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February 2016 Gambling Revenue up in Nevada
Thursday March 31,2016 : NEVADA GAMBLING FEBRUARY NUMBERS UP
Revenues up 8.1 percent year-on-year, boosted by Superbowl sports betting.
The Nevada Gaming Control Board reported Wednesday that gambling revenues in the Silver State were up 8.1 percent year-on-year in February, buoyed by strong sports betting on the Superbowl and an extra day due to a leap year.
Gambling revenue from football betting was particularly good, rising 10 percent, and positive for operators despite football winnings accounting for less than 1 percent of Nevada's annual gambling revenue, and sports betting overall accounting for about 2 percent.
Nevada sports books took in a record $132.5 million in Super Bowl wagers for this year's game, in which underdogs Denver Broncos upset the Carolina Panthers 24-10. The books held around $13.3 million of that, according to preliminary figures.
Total sports betting handle for February came in at $363 million - a February record.
On table games, revenue rose 8.3 percent, whilst slot action was up 7.8 percent.
Las Vegas Strip gambling revenue grew 7.3 percent to $570 million, while downtown Las Vegas brought in $51 million for a 17 percent increase. Reno casino revenue was up 6.9 percent to $48 million, and South Lake Tahoe revenue was up 3.8 percent to $16 million.
The (usually) big money generator, baccarat, was again flat in February.
The Nevada taxman benefitted to the tune of $51 million in February - down 12.9 percent year-on-year.
Board analyst Michael Lawton said that future events in the state could be good for operators in the weeks ahead, including March Madness, major fights and the grand opening of the T-Mobile Arena on the Las Vegas Strip.
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