The assumption was that the Formula One race in Las Vegas would boost numbers. Now the numbers are in and it is official–it led to the second-best month over for Strip casinos, trailing only July of this year.
Across the whole of November, Nevada casinos posted $1.37 billion in gaming win for the month. It is a 12.6% increase YoY.
Virtually all of that new revenue came from the Strip. The other regions of the state were generally flat year-over-year, including downtown Las Vegas.
The Las Vegas Strip, on the other hand, jumped from $669.5 million in 2022 to $821 million in 2023. Baccarat contributed massively to the bottom line, with $178.3 million in revenue, a jump of over 200% from 2022. Given the influx of international travelers for the race, it is unsurprising the game produced such results.
Mini-Bacarat and Blackjack saw upticks too, but most other games in Strip casinos were down from last year. Slot machine win was down 17.9%.
The gaming revenue was not the only boost to casino bottom lines as a result of the F1 race. MGM Resorts said the weekend was the highest-grossing weekend for hotel revenue in the company’s history.
Reports estimate the economic impact of the race on the city amounted to $1.2 billion. As noted though, casinos outside of the Strip in Las Vegas saw relatively little impact from the race.
