Nevada tops $1bn in gaming win for sixth straight month; sports betting revenue down y-o-y

Nevada sportsbooks won $14.3m in August, a 15.6% decrease from the same month in 2020.

Nevada’s casinos broke the $1bn for the sixth consecutive, generating $1.17bn in August for a 57% increase year-on-year.

The Las Vegas Strip was responsible for $628m of that revenue, almost doubling what it pulled in ($317m) the same month a year ago.

Through eight months, the Strip is less than 1% off its 2019 win total.

Downtown Las Vegas produced $64.2m in revenue, up 80.5% y-o-y, while Clark County as a whole won $993m for a 67.3% improvement from the same month a year ago.

Across the state, slots generated $825m, up 57% y-o-y and table games were responsible for $341m, also up 57% y-o-y.

Blackjack led all table games in revenue with $103m, followed by baccarat with $93m. Interestingly, baccarat outpaced blackjack on the Strip by a $91m to $80m advantage.

Sportsbooks did not fare nearly as well, bringing in $14.3m in revenue thanks in large part because of a low win percentage of 3.35% The six-month average win percentage for the six months ended in August was 5.55%.

Sports betting handle in August was $427m. 69% of wagers were placed on mobile apps.

Las Vegas saw 9.2% lower visitation in August than July, which the Las Vegas Convention and Visitors Authority (LVCVA) chalked up to the spreading Delta variant.

Las Vegas visitation for the month was approximately 3m, a 16.2% decrease from August 2019 and a 95% increase y-o-y.

Hotel occupancy was 72.8% compared to 79.4% in July. Average daily room rate fell nearly $12 to $140.32.

Las Vegas saw a significant decrease in daily auto traffic; an average daily 128,000 vehicles drove across all major highways in August, down 11.3% from July. I-15 at the California/Nevada reported a 12.9% drop in traffic.

The LVCVA did not record any convention attendance for the month.

Ezra Amacher

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