The Nevada gaming industry rode a double-digit jump in Las Vegas win to top $967.1 million in gaming revenue in November, a 6.4 percent increase compared to the same month in 2017.
Through the 11 months of 2018 currently tallied by the Nevada Gaming Control Board, gaming revenues statewide are up 2.9 percent year on year to $10.9 billion, with every reporting market doing better so far than 2017.
The big driver in November was the Las Vegas Strip, which accounts for more than half the state’s monthly take and whose win shot up 10 percent to $534.5 million on the strength of a resurgence in high-end baccarat play and increases across the board in sports betting.
Baccarat revenue came in at $97.8 million, a 50.6 percent increase, with wagering on the game up 24.3 percent to $804.4 million.
Sports book handle hit a single-month record of $581.1 million statewide, eclipsing the $571 million wagered in September and generating a 173 percent increase in revenues to $27.1 million.
Macquarie Securities gaming analyst Chad Beynon said the Strip “appears to have recovered strongly from the weakness that operators experienced in third quarter”.
Analysts also were heartened by continued strength in the Las Vegas mass market, as visitation to Southern Nevada grew by 5.4 percent to 3.48 million and convention attendance reached 613,000, an increase of more than 15 percent.
Table game win on the Strip was up 17.7 percent. Slot machine revenues increased by 1.3 percent.
“Bottom line, revenues were strong, with normalized mass market revenues up 6.8 percent,” noted Credit Suisse gaming analyst Cameron McKnight.
“In our view, normalized mass market revenues are the best indicator of market growth and health.” McKnight said. “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.”
McCarran International Airport enjoyed the busiest November in its history. Passenger volume was up 4.5 percent to 4.09 million travelers, the ninth consecutive month that passenger counts have exceeded 4 million.
The Las Vegas Convention and Visitors Authority said citywide occupancy stood at 88.1 percent for the month with revenue per available room finishing at $112.98, an increase year on year of 13.5 percent.
In Northern Nevada’s Washoe County, which includes Reno, Sparks and North Lake Tahoe, gaming revenues grew 9.53 percent, ending two straight monthly declines.
