The Nevada Gaming Control Board (NGCB) reported yesterday (3/28/2014) that Vegas Strip gaming revenues plunged 20.2% in February 2014 as compared to the same month a year ago. The report indicated Strip revenues dipped to $556 million last month, down from $696 million in February 2013. Nevada statewide gaming revenues were down 13.7% in the February year-over-year comparison ( $926 million as compared to $1.1 billion last year).
The NGCB reported a huge drop in baccarat revenues in February 2014 as a primary reason for the observed Strip and overall revenue declines. The Vegas Strip baccarat revenue dipped 40.9% last month as compared to February 2013 ($158 million revenues in February 2014 compared to $263.8 million the previous year).
The Vegas Strip recorded its highest win total ever in February 2013 according to state regulators, again primarily due to high-roller baccarat wagering at the time. Asian high-rollers flock to Vegas in February during Chinese New Year activities for baccarat play; February 2013 involved a huge amount of activity from these specific players resulting in the record revenues last year.
Downtown Las Vegas casinos recorded an overall 3% gain in revenue ( to $43 million) in the February year-over-year comparison. Revenue at the Boulder Strip casino segment dipped from $64.1 million in February 2013 to $58.1 in February 2014 ( -9.3%). Due to the significant Vegas Strip revenue drop (primarily due to reduced baccarat wins), the overall revenue for Clark County as a whole entity dipped 15.2% in February 2014 as compared to the same month a year ago.
Analysts emphasized that despite the significant revenue decline, February 2014 was still a good month for Nevada casinos.