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Nevada Gaming Revenue Dips Slightly For The First Time In Eight Months

Written By Marc Meltzer | Updated:
Fountain Lake Bellagio Resort In Las Vegas

Nevada’s brick and mortar casinos won $1.29 billion in March, according to the monthly gaming revenue report from the Nevada Gaming Control Board (NGCB). March gaming revenue in Nevada was 1.65% lower than the previous year when the casinos collected $1.31 billion.

The decrease in gaming revenue for Nevada was the first in eight months.

Gaming revenue in Nevada is up 4.44% to $11.91 billion for the fiscal year from July 1, 2023, through March 31, 2024. In the previous fiscal year Nevada casinos won $11.4 billion by this time.

According to the NGCB, the state collected $86.4 million in taxes from gaming revenue generated in March. Tax collections for the month saw a hefty dip of 11.22% from the previous year.

Gaming revenue in Nevada remains strong but was up against a year-breaking month from March 2023. During March last year, Las Vegas saw two massive Taylor Swift concerts, the Con/Agg expo, and hosted the NCAA basketball tournament regional games at T-Mobile Arena.

Despite the small revenue drop in March, Las Vegas casinos are having a great year. Nevada saw record-breaking gaming revenue in February thanks to the Lunar New Year and the first Las Vegas Super Bowl.

There are no online casinos in Nevada, and there has been little movement to add them.

The NGCB doesn’t report revenue from WSOP.com, Nevada’s single online poker website. This could change next year if the Z4 or BetMGM online poker rooms debut.

Downtown Las Vegas casinos saw the largest revenue decrease in March

Gaming revenue in 12 of Nevada’s 20 gaming markets fell in March. As usual, the county with Las Vegas leads the way for state gaming revenue.

Clark County casinos won $1.1 billion of the $1.29 billion collected by the 444 casinos throughout the Silver State. The 1.55% decrease in Las Vegas area gaming revenue was slightly lower than the state, as a whole.

Vegas Strip casino gaming revenue was down 1.2% to $715 million compared to last year. Downtown Las Vegas casino saw the largest revenue decrease in the county. Revenue at the Old Vegas casinos fell 12.85% to $76 million.

Gaming revenue fell across the state. Washoe County gaming revenue fell 3.78% to $76 million. The county’s largest gaming market, Reno saw revenue fall 6.03% to $52 million.

Nevada table games were up but slots and sports betting were down

Just about every casino game generated less revenue for casinos in March compared to last year. Baccarat was one of the few exceptions.

Casinos in Nevada won $114.7 million from baccarat in March. This was a 75.5% increase from 2023.

March’s increase in baccarat revenue compared to last year was thanks to a much larger hold percentage. This year Nevada casinos held 18.81% compared to 10.33% last year.

Most of the baccarat revenue came from Vegas Strip casinos, which operate 409 of the 447 baccarat units in the state.

The casinos on and around Las Vegas Blvd. collected $111 million from baccarat in March. This was a 74.05% increase from last year.

Nevada casinos won slightly less than last year from slot machines. Nevada casinos still won over twice as much from slot machines as table games in March.

Silver State casinos won $874.5 million from slot machines, a 3.53% decrease compared to last year. These casinos won $415.9 from table games. The 2.54% increase was thanks to baccarat.

There was only $785.3 million wagered at Nevada sportsbooks in March. This represented a 5.4% drop from $830.5 million wagered last year. The total amount of money gambled in March was less than $800 million for the first time since 2021.

Despite heavy betting on college basketball in March, Nevada sportsbooks saw a big decrease with just $29.8 million in revenue. This was a huge 32.1% drop from last March.

Photo by AP Photo/Ken Ritter
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Marc Meltzer

Marc grew up on the mean streets of the South Bronx. He's the rare combination of Yankees and Jets fan which explains his often contrarian point of view. Marc is a freelance writer and social media consultant. Writing about steak, booze, gambling and Las Vegas is a tough job but somebody has to do it.

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