According to the latest round of data from the Nevada Gaming Control Board (NGCB), the inaugural Formula One Las Vegas Grand Prix seems to have lived up to its lofty expectations—Nevada tallied $1.37 billion in statewide revenue in November, a new record for the month and the second-highest monthly figure ever.
The record number was slightly above the previous November record of $1.32 billion in 2021, and was a full 12.5 percent higher than the $1.22 billion from November 2022.
As usual, the Strip was the main catalyst, bringing in $820.9 million for the month, a year-over-year increase of 22.6 percent. Strip revenues for the year are now up seven percent from 2022, with December still waiting to be collected.
“The impact of the inaugural Formula 1 Grand Prix on the Las Vegas Strip, the four-day period beginning on November 16, was extremely profitable for both gaming and non-gaming activity on the Las Vegas Strip, with some properties estimating those days established all-time record levels of revenue,” said NGCB Senior Economic Analyst Michael Lawton, per CDC Gaming Reports.
“The event’s success was more evident at luxury properties where the Las Vegas Strip’s baccarat increase accounted for 78.6 percent of the state’s growth this month. Additionally, the 25 licensees included in the $72 million-or-over revenue range for annual gross gaming win on the Las Vegas Strip increased by $160 million or 25.8 percent compared to last November and accounted for over 100 percent of the state’s entire increase for the month.”
Broken down by sector, the state overall tallied $868.8 million in slot win, a slight decrease of 0.3 percent from the previous month. The Strip contributed $410.9 million of that total, a 1.3 percent decrease—this was the fourth consecutive month of decreases for Strip slots.
On the games side, the state brought in $505.5 million in November, the fourth-highest figure ever for the category. This also included the second-highest games drop ever ($3.6 billion) and an increase in hold percentage from 12.5 percent in November 2022 to 14.1 percent this year. The Strip contributed $410.1 million of that total, a year-over-year increase of more than 60 percent for the region.
Baccarat in particular continued its hot streak, as the state brought in $181.4 million from the game, $178.3 million of which came from the Strip. Statewide hold percentage this year was 18.9 percent, compared to 11.56 percent last year.
State sportsbooks brought in $41 million, a year-over-year increase of 8.8 percent. Overall handle was $921.9 million, a 0.7 percent decrease from last year. Hold percentage came in at 4.5 percent, and mobile wagers were down 2.7 percent, at $625 million.
To the north, Reno tallied a 3.5 percent increase to $58 million, while Sparks saw a decline of 1 percent to $13.8 million. Both North and South Lake Tahoe recorded 8 percent decreases, and Elko rose 2.3 percent to $32.2 million.
Overall, the state is on yet another record-setting pace for the year, as revenues are up 4.1 percent over the first 11 months from 2022.
