Nevada gaming revenue drops 3.2%, but still tops $1bn for March
March gaming revenue in the Silver State hit $1.3bn, down year-over-year, though an increase from February; weather still cited as impact.
Nevada’s gaming revenue for March has exceeded $1bn for the 25th month in a row. Though this represents a slight decline year-over-year, March’s $1.31bn is a 4.8% increase from February.
Last year, revenue reported for March 2022 was just below the Nevada gaming revenue record for any single month, $1.36bn achieved in July 2021.
Of March’s total gaming revenue, slot machines stayed a steady source with a 0.4% increase to $906.4m, with table and card games coming in at $405.6m, down 10.2% year-over-year.
Nevada sportsbooks increased 19% from March 2022, reaching $43.9m, 64% of which came from mobile sports bets.
On the Strip, gaming revenue decreased 2.9% to $724.6m. Revenue from baccarat specifically dropped 51%. As of this month, Nevada has recorded an overall decline for the third time within a 12-month period, but analysts hope to recoup state losses.
Though visitors in Southern Nevada were potentially brought to the Strip by headline performances, such as Taylor Swift and Maroon 5, as well as by the NCAA March Madness basketball tournament, Northern Nevada was plagued by inclement weather.
Snowfall in Northern California has affected both Reno and Lake Tahoe casino resort visitation during the first three months of this year. Casinos in North Lake Tahoe saw a 17.7% drop in revenue, while South Lake Tahoe dropped 34%.
Michael Lawton, Senior Economic Analyst at the Nevada Gaming Control Board commented, “It would appear that Mother Nature and not macroeconomic pressures have been the only contributor to consistent declines in certain markets in Northern Nevada.”
However, for the first three months of 2023, statewide gaming revenue has increased 7.7% compared to 2022.
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