.8% to reach $353.4 million. Within this segment, blackjack was the star performer, generating $110.2 million, an impressive 16.0% increase from the same month last year. Baccarat revenue saw a dramatic hike of 72.5%, totaling $76.1 million. Roulettes also fared well with a revenue increase of 4.6% to $35.9 million. However, craps revenue took a hit, dropping by 25.5% to $30.3 million during the month, while Ultimate Texas Hold’em edged down by 1.1% to $15.1 million.
Turning the focus to the sports betting market, Nevada experienced a 5.0% decline in its revenue for this sector, settling at $30.8 million in April. Basketball wagering accounted for the largest share, generating $13.3 million, although this was a 12.1% decrease from the previous year. Contrarily, baseball betting revenue saw an 18.
.4% increase, reaching $10.7 million, while hockey wagering revenue skyrocketed by 74.2% to $5.7 million. Interestingly, football betting resulted in a $5.7 million loss for operators, yet this was a 17.1% improvement from the same period last year. Wagers on other sports brought in $6.8 million in revenue, which was down by 31.6% year-on-year. Notably, online wagering contributed $24.5 million to the state’s total sports betting revenue.
April was also a revealing month for the bustling Las Vegas Strip. Revenue here amounted to $666.1 million, marking a 6.6% increase from April of the prior year but falling short by 7.0% compared to March’s total. Slots on the Strip brought in $409.3 million, a rise of 5.1%, with high-stakes machines again showing notable growth. Multi-denomination slots were the highest contributors, generating $276.9 million, up 28.2%. Revenue from table, counter, and card games on the Strip reached $256.8 million, which is a 9.2% year-on-year increase. Blackjack led this segment with $81.7 million in revenue, up 10.2%, just ahead of baccarat, which saw a revenue of $76.7 million, an 11.6% increase. However, sports betting revenue on the Strip experienced a 26.5% decline, coming in at $9.7 million.
In broader developments, Nevada’s gaming market has seen significant activities in recent weeks. Earlier this month, Entain, listed on the London stock exchange, received unconditional approval to operate in Nevada. Operating in the US as BetMGM through a joint venture with MGM Resorts, Entain had previously been operating under provisional licenses due to concerns from the Nevada Gaming Commission about its activities in unregulated markets. Full approval now indicates that the Commission’s concerns have been alleviated.
Additionally, Gaming and Leisure Properties (GLPI) announced the acquisition of three casino resorts for $105 million, spanning both South Dakota and Nevada. GLPI’s new acquisitions include the Baldini’s Casino in Nevada, which spreads across nine acres and is equipped with approximately 492 slot machines. Furthermore, GLPI has also acquired the Silverado Franklin Hotel & Gaming Complex and Deadwood Mountain Grand casino in South Dakota.
These developments, coupled with the mixed revenue figures, paint a complex picture of Nevada’s gambling market as it navigates through its fluctuating revenue streams and new regulatory landscape.
