Nevada casinos had a record-breaking October, raking in more than $1.315 billion in gaming revenue. It’s the sixth-best month ever for the industry.
Data from the Nevada Gaming Control Board shows slot machines generated over $894.8 million, and $420.2 million came from table games and sports betting.
Slot income and table games and sports betting revenue all saw increases compared to the previous year, marking the 32nd straight month with over $1 billion in winnings.
Las Vegas Strip casinos also had a good month, winning nearly $714.5 million. Tables outperformed slots, thanks to robust baccarat play and hold, even though slot revenue decreased by 1%.
Downtown Las Vegas casinos had their best month ever, taking in over $97.5 million, thanks to an 8% surge in growth. Slot machine revenue alone increased by 10%.
Las Vegas held its inaugural F1 Grand Prix, which attracted 315,000 people and generated an economic impact of $1.2 billion. Analysis of how the F1 impacted casino business is still pending.
MGM Resorts CFO Jonathan Halkyard shared that the F1 delivered the company its best weekend ever, feeling confident about an optimistic long-term impact.
The state Gaming Control Board’s senior economic analyst, Michael Lawton, expects November’s gaming win totals to set another record.
“We will be reporting the November gaming win totals during the last week of December and I understand there will be a great deal of anticipation to see the results and the impact from F1 so everyone will have to stay tuned until that time,” Lawton said.
There were reports of dealers splitting massive tip pools each night. Wynn and Encore dealers shared a $700,000 tip pool on a Saturday night alone.
F1 helped revitalize Las Vegas during the mid- to late-November period, traditionally a slower time. The race also attracted a high-net-worth audience, expecting to generate significant tax revenue.