Home > Finance > Sans Super Bowl, Nevada gaming revenue slides 9% in February

Sans Super Bowl, Nevada gaming revenue slides 9% in February

| By Jess Marquez
Nevada's gaming industry watched the Super Bowl from afar this February instead of hosting it and revenue fell 9% year-on-year as a result.
Super Bowl LVIII betting

According to data from the Nevada Gaming Control Board published on Monday (31 March), the state brought in $1.21 billion (£936.5 million/€1.12 billion) in monthly gross gaming revenue (GGR). That represents a decrease of just under 10% from last February’s mark of $1.34 billion. The marked decrease is most easily attributable to the Super Bowl, which was estimated to have generated $1 billion in economic impact for the region last year.

For the fiscal year to date, Nevada gaming overall is down 1.1% year-on-year. February’s figures are a stark contrast from January, which, at $1.43 billion, was the second-highest monthly total ever.

Decreases were posted in nearly every market, most notably the Las Vegas Strip. America’s gambling capital posted $690.3 million in February GGR, down 14% YoY. The Strip’s record-breaking post-Covid run could be in jeopardy, as the market is currently down more than 3% for the fiscal year.

Even the downtown Las Vegas and Las Vegas locals markets, which have bolstered the state amid the Strip’s struggles, lagged in February. Downtown saw a 5% dip to $72.4 million and the locals market was flat at just under $144 million. The locals market is +7% for the fiscal year and downtown is +1.8%.

Player vs banker and the players won

As always, baccarat performance was a key factor for the Strip. GGR from the game was $87.5 million, down 51.5% YoY and a far cry from January’s mark of $214.2 million. The seesaw nature of the game’s performance has flattened revenues from the previous three months YoY.

Overall, Strip table and card game GGR was down 26.5% to $308.4 million. Typically, down months on the tables side are buoyed by slot revenue, but that sector was exactly flat at $381.9 million.

The lack of a Super Bowl may not have been the only headwind affecting the region’s performance. US president Donald Trump kicked off the month with sweeping orders placing tariffs on imports from Canada and Mexico. The two countries are the top two feeder markets for Las Vegas.

While the tariffs may not directly impact consumer travel, the bad blood from the escalating trade war could have swayed some would-be travellers. Additionally, last February was a leap year and therefore included one extra day.

According to the Las Vegas Convention and Visitors Authority, the city welcomed 2.97 million visitors in February, down nearly 12% YoY. The authority said this was a “tough comparison” from last year due to the Super Bowl and leap year. Convention attendance and average daily room rates were down 19.5% and 25%, respectively.

Tough month for northern markets

By and large, the state’s northern markets came back to earth after a solid January. Washoe County, Elko County and the Carson Valley all saw revenue decline, with South Lake Tahoe posting the biggest dip of any individual market ($17.6 million, -17%). The winter weather often stretches well into March in northern Nevada, which makes for volatile results YoY.

Reno slid 6.4% to $56.2 million after posting $67 million the previous month. The Biggest Little City is now flat for the fiscal year, which is the best of any northern market. Neighbouring Sparks is only 1% down for the fiscal year despite a 2.65% decline in February.

Sports betting down slightly

Statewide sports betting brought in GGR of $41.3 million, down just under 14% from last year. Of that total, $22.9 million came via mobile betting, a 3.4% decrease YoY.

Double-digit swings are not uncommon for Nevada sports betting and the relatively small change from mobile betting was a welcome sign for state sportsbooks without the draw of the big game being played in the state.

For the Strip, the declines were even smaller. That market accounted for more than half ($24.1 million) of the state’s sports betting GGR, which amounted to a 2% decline from last year. Mobile betting accounted for $9.5 million, also a 2% decrease.

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