Record-Breaking Gaming Boom in Nevada Feeds on Super Bowl and Chinese New Year

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Akin to alchemy, February 2024 blended the potency of the Super Bowl, Chinese New Year, and the gift of an additional day in the leap year to concoct an extraordinary month of record-breaking gaming revenue in Nevada. Super Bowl LVIII graced Las Vegas not just with athletic prowess but a golden windfall that filled the coffers of the casinos, escalating Nevada’s gross gaming revenue by an impressive 8.5% to a staggering $1.34 billion. The pulsating heartbeat of Nevada, Las Vegas Strip was the linchpin behind these gains.

Thursday saw an unveiling of revelatory statistics by the Nevada Gaming Control Board (NGCB). Statewide, casinos had raked in a prodigious amount exceeding $1.34 billion in February 2024 alone. Consequently, setting a new record for the best February ever, it auspicously stood as the fifth-best month overall for the Silver State’s gaming interests.

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Michael Lawton, the NGCB’s senior economic analyst, couldn’t help but express amazement at the incredible month. He wistfully noted how an extra day could have potentially shattered the all-time gross gaming revenue record.

Indeed, February 2024 demonstrated a prodigious 8.5% year-over-year increase from 2023. Furthermore, it was another milestone in Nevada’s bullish streak, marking a total of 36 consecutive months in which its winnings exceeded the colossal $1 billion mark.

February’s roaring success served as a remarkable contrast to January’s restrictions that had saw gross gaming revenue (GGR) recede almost 4% year over year. The lukewarm performance in January was attributed to travelers deferring their schedules to February to coincide with the spectacle of Las Vegas hosting the Super Bowl for the first time, and the shifting of the Chinese New Year to February from January, in contrast to 2023.

More than just a calendar shuffle, the People’s Republic holiday managed to elevate gaming revenue to phenomenal heights. Interestingly, while the American market inclines towards slot games, Chinese players displayed a penchant for the table instead. This disparity was evident in the NGCB’s report showing table game revenue soaring more than 24%, while slot wins barely expanded 1%.

Las Vegas Strip displayed an even more pronounced favorability towards table games, with the GGR hiking over 30%. Baccarat emerged as the game of choice among the visitors from the Far East, earning an astonishing $180.5 million, marking a staggering 82% upswing.

Even amidst the surge in table games, lady luck turned a sour face towards slot games. The win rate for slots plummeted from over 8% in February 2023 to 7.7% in the following year. Despite the thrill of the Super Bowl LVIII, luck-and oddsmaking-seemed to veer away from a winning outcome, putting sports betting win at $24.7 million, a marginal 10% rise from the previous February.

However, visitor numbers didn’t dwindle as Las Vegas welcomed over 3.37 million individuals to its vibrant cityscape. Thanks to the NFL extravaganza and the Chinese New Year celebrations, visitor inflow marked a 9.5% hike on a year-to-year basis that led to the Strip’s hotel rooms almost tripling in rate to a nightly cost of $270 before taxes and resort fees. Despite the worries of January, the month of February served as a testament to Nevada’s enduring popularity and resilience in drawing crowds and filling its coffers.