Nevada’s casinos finished October with their best monthly win in more than five years.
Gaming revenue hit $1.06 billion, topping the $1 billion mark for the first time since May and handily overcoming one fewer NFL-betting Sunday to beat October 2017’s total by more than 7 percent.
It was the highest single-month total since February 2013 and marked the fifth month this year that statewide win broke $1 billion.
“This was a great month,” said Nevada Gaming Control Board Senior Research Analyst Michael Lawton. “And it could have been even better.”
The Las Vegas Strip led the charge. Compared with last year, which was marred by the October 1 mass shooting, the state’s largest market grew gaming revenues by 12.2 percent to $593.4 million.
A boost from 50,000 additional convention attendees proved one of the keys. The Las Vegas Convention and Visitors Authority said more than 3.68 million visitors came to Las Vegas in October, an increase of 2.1 percent from a year ago.
Baccarat wagering, almost the exclusive domain of the Strip megaresorts, grew a robust 53 percent year on year, but the casinos held a meager 8.8 percent compared with 15.2 percent last October (and 12-13 percent on average). The result was revenue from the game fell 11 percent.
On the plus side, non-baccarat table revenue was up 30.5 percent year on year on an 8.8 percent increase in volume. Slot revenue was up 8.6 percent.
“Normalized mass-market revenues are the best indicator of market growth and health as they include slot machines, which represent 50 percent of Las Vegas, and excludes the volatile baccarat business, in which only a handful of casinos participate,” Credit Suisse gaming analyst Cameron McKnight noted.
Analysts pointed out also that the two largest Strip operators𑁋Caesars Entertainment and MGM Resorts International𑁋benefited from hotel room renovations at numerous properties, highlighted by the much-anticipated completion of the Monte Carlo’s transition to Park MGM.
“These renovations plus an easy first-quarter 2018 comparison, a better convention slate and calendar should offer an acceleration to 2019 growth,” said Macquarie Securities analyst Chad Beynon.
Statewide, through the first 10 months of the year, gaming revenue is up 2.6 percent over 2017. The Las Vegas Strip is up 1.6 percent.
