Nevada casinos brought in $1.3B in gaming revenue last month

Casino revenues keep going up in Nevada. Gaming operators reported a nearly 3% increase in wins over last year. The latest numbers from the state gaming commission show casinos brought in more than $1.3 billion in October. It also marks the 32nd straight month that casinos in Nevada have surpassed more than $1 billion in gaming revenue.

Overall, casinos in Clark County saw their profits grow at roughly the same rate as the state. However, gaming businesses on the Boulder Strip saw an increase of more than 10%. Operators in Northern Nevada did not fare so well, with casinos in Sparks losing upwards of 7% of their take.

The state will collect a little more than $83 million in tax revenue from those wins.

MGM Resorts CFO Jonathan Halkyard said this week that F1 delivered the company its all-time best weekend. MGM is the largest operator of Strip properties.

Michael Lawton, the state Gaming Control Board’s senior economic analyst, is forecasting a record month for November. "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. Las Vegas Locally on X reported that Wynn and Encore dealers shared $700K on Saturday night alone, which equated to about $2,000 per croupier. It was reportedly the highest tip pool in Wynn Las Vegas’ 18-year history.

November Jumpstart

Las Vegas officials were willing to bet on F1 because the mid- to late-November period is typically slow in Southern Nevada. Sin City certainly isn’t a major Thanksgiving destination, and F1 was viewed as a new economic driver.

“This will be the single largest tax-collection event in Nevada’s history by a fairly healthy margin,” Jeremy Aguero, a principal analyst at Applied Analysis, a preferred consultant to the Las Vegas Convention and Visitors Authority, told Business Insider. “We believe the net impact of Formula 1 will be about $87 million in tax revenue."