Las Vegas casinos are on a hot streak they haven’t seen in well over a decade.
For the third month in a row, the Nevada Gaming Control Board reported over $1 billion in profit from gamblers playing the state’s slots, tables, and sportsbooks. A whopping $1,024,316,755 in March statewide. It was a 3.4% increase from March of 2017. This has all been welcomed news after Las Vegas reported one of their worst months this past January. While one down month does not a trend make, it was welcomed news for everyone from investors as well as state politicians.
Most of that payday came from the legendary Las Vegas Strip, the state’s main casino attraction. $573.9 million was raked in off of the well lit corridor. And that’s well over nine percent from last year. Not bad for a 4.2 mile stretch of concrete in the middle of the desert.
The casino’s weren’t the only big winners at gamblers’ expense with the state of Nevada pulling in almost $75 million in percentage fees due to the taxable revenues created in that month of April. This is all great news for Las Vegas as well as the state of Nevada as the vacation season has yet to even begin. And with Las Vegas being the state’s main attraction, casino and otherwise, Nevada will continue to reap the tax benefits of this booming economy.
Las Vegas and Nevada’s economic health has long been a great barometer for American economists to evaluate the national financial climate. It takes a strong economy and plenty of disposable income to create these astronomical numbers after all. This is the 38th time the state industry has topped the $1 billion monthly mark. However, this is the first time since before the market crash back in 2008. The one month record of $1.17 billion was set way back in October of 2007.
So where are these gamblers losing their money? To be expected, the biggest draw comes from slot machines. Statewide the slot machines took in over $643.3 million with the table games and sportsbooks creating the rest of the windfall.
New games and a renewed interest in sports betting helped the casinos add even more revenue than before in Nevada. The table game, baccarat, produced over $117.2 million which is a 100 percent increase from last year. While sports betting at the sportsbooks created $34.1 million at a 8.6 percent increase. Look for more money to be dedicated to these two outlets as the gambling population has shown its interest in them.
Expectations are high for the coming months as they should be as there are no signs showing any of the action slowing down for the casinos.
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