If there was going to be a month that state gaming win fell below $1 billion, it probably would have been February with its 28 days, right?
Not so.
The Nevada Gaming Control Board on Wednesday announced that the state’s 433 major casinos won $1.113 billion from gamblers for the month, an all-time record for a February. It also was a record 12th straight month win topped the $1 billion mark.
Gaming win — the amount casinos collect from players of slot machines, table games and other gambling — was up 44.1 percent from February 2021.
February’s win totals also topped the amount casinos won in January.
But one analyst said the future may not be as bright.
Warning signs
Control Board Research Analyst Michael Lawton warned storm clouds could be on the horizon, thanks to higher gasoline prices, inflation and new COVID variants on the rise. And, beginning in March — the first month of the $1 billion-plus win in the current streak — comparisons will be harder.
“Our comparisons are going to become extremely difficult in the upcoming months and we are optimistic that this level of gaming win will continue,” he said. “However, as you are aware there are a great deal of macro-economic and geo-political events that are happening in real time which are concerning and it is unknown how it could impact the trends we have been witnessing for the past year.”
Gaming win is important to the state because a percentage of it is collected and deposited to the state’s general fund.
February tax and fee collections through Monday were at $58.9 million, a 34.5 percent increase from a year ago. For the first seven months of the 2022 fiscal year, collections are up 35.4 percent over the previous year to $525.4 million.
Lawton attributed the strong February to sporting events and concert performances in Las Vegas.
Strong events calendar
“This month’s results were supported by an incredibly active entertainment and sports calendar which included Garth Brooks, George Strait, Justin Bieber, Billy Joel and Metallica on the musical front in addition to hosting both the NHL All-Star Game, the NFL Pro Bowl and the return of a traditional Super Bowl party atmosphere with COVID-19 restrictions including mask requirements being lifted,” Lawton said. “This could possibly be the strongest event calendar I have seen in my 12 years analyzing gaming win in the state.”
New York-based J.P. Morgan gaming analyst Joe Greff said February numbers shined despite COVID issues.
“Las Vegas Strip demand was resilient in light of ongoing omicron impacts during this time period,” Greff said in a Wednesday report to investors.
It was the third-best February ever for the Strip.
Win on the Strip had the highest percentage increase of any market monitored by the Control Board with win up 71.9 percent to $599.1 million.
Every Southern Nevada market saw gaming win up by double-digit percentages.
Clark County win climbed 50.4 percent to $949.9 million while downtown Las Vegas was up 33.9 percent to $69.2 million.
One decline statewide
Only South Lake Tahoe saw numbers decline in February with win down 3.9 percent to $19.7 million.
Even Washoe County and Reno showed double-digit percentage increases with Sparks and North Lake Tahoe up 7.8 percent and 4.1 percent, respectively.
One of the big reasons for the strong February was the record Super Bowl LVI handle that month. Statewide, 179 sportsbooks took $179.8 million in wagers, beating the previous record of $158.6 million set in 2018. The books won $15.4 million for a win percentage of 8.6.
Clark County’s 98 sports-betting operations won $9.3 million on football bets in February for a 5.5 percent win percentage.
Local sportsbook operators were happy to see crowds in their facilities on Super Bowl Sunday to watch and bet on the single sports event with the highest handle. And the large crowds spill over to other casino games as well as other Las Vegas entertainment.
“These…
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