Nevada Gaming Revenue Sets February Record, Casino Win Tops $1.3B

Posted on: March 28, 2024, 04:31h. 

Last updated on: March 29, 2024, 11:15h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.

Nevada gaming revenue reached new highs in February, as the Super Bowl, Chinese New Year, and a bonus day because of the leap year combined to create an unforgettable month.

Nevada gaming revenue Las Vegas Super Bowl
Las Vegas’ hosting of Super Bowl LVIII was a winning bet in terms of casino revenue. Nevada casinos saw gross gaming revenue in February 2024 surge 8.5% to $1.34 billion, with the Strip fueling the gains. (Image: Getty)

The Nevada Gaming Control Board (NGCB) revealed Thursday that the state’s casinos grossed more than $1.34 billion on their gaming floors in February 2024. It marked the best February ever and the fifth-best month overall for Nevada’s gaming interests.

It was a pretty incredible month, and if there were 31 days we might have set an all-time record for gross gaming revenue,” said Michael Lawton, the NGCB’s senior economic analyst.

February marked an 8.5% year-over-year increase from 2023. The month extended Nevada’s streak of winning at least $1 billion to 36 consecutive months.

February also marked a major rebound after January’s GGR was down almost 4% year over year. January’s struggles were blamed on some travelers delaying their plans until February to coincide with the Super Bowl being played in Las Vegas for the first time, and the Chinese New Year falling in February instead of January, as it did in 2023.

The eight-day People’s Republic holiday officially ran from February 10-17. Las Vegas hosted Super Bowl LVIII on February 11.

Felt Fortunes

Unlike the United States market, Chinese players fancy table games more than slots. The NGCB’s February report demonstrated that, as statewide table game revenue surged by more than 24% while slot win was up less than 1%.

On the Las Vegas Strip, table game GGR was up even more. Tables on the main drag reported GGR of $419.7 million, a more than 30% year-over-year premium.

Baccarat, the game of choice among the Asian clientele, skyrocketed 82% to $180.5 million. Baccarat outpaced blackjack, which won $107.8 million, a 21% improvement.

The Strip’s slots reported a 2.4% year-over-year GGR decline. Luck was to blame, as the casinos’ win rate tumbled from more than 8% in February 2023 to 7.7% last month. Craps win was up 33% to $34.4 million, while roulette players lost $24.4 million, a 28% year-over-year decrease as the wheel more favored the player than it did a year ago.

Oddsmakers on the Strip fared well despite Super Bowl LVIII not exactly being a super outcome for the books. Strip sports betting win was $24.7 million, a 10% increase from the prior February.

The Kansas City Chiefs’ 25-22 overtime win against the San Francisco 49ers generated a record handle of $185.6 million in Nevada. Oddsmakers statewide kept just $6.8 million of the action as the public backed the Chiefs, and the legion of new NFL fans brought to the game by Taylor Swift cheered on her boyfriend, Travis Kelce.

In all, Strip GGR totaled $800.7 million, up over 12%. Downtown Las Vegas casinos won $76.2 million, up 3%.

Visitor Surge

The Las Vegas Convention and Visitors Authority (LVCVA) revealed in its February Executive Summary that Southern Nevada’s hosting of the NFL big game and the Chinese New Year delivered increased tourism. More than 3.37 million people ventured to Las Vegas, Laughlin, and Mesquite last month, which marked a 9.5% year-over-year climb.

Those visitors were met with much higher nightly room rates. Strip casinos elevated their rooms ahead of the Super Bowl and the week-long Chinese New Year period. That resulted in an average nightly room on the Strip costing almost $270 before taxes and resort fees.