On Wednesday, 31 July 2016, the Nevada Gaming Control Board released its revenue figures for FY24 and June. State revenue increased by 3.26% and 4.4% respectively.
Nevada’s operators reported gross gaming revenues (GGR) in June of $1.28bn and for FY24, $15.76bn. This is the highest fiscal year result for Nevada, surpassing the previous record set in FY23 of $15.76bn. The state’s gambling industry, which reopened in June 2020 after Covid lockdowns, has broken records on virtually all metrics.
Nevada’s gaming industry set three consecutive records in FY24. Other full-year record were also set.
- Las Vegas Strip Revenue ($9.1bn).
- Las Vegas Locals Market Revenue ($3.1bn).
- Slots win in the state ($10,3bn).
- Statewide slot coin win ($144.5bn)
- Table and Card Games Win Statewide ($5.4bn).
- Statewide games drop ($36bn)
- Win for the Statewide Sports Pool ($512.8m).
The Las Vegas Locals Market had the largest GGR growth in FY24 of all the markets that the NGCB has tallied. It was 7.4%. The Strip came in second with 6%, and Clark County overall saw an increase of just over 5%. South Lake Tahoe was the biggest loser (-2.23%) followed by North Las Vegas (0.87%).
Southern Nevada posts strong June, north lags
The results of the two markets were radically different last month.
Las Vegas’ local market enjoyed a fantastic June. Its GGR was $147m, an increase year over year of less than 10%. Downtown Las Vegas (5.7%), the Strip (4.3%), and Mesquite (3.5%) all saw significant increases year-over-year. Laughlin, North Las Vegas and Mesquite were the only markets in southern Nevada to show a decrease. However, both fell below 2%.
Washoe County (-7.6%), as a group, took a hit in the north. Sparks saw a GGR drop of 12.8% to $13.4m while Reno recorded $64.2m. This is a 7.0% decline. North Lake Tahoe and South Lake Tahoe both saw a decline of 3.6% and 12.6% respectively. Carson Valley also saw a decline of 5%.
Elko County had the most impressive performance in northern Nevada. Elko County’s $33 million GGR was the best in the region, with a 6.5% growth.
Sports betting is booming in the state of Nevada
In June, the slot machine win in California was relatively flat. (-1.5%). Sports betting was perhaps the sector that stood out most.
Nevada’s sportsbooks generated $29.8m in revenue for the month. This is a 212% increase from last year. This jump was likely boosted by two major international soccer events – UEFA Euros, and CONMEBOL Copa America. GGR for mobile sports betting was $16.7m – a 244% jump over last year’s same period.
