Las Vegas Strip benefits from F1 race as November revenue up 23 per cent

F1 Las Vegas 2023
Image: cristiano barni/Shutterstock

Las Vegas has reaped the benefits of Formula One coming to the city, as revenue for the Strip in November has risen year-over-year by almost 23 per cent.

According to data from the Nevada Gaming Control Board, gaming revenue for the month amounted to $1.37bn, a 12.56 per cent increase YoY (November 2022: $1.22bn) and just shy of July’s single-month revenue record of $1.4bn.

During the month, F1 hosted a street race in the city which closed down the Strip for portions of the month, but casinos benefited from additional visitors coming to the area to see the Las Vegas Grand Prix.

With more people in the city to see the race, Strip revenue in November came in at $821m, up 22.63 per cent YoY (2022: $669.5m). In July, strip revenue stood at $834.9m.

Publishing per segment data, the NGCB stated that table, counter and card games and sports betting all saw YoY improvements, but slot machine revenue dipped slightly.

Table, counter and card games underwent the biggest uptick, rising by 44.49 per cent to $505.55m (2022: $349.8m) with baccarat and blackjack both surpassing $100m in revenue.

Baccarat improved by 209.1 per cent YoY to $181.44m (2022: $58.7m) while blackjack rose by 26.47 per cent to $121.24m (2022: $95.85m). No other game type made more than $50m in revenue during the month.

Two other games had double-figure YoY revenue increases, with mini-baccarat rising by 59.24 per cent to $7.5m (2022: $4.7m), while roulette increased by 12.08 per cent to $45.04m (2022: $40.2m).

Pai gow revenue declined the most against previous year comparatives, falling by 45.52 per cent to $547,000, followed by pai gow poker which dropped by 22.93 per cent to $10.1m and ultimate texas hold’em which decreased by 17.1 per cent to $13.3m (2022: $15.98m).

Slot machine revenue fell slightly YoY in November by 0.26 per cent to $868.8m (2022: $871m) with only multi denomination seeing a double-figure percentage increase in comparison to the previous year, coming in at $541.2m, up 17.43 per cent (2022: $460.78m).

Five dollar slots fell the most year-over-year, dropping by 34.45 per cent to $4.74m (2022: $7.23m), followed by one dollar which fell by 23.69 per cent to $48.3m (2022: $63.4m) and one cent declining by 20.83 per cent to $237.99m (2022: $300.57m).

Sports betting revenue in November rose by 8.82 per cent to $40.99m (2022: $37.67m).

For the month, the state of Nevada collected $85.4m in taxes, up 9.49 per cent YoY (2022: $77.96m).