Nevada casinos generated revenues of $1.3bn in July, falling 15 per cent compared to July 2023, which was the State’s second best ever month, prompting Michael Lawton, senior economic analyst for the Nevada Gaming Control Board to say the drop was nothing to worry about.
Mr Lawton said: “I don’t see this month’s results showing signs that demand is cooling off. To put last July into perspective, the games hold percentage was 14.39 per cent this July vs. 17.62 per cent last year with the baccarat hold coming in at 9.69 per cent this July vs 23.52 per cent last year. The State’s games hold last July was the highest since October 1987 and the baccarat hold was highest baccarat hold since June 2003.”
Nevada’s casino have generated GGR of $1bn for the past 41 consecutive months with the average over the last year coming in at $1.306bn. The casinos on the Strip wee represntative of the state’s over total with both failling by 15 per cent due to last year’s high comparison. Their total came in at $709.3m with the closing of The Mirage halfway through the month likely to have had an affect.
In contrast, locals casinos generated their best ever month with $171.1m, boosted by the Durango Casino & Resort, which opened in December. Downtown casinos reached $71.8m, up 9.8 per cent whilst the Boulder Strip generated $85.6m, up 7.8 per cent. Sparks’ casinos were up 11.4 per cent whilst Mesquite’s revenues were up 4.1 per cent
Deutsche Bank’s Carlo Santarelli highlighted there was one fewer weekend day this year compared with July 2023 awhich would hit the Strip harder than locals casinos.
“June ended on a Sunday, and, as such, slot revenue flowed into the July report from the last weekend in June. As such, LV locals slot hold in July was 7.9 percent driving 11 percent slot revenue growth,” he said.
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