The Nevada Gaming Control Board released a statement indicating a noticeable decline in gambling revenues in the state.
Winnings related to gaming have gone down by 13% in March in downtown Las Vegas casinos, if comparisons are to be made with the previous year in the month of March.
In March, the downtown casinos generated slightly less than $76.2 million in gaming winnings, as reported by the Nevada Gaming Control Board. As of March 2023, the recorded amount was $87.4 million.
Nevada is renowned for its 444 prime casinos, which collectively generated just under $1.3 billion in game winnings in March, a decrease of 1.6% compared to the same month last year.
Strip casinos were responsible for bringing in almost $716 million via game winnings, a drop of 1% from March 2023. Casinos that the Boulder Highway in Las Vegas finds witnessed a downslide of 9%.
Las Vegas-based Boyd Gaming, which runs Boulder Strip and downtown Las Vegas casinos, posted first-quarter earnings. Boyd disclosed that revenues at its local casinos in Las Vegas decreased to $225 million from $240 million in the first quarter of 2023, spanning the period from January 1 to March 31.
According to the gambling news, Boyd Gaming’s downtown casinos generated nearly $57 million in revenue during the first quarter of the previous year; by 2024, that figure had decreased to $54 million.
According to Keith Smith, President and CEO of Boyd Gaming, the downslide was caused by excessive competition. Durango Casino & Resort, located in southwestern Las Vegas, was launched in December by Station Casinos, another big player in the Las Vegas local casinos sector.
