As far as we can tell, you can’t actually make a bet on how high this month’s gaming revenue will be in Nevada.
But if you could bet on Nevada setting this record, you would want to know where hotel occupancy data is trending. As Las Vegas goes, so goes the state’s gaming revenue, and Las Vegas hotels are expected to be near capacity for the upcoming Super Bowl weekend. STR, CoStar’s hospitality analytic company, predicts the average occupancy to be near 88% from Friday through Sunday. That could boost February occupancy to the highest level ever recorded in Las Vegas.
Since 1987, the average February occupancy in Las Vegas is about 76%. In 2023, February occupancy was just north of 78%, while the state raked in $1.23 billion in gaming revenue. This was an increase of more than $100 million in revenue from February 2022, when occupancy was considerably lower at about 68%. Since 2010, 82.5% in 2020 was the best February performance. The peak monthly occupancy in Las Vegas history was 86.4% in April 1996.
But the Super Bowl has never been in Vegas.
Along with the Big Game, several tailwinds could help Las Vegas set an occupancy record for February. President's Day weekend follows the Super Bowl and the International Builder’s Show and The Kitchen & Bath Industry Show round out the month.
U2 will also perform eight more times at the Sphere, as its residency comes to an end. Bruno Mars and Adele will also be performing concerts during the event weekend.
Nevada monthly gaming revenue reached an all-time high of $1.43 billion this past December and The Strip accounted for more than $900 million, also an all-time high.
The Las Vegas hotel occupancy rate was the fourth highest on record for the month of December, at 69.4%, well above December’s historical average of 62%.
A slew of events filled last December’s calendar, including eight U2 concerts at the Sphere, a pair of Las Vegas Raiders home games, the sold-out Pac-12 Conference championship football game, the Las Vegas Bowl football game that featured a Pac-12 team and a Big Ten team, the Wrangler National Final Rodeo, and the NBA’s inaugural In-Season Tournament championship. The Fontainebleau’s December opening also brought a bevy of high-rollers and an estimated $30-$40 million of additional gaming revenue.