Las Vegas Casinos See Revenue Highs in February

Nevada Casinos report significant revenue for February. The Nevada Gaming Control Board has all the gaming revenue numbers for the state. The news indicates the casinos have managed to earn $1 billion for the second month in a row. Apparently, in January 2018, the results were similar for revenue earned.

Casinos are crediting Chinese New Year as one of the main reasons for the increase in income. The information was provided Wednesday, March 28, 2018, by the Nevada Gaming Control Board. They showed a statewide increase of $1.02 billion for the second month of the year, which is an overall 7.7 percent high on a year-on-year application.

The back to back revenue being in the billion dollar arena happened before. Back in March and April of 2008, Las Vegas saw two months of billion-dollar earnings.

The Las Vegas Strip has shown some great wins from July 2017 to February 2018 based on the numbers. The gaming win has been $7.9 billion, which is a 2.3 percent rise from the same period from 2016 to 2017.

The Strip showed the first gain in October 2017, with a win of $603 million. It was an 11.37 percent increase from 2016 for the same month.

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Michael Lawton of the Tax and License Division of the Nevada Gaming Control Board said baccarat was where a lot of the income came from. It was up 82.5 percent or $79.7 million. Lawton also stated that February 2018 was better because of Chinese New Year versus in 2017 when the new year was in January instead of February.

Sportsbooks did not show the same results in February as they did in 2017. It seems sports betting came to a halt, with income down 48% compared to 2017. The earnings were only $10.7 million versus $20.7 million. However, despite a reduced amount of revenues, when compared to 55 straight months, there has been profit. In July 2013, a massive loss in the sportsbooks occurred, and companies have been trying to regain their hold.

Football wagers have dropped 136 percent on a year to year examination, with only $2.5 million in earnings; however, basketball increased by .68 percent. Statewide slots revenue also posted an increase of 4.17 percent, which meant $605 million in earnings for February 2018. Major table games like blackjack, roulette, and craps saw a decline, but overall the billion-dollar earnings make up for decreases on certain games.

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