Nevada gaming revenue continues to roll. In August, casinos in the Silver State posted a monthly revenue record. And they broke the $1 billion mark for the 30th consecutive month.
The bulk of gaming revenue in the entire state came from Clark County and the Vegas Strip. According to the Nevada Gaming Control Board (NGCB), in August, Clark County alone accounted for $1.026 billion in gaming revenue. The small 0.18% increase over the same period a year ago was spurred by the Vegas Strip.
The main tourist corridor in Las Vegas was up 1.07% from last year, with $666 million in gaming revenue. An increase in visitation to Las Vegas in August contributed to the gains.
Las Vegas visitation is up thanks to conventions
According to the Las Vegas Convention and Visitors Authority (LVCVA), visitation to Las Vegas in August was up 4.4% from 2022 to 3.3 million. The convention business in Las Vegas continues to recover from the COVID-19 pandemic and that can be seen in the visitation numbers.
The LVCVA estimates that 647,600 visitors were in Las Vegas for conventions. This was good for a whopping 64.3% increase compared to August 2022.
Las Vegas hotel occupancy for the month was up 3.5% to 80.3%. The average daily rate (ADR) for hotel rooms in August was up 7% to $158.47 per night.
Hotel room prices vary drastically depending on location. In August, the ADR for Vegas Strip rooms was up 6.3% to $167.51.
Downtown Las Vegas hotel rooms only increased 1% to $87.71. Gaming revenue in downtown Las Vegas was down almost 1% to $64.6 million.
An increase in convention visitors book more hotel rooms during weekdays. In August, midweek hotel occupancy was up 4.8% from last year to 77.0%.
When convention attendance is low, leisure travelers visiting Las Vegas for a holiday can sometimes find inexpensive rooms. This is quickly going away as conventioners return to Las Vegas.
Hotel rates in October, for example, are through the roof with the Global Gaming Expo and SEMA auto parts show.
Casino games people play in Las Vegas
Slot machines dominate Las Vegas casinos and the entire state. They account for the bulk of the gaming revenue every month.
In August, slot machine revenue accounted for $368.3 million of the $666 million for Vegas Strip casinos. Michael Lawton, senior economic analyst for the Gaming Control Board, told the Las Vegas Review-Journal that the slot win for Vegas Strip casinos in August was the “third-highest total all-time for the state and the second-highest total for the Strip.”
Vegas Strip casinos won 10.1% of the money gambled on penny slot machines. The lowest denomination for slot machines generated $107.8 million in revenue for Vegas Strip casinos.
For comparison, Vegas Strip casinos won 3.13% from $5 slot machines and 6.6% from $1 slot machines. This is typical as casinos hold more from the themed and branded penny slots than higher-limit games.
The Vegas Strip attracts high rollers and that can often correlate to how much casinos win in baccarat. The NGCB’s August revenue report showed it was a big month for baccarat gaming revenue, with $114.3 million generated at Vegas Strip casinos.
Regarding baccarat revenue, Lawton said the “totals led to the second highest game and table win totals all-time for the state and the Strip.”
Blackjack generated the second-most revenue for Vegas Strip casinos with $72.6 million in August. This was followed by roulette with $33.3 million and craps with $26 million in gaming revenue.