Nevada Casinos Celebrate Record-Breaking October with $1.315 Billion in Revenue
Nevada’s gaming industry hit an all-time high in October, raking in more than $1.315 billion in gross gaming revenue. This impressive figure marks the best October ever for the state’s casinos and the sixth-best gaming month on record.
Data from the Nevada Gaming Control Board (NGCB) reveals that slot machines contributed more than $894.8 million to the total revenue, while table games and sports betting brought in $420.2 million. Slot income saw a 2% increase, while table games and sports betting experienced a 4% jump compared to the previous year. October also marked the state’s 32nd consecutive month of earning at least $1 billion from players.
On the Las Vegas Strip, casinos recorded a 1.2% year-over-year increase, winning nearly $714.5 million. The strong performance was attributed to favorable baccarat play and hold, despite a 1% decline in slot revenue. Downtown Las Vegas casinos posted a remarkable nearly 8% surge in revenue, marking their all-time best monthly performance. The area continues to attract both locals and visitors due to lower table minimums and looser slots.
As Las Vegas looks ahead to November, the city recently hosted the first-ever Las Vegas Grand Prix on November 19. While the motorsport spectacle drew criticism for disrupting the Strip corridor, it brought an estimated 315,000 people over four nights and generated a local economic impact of $1.2 billion. The impact on casino business remains to be seen, but MGM Resorts CFO Jonathan Halkyard reported that F1 delivered the company its all-time best weekend.
Analysts are anticipating a record month for November, with Michael Lawton, the state Gaming Control Board’s senior economic analyst, forecasting promising results to be announced later in December.
There were also reports of dealers at Wynn and Encore splitting massive tip pools, with Wynn and Encore dealers reportedly sharing a $700,000 tip pool on a Saturday night, amounting to about $2,000 per croupier.
Las Vegas officials were willing to bet on F1 as a new economic driver, especially since the mid- to late-November period is typically slow for Southern Nevada. The affluent nature of F1 spectators, many of whom spend large sums traveling to the circuits and staying in lavish accommodations, is expected to bring a significant boost to the local economy, with a projected $87 million in tax revenue from the event.