February proved to be an excellent month for the state of Nevada, as the numbers for gambling increased by over 7 percent compared to the previous year. A factor contributing to the improved figures is the large number of tourist visiting the state to celebrate the Chinese New Year. Income from gambling in Nevada blew past the $1 billion mark for the second consecutive month. This two-month billion-dollar occurrence has not since since 2008 in the months of March and April.
Gambling wins in Nevada have improved since the beginning of the fiscal year as well. Since July of 2017, there has been a total of $7.9 billion in gambling revenue generated by the state. This is an increase of 2.3 percent over the previous same period of time. The Las Vegas Strip itself is also improving, with a stunning 11-percent increase in gambling wins in the month of February. The improvement for the Strip was the first time it has happened in five months.
Aside from the Chinese New Year, a lot of improvement in Las Vegas is due to the gigantic wins created by players participating in baccarat. The classic table game saw an increase of over 82 percent, making its draw for February a whopping $79.7 million. These numbers were corroborated by Michael Lawton, who is a senior research analyst for Nevada’s gaming commission.
The revenue from slot machines grew by 4 percent and reached over $605 million for February, while table games ended up at more than $412 million. Income generated by the table games is a 13-percent increase compared to last year. However, certain table games lost revenue. Craps, blackjack, and roulette all declined in February. The hardest-hit activity was sportsbook betting. Revenue from bookies was reported to be down by 48 percent. A major impact was the loss of income from wagering on American football, which was a dismal 136 percent.
Though it is still largely considered the gambling capital of the world, Las Vegas will be encountering some competition stateside in the remote gambling sector. The State of Pennsylvania has officially set its licensing date as June 4th, 2018. On this date, online casino operators and other gambling providers are allowed to submit applications to become licensed. New Jersey is also showing growth in its online gambling markets. Numerous providers of online casino software are opening their doors to New Jersey residents and visitors to Atlantic City.