Nevada’s casino industry weathered a soft January on the Las Vegas Strip to break $1 billion in gaming revenue for the first time in a year.
Figures released by the state Gaming Control Board show statewide win for the month at $1.01 billion, off January 2017’s total by 2 percent, due mainly to a tough comp last January’s win was up 12 percent year on year and a fairly steep decline of 8.9 percent on the Strip, which accounts for upwards of 55 percent of Nevada’s total gaming take.
“I anticipated a larger decrease than what was recorded,” said Michael Lawton, a senior research analyst for the board. “There was an unfavorable calendar compared to January 2017 with one less weekend day. Secondly, and more importantly, Chinese New Year festivities began in January last year, but this year the celebrations were held entirely in February.”
Overall, the Strip decline dragged Clark County down for the month by 3.7 percent to $892.1 million.
But across Southern Nevada individual markets generally performed well. Downtown Las Vegas was up 1.8 percent year on year to $56.5 million. The Boulder Strip was up 6.8 percent to $90.6 million. Laughlin was up 3.5 percent to $45.7 million, Mesquite climbed 4.5 percent to $11 million. North Las Vegas was up 0.4 percent to $28.8 million.
Statewide, it was the 36th $1 billion month since gaming revenues first hit that mark in March 2005. The highest monthly win ever, $1.16 billion, came in October 2007.
January also saw the state’s sportsbooks overcome a $41 million fall-off year on year in football wagers to post a robust $25 million in win.
The softness in football resulted in a $36 million drop in total wagers at the 191 outlets to $418.2 million, but the books laid lucky, winning 6 percent of their customers’ money as opposed to only 1.75 percent of the $454.4 million wagered in the same month last year.
“During the playoffs in January, underdogs were very successful against the spread, covering in almost every game,” Lawton explained. “This was the driver for the month.”
For February, the books are looking to reap the benefits of a record $158.6 million in bets on Super Bowl LII.
Plus, if January is any indication, basketball betting appears to be holding steady. The month saw $202 million in wagers, only slightly under January 2017’s $203.5 million.
