Las Vegas Gaming Revenue and Tourism Numbers Indicate Strong Economy
Posted on: September 27, 2019, 01:21h.
Last updated on: September 27, 2019, 01:30h.
Las Vegas is alive and well, as key data points reveal a robust economy in Southern Nevada.
The August gross gaming revenue (GGR) numbers were released Friday, and showed that Las Vegas Strip casinos won more than $520.6 million last month – an 8.95 percent increase. That helped offset losses elsewhere in the state, as Nevada casinos collectively saw win climb only 4.3 percent to $952.4 million.
Strip casinos credited strong blackjack, craps, and roulette play for the gain. The table games reported healthy volume and hold percentages, respectively leading to year-over-year gains of 29 percent, 67 percent, and 43 percent. Blackjack GGR totaled $73 million, craps $67 million, and roulette $23.9 million. Baccarat win increased six percent to $97.5 million.
Additionally, the Strip continued to see strong slot play, with a 5.2 percent increase in volume and a 1.6 percent increase in win,” Nevada Gaming Control Board Senior Research Analyst Michael Lawton said. “The Strip has only recorded one decrease in slot volume and win this calendar year.”
August marked the Las Vegas Strip’s third consecutive GGR monthly win. That came after the most important casino street in the country recorded six months of gaming revenue declines. August also returned Strip GGR to the black for the calendar year at 0.1 percent. Statewide gaming win is up 0.7 percent.
September 2019 presents a difficult comparable, as the month has only four Saturdays compared to five in 2018.
There’s been concerns in recent months regarding a potential recession in the United States. If one is impending, Las Vegas hasn’t received the memo.
Along with a strong three months on casino floors, officials at McCarran International Airport said total passenger volume was up 3.1 percent last month. More than 4.4 million passengers traveled through the hub.
Year-to-date, McCarran has accommodated 34.1 million arriving and departing passengers – a three percent premium on 2018. The airport has recorded volume increases in each of the previous 11 months, and is on pace to again record its busiest year on record.
The good news doesn’t stop there. The Las Vegas Convention and Visitors Authority (LVCVA) said August visitor volume totaled 3.56 million last month, a 0.7 percent bump. Convention attendance was responsible for the uptick, with 657,800 visitors arriving for business purposes. The LVCVA says visitor volume is now up 0.6 percent through eight months.
Finally, the US Bureau of Labor Statistics says unemployment in the Las Vegas-Paradise metered market fell by 0.1 percent between June and July (4.8-4.7 percent). Statistics for August haven’t yet been published.
Sportsbooks Win Big
Las Vegas Strip oddsmakers fared extremely well in August thanks to football. The sportsbooks kept more than $6.6 million, a whopping 111 percent jump.
Statewide, sports revenue totaled $18.7 million (+48.7 percent). Oddsmakers scored a touchdown on football, with the sport accounting for $12.6 million. Baseball was next at $6.7 million.
However, August 2019 further shows that New Jersey is becoming – or already has – the richest sports betting state in America. Garden State oddsmakers won $25.2 million last month.