Las Vegas casinos helped Nevada rake in $1.29billion in gambling winnings in March, it has been reported.
The Nevada Gaming Control Board (NGCB) post monthly figures and it turns out that the month was another huge one for properties on the Las Vegas Strip and Downtown.
However, as huge as $1.29billion sounds, the figure is actually down from March 2023 when casinos won $1.31billion from players. That’s a 1.65% drop, but we’re sure they can cope.
In fact, it was the first drop in gaming revenue for Nevada in eight months, with the figure up 4.44% to $11.91billion between July 1 2003 and March 31 2024.
It also represents a real success for the IRS, with Nevada collecting $86.4million in taxes from gaming for the month. Even that, though, is a reduction of 11.22% from the previous year. So maybe they won’t see it as much of a success, but they won’t get much sympathy either.
The data was coaptated from 444 casinos in Nevada, with $1.1billion of the $1.29billion being won in Las Vegas.
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Although gaming revenues were down across the state, it was Downtown Las Vegas that suffered the largest drop. They suffered (ridiculous word for this situation, I grant you) a 12.85% drop to $76 million, while the properties on the Las Vegas Strip were down 1.2% to $715million in revenue for the month. Reno, meanwhile, was down 6.03% to $52million.
Slots continue to be the real money-spinner of gambling in Vegas, contributing $874.5million to the total, with table games adding a further $415.9million.
Meanwhile, sports betting was surprisingly down, despite March Madness. Only $785.3million was wagered in Nevada casino sportsbook during the month, which is the first time in three years that the figure has failed to reach the $800million mark and a 5.4% drop on last year.
That all translated to a huge 32.1% in revenue from sports betting to $29.8million. That can probably be explained by sports betting being legalised a state at a time across the US in recent years.
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