The Nevada Gaming Control Board (NGCB) reported a 9.3% year-over-year drop in gaming revenue in February, indicating a slump in the state’s gambling business. Compared to January, the state’s overall gaming gain for the month was $1.22 billion, a 16.5% decrease.
Nevada’s fiscal year-to-date (FYTD) revenue is still solid at $10.5 billion, just 1.14% less than it was during the same period previous year, despite the dip. The decline comes after the state recorded its highest-ever gaming win numbers in December and January, setting new records.
With $815.9 million, slot machines made up the largest portion of February’s total, followed by table, counter, and card games with $401.7 million. Based on February’s taxable revenue, Nevada earned $75.2 million in percentage fees in March, which represents a 6.72% increase over the previous year.
Las Vegas Strip Revenue Declines Sharply
The Las Vegas Strip experienced a significant 13.78% year-over-year revenue decline in February, bringing in $690.3 million. This represents a stark contrast to January’s revenue of $840.1 million, which was 22.45% higher than the previous year.
More broadly, Clark County—which includes Las Vegas—saw a 9.66% decrease in gaming revenue, totaling $1.1 billion. Other areas of the state also posted losses, with Downtown Las Vegas revenue falling 4.9% to $72.5 million, and Washoe County reporting a 5.2% drop to $78.5 million.
Nevada has experienced significant regulatory changes in addition to financial volatility. Senator Rochelle Nguyen presented SB256, a bill that will penalize offshore gaming providers more severely, in February.
Shortly after, Resorts World Las Vegas was hit with the largest-ever penalties of $10.5 million by the Nevada Gaming Commission for violating anti-money laundering (AML) laws.
Following regulatory decisions that specifically targeted its sports betting businesses, Kalshi has also declared its intention to bring a federal lawsuit against Nevada and New Jersey. The future of gaming in the Silver State is still being shaped by these financial and legal events.
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