Las Vegas Lifts Nevada To Major Revenue Gains

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Las Vegas Lifts Nevada To Major Revenue Gains
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Nevada’s casino industry saw a significant jump in gaming revenue in April, led by major growth in the Las Vegas area. The Nevada Gaming Control Board reported that the state’s casinos saw revenue of more than $1.2 billion, almost a 7% increase compared to April 2023.

For the fiscal year (July 1, 2023, through April 30, 2024) overall revenue has increased 4.7% to $13.2 billion compared to $12.6 billion over the same time period in 2022-23.

Clark County, the home to Las Vegas, saw big numbers for most major gaming areas, finishing up 8.5% compared to 2023 with total revenue of almost $1.1 billion. The Las Vegas Strip reported growth of 6.6%, with revenue of $668.1 million. Table games on the Strip saw a 9.6% increase to $256.8 million with slot machine revenue also up 5.1% to $409.3 million.

Other areas of Clark County also performed well. Downtown Las Vegas saw double-digit growth compared to April 2023, surging 11.1% to $82.8 million. The Boulder Strip also saw some significant gains, rising 8.5% to $83.1 million. However, North Las Vegas and Laughlin saw drops of 3.4% and 6.9%, respectively, to $23.9 million and $43.5 million.

Clark County made up for some revenue slips in other parts of the state. Reno saw a decline of 5.9% to $59.3 million, compared to $63 million in April 2023. Sparks also saw a drop of 8.9% to almost $14 million. Elko County saw an overall drop of 8% as well to $30.9 million.

There were some other bright spots in April. North Lake Tahoe saw a 15.6% increase to $1.7 million. South Lake Tahoe saw even bigger numbers, growing 31.6% to almost $18 million compared to $13.7 million in April 2023.

The state collected $70.3 million in fees in May based on taxable revenues from April. This is a 4.2% increase to $70.3 million compared to May 2023.

Gaming regulators will be closely watching the revenue reports in the coming months as the busy summer travel season kicks off. Numerous events are planned over the summer including the World Series of Poker, which began on Tuesday.