How much did the Las Vegas Grand Prix impact Nevada’s November revenue?
The Silver State generated $1.37bn, up 12.6% from this time last year and an all-time high for November.
Total statewide revenue for the state of Nevada was $1.37bn for November; the state’s highest November gaming revenue of all time.
This monthyl revenue total was up 12.6% from this time last year, when November’s revenue was $1.22bn. The year before this saw a then-record $1.32bn and in 2020 and 2019 revenue for the month was $770m and $930m, respectively.
While the end of the Covid-19 pandemic can be attributed to this jump between 2020 and 2021, the five-year high generated this November can be attributed to several factors.
The most notable of these was the Las Vegas Grand Prix, which occurred between November 16–18. The race attracted over one million viewers and generated sports betting handle records for Caesars, BetMGM, Station Casinos and others.
Despite this, the race also caused several issues in and around the Las Vegas Strip. Traffic caused frustration among locals and a loose water valve resulted in a practise race being cut short. While it is unclear whether this positively or negatively impacted November 2023’s overall revenue, it is clear that the race, at least to some extent, contributed to extra gaming numbers.
Derek Stevens, Owner & CEO of Circa Resort & Casino, spoke about the race and its potential for improvement in an installment of GI Huddle, promising that any effects seen this year will only multiply as Las Vegas lives and learns.
Delving deeper into the revenue breakdown for November, Clark County was the biggest contributing area, generating $1.21bn. Of this, $821m was generated by the Las Vegas Strip and $81.2m by Downtown. For the Strip, this was a 22.6% increase from this time last year, whereas for Downtown this was a dip of 1.9%.
Washoe County made $80.9m and South Lake Tahoe accrued $18.1m, while Elko Count generated $32.2m. The remaining $28.2m was made by the Carson Valley area and other sources.
Breaking revenue down by the types of games, slot machines made $868.8m while table games saw $505.5m. Of the slot machines, multi-denomination and 1¢ were the biggest contributors, making $541.2m and $238m respectively. Despite this, 1¢ slots were down 20.8% from this time last year.
Baccarat was the most significant contributor to table game revenue, up 209% from last November. It generated $181.4m, with the second most financially successful table game being blackjack, which saw $121.2m.
Overall, table games were up 44.5%, while slot games were down 0.3%.
Total taxable revenue for the state this month was $1.26bn.
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