Nevada Casinos Experience Slight Decline In October RevenueSilver State Casinos Dipped 3.85 Percent In October, But Still Won $1.022 Billion |
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Following all-time September highs, Nevada casinos experienced a slight dip in year-over-year gaming revenue in October.
According to figures released by the Nevada Gaming Control Board, Silver State casinos won $1.022 billion from gamblers throughout the month, which was a 3.85 percent decrease compared to October 2018.
The Las Vegas Strip was one of the areas with the sharpest decline. While its $538.5 million in revenue made up more than half of the state’s total gross gaming revenue, the gambling mecca of Nevada saw a 9.25 percent drop from a year ago. Analysts are pointing to a poor hold percentage for many casino games and a light convention schedule as the main reasons for the decline.
The only area that saw a steeper drop in revenue was North Lake Tahoe, which fell 17.1 percent. Despite the drop, it is the second straight month the $1 billion mark was hit and the sixth time in 2019.
One area that remained strong was sports betting. Nevada sportsbooks accepted $543.9 million in October sports bets, a 2.9 percent increase in its total sports betting handle from a year ago. With football season in full swing and an upset in the World Series, the books profited $47.9 million on those wagers, up a whopping 62.1 percent.
Of the total handle, $355.67 million was bet on football and $82.97 million was bet on playoff baseball. Baseball had the highest hold percentage of all the sports at 13.83 percent mostly because of the Washington Nationals’ upset over the Houston Astros.
Blackjack, baccarat, and roulette all suffered large drop-offs, however. Blackjack revenue was down $33.3 million from a year ago, baccarat suffered a nearly $20 million setback and roulette fell 30 percent from a year ago.
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