The latest monthly revenue report from the Nevada Gaming Control Board (NGCB) has revealed that the state’s licensed gambling operators reported over $1.1 billion in gaming revenue for the month of February.
The latest figures mark the 12th month in a row that Nevada casinos and sportsbooks generated more than $1 billion in a month. The $1.1 billion in revenue was also the highest total for the month of February in the state’s history beating the previous record of $1.7 billion set in 2013.
The $1.1 billion in revenue was also the highest total for the month of February in the state’s history beating the previous record of $1.7 billion set in 2013.
According to the report, state gaming revenue in February was up by 10% when compared to the pre-pandemic levels recorded in February 2019.
When the pandemic hit the casinos in Las Vegas forced closures saw annual gross gaming revenue drop from $12 billion in 2109 to just $7.8 billion in 2020. However, the easing of restrictions in March of 2021 saw the local gambling industry begin its recovery with it’s first billion-dollar month of the current streak. This culminated in a record $13.4 billion in annual gaming revenue for the year 2021.
February’s stellar month was driven by high tourist numbers as the Las Vegas Convention Center and Visitors Authority reported that visitor volume was up by 70% when compared to February 2021. However, despite the huge win in revenue, visitor numbers were still 18% short of 2019’s figures.
Casinos on the Las Vegas Strip accounted for $599.1 million of all state gaming revenue up from $567.2 million in January. This was an increase of 72% on the same period in 2021. Meanwhile, Downtown Las Vegas casinos reported revenues of $69.2 million up 2.3% from the $67.6 million reported in January and by 33.9% when compared to 2021’s figures.
State taxes collected during February came to $81.2 million. These were based on taxable revenue from the previous month and represented a 75.47% increase on the same period in 2021.
Sports betting billion-dollar streak ends
The report also reveals that the state’s licensed sportsbooks saw a sharp decline of 31.2% month-on-month in the amount wagered as sports betting operators reported accepting $764.9 million in wagers. This was the first time in four months that the handle dropped below $1 billion. Revenue from sports betting came to $30.3 million for the month down significantly from the $50 million reported in January’s record-breaking month.
Despite the drop in activity, February still represented the sixth highest monthly total in the history of sports betting in Nevada.
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.