{"id":304932,"date":"2023-12-28T17:01:14","date_gmt":"2023-12-28T23:01:14","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=304932"},"modified":"2023-12-29T11:27:14","modified_gmt":"2023-12-29T17:27:14","slug":"formula-one-las-vegas-turbocharges-november-gaming-revenue","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/formula-one-las-vegas-turbocharges-november-gaming-revenue\/","title":{"rendered":"Formula One Turbocharges November Gaming Revenue to Record High"},"content":{"rendered":"

The inaugural Formula One Las Vegas Grand Prix powered Nevada gross gaming revenue (GGR) to new highs in November, as statewide win climbed upwards of $1.37 billion. It’s the best November ever<\/a>, and the state’s second-best month of all-time, behind only July 2023, when casinos won a little more than $1.4 billion.<\/p>\n

\"Formula
Fans watch the third practice session ahead of the Formula One Las Vegas Grand Prix on Nov. 17, 2023. The F1 race was a major win for Strip casinos, as they enjoyed their best November ever on their gaming floors. (Image: Getty)<\/figcaption><\/figure>\n

F1 was conceptualized as a way to speed up gaming on the Las Vegas Strip during November, traditionally a slow month in Southern Nevada. Despite some local opposition because of months-long road closures and business disruptions<\/a> in the leadup to the Nov. 16-18 race weekend, Las Vegas’ bet seemingly paid off on the Strip casino floors.<\/p>\n

GGR on the Strip surged almost 23% from November 2022 to $821 million. That’s a new Strip record for November and its second-best month all-time, behind this past July, when gaming win totaled $834.9 million.<\/p>\n

\n

F1 fans fancied table games, as costly minimums didn’t faze the European high-end clientele. Felt win on the Strip jumped 62%, with baccarat most responsible, as the player-banker card game won over $178.3 million for the house.<\/p>\n<\/div>\n

Slot win dropped about 1.3%, as the international VIPs with deep pockets didn’t fancy the one-armed bandits nearly as much as the tables. Slot revenue on the Strip totaled $410.9 million.<\/p>\n

F1 Delivers for Strip<\/b><\/h2>\n

Despite many headaches for locals<\/a> and general visitors who were barred from seeing attractions like the Bellagio fountains — and were quickly escorted away by security when they stopped on Strip overpasses for photos — Michael Lawton, the senior economic analyst for the Nevada Gaming Control Board, says the city’s bet on F1 was a winning gamble. Along with a November to remember on the casino floors, Strip resorts reported strong hotel bookings and subsequent resort-wide business<\/a>.<\/p>\n

\n

The four-day period beginning on Nov. 16 was extremely profitable for both gaming and non-gaming activity on the Las Vegas Strip, with some properties estimating those days established all-time record levels of revenue,”<\/strong> said Lawton.<\/p>\n<\/blockquote>\n

Lawton conceded that luxury properties<\/a> where F1 fans stayed and gambled were the biggest benefactors.<\/p>\n

While the Strip was bustling, the downtown area where more budget-conscious travelers tend to stay saw November GGR dip 2% to $81.2 million. Table games downtown reported a nearly 7% drop in win from November 2022, as the lower-minimum games were less busy. Downtown casinos also weren’t as lucky, as the table game win rate was just 7.6% compared to 15% on the Strip.<\/p>\n

2023 Record Year<\/b><\/h2>\n

Nevada gaming revenue through 11 months in 2023 totaled more than $14.08 billion<\/a>. The odds are nearly a sure thing that when December’s numbers come in, 2023 will mark the third consecutive year of record gaming win in the Silver State.<\/p>\n

Nevada casinos won $14.84 billion in 2022. It followed the $13.42 billion haul gamblers lost in 2021 following the COVID-19 pandemic.<\/p>\n

\n

The record play in 2021 and last year was partially credited to pent-up demand for leisure travel, and many U.S. residents having some extra disposable income from coronavirus stimulus programs.<\/p>\n<\/div>\n

The year 2023, however, seems to demonstrate the resiliency of the U.S. gaming industry, as its marquee and most critical market nears its third record year in a row.<\/p>\n","protected":false},"excerpt":{"rendered":"

Formula One delivered big wins for the Las Vegas Strip.<\/p>\n","protected":false},"author":25,"featured_media":304936,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[83505,81886],"tags":[87452,82543,82537,84148,82124,82990,85044,23,24],"acf":[],"yoast_head":"\nFormula One Las Vegas Turbocharges November Revenue<\/title>\n<meta name=\"description\" content=\"The Formula One Las Vegas Grand Prix powered November gaming revenue to new highs, as statewide win climbed upwards of $1.37 billion.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/formula-one-las-vegas-turbocharges-november-gaming-revenue\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Formula One Las Vegas Turbocharges November Revenue\" \/>\n<meta property=\"og:description\" content=\"The Formula One Las Vegas Grand Prix powered November gaming revenue to new highs, as statewide win climbed upwards of $1.37 billion.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/formula-one-las-vegas-turbocharges-november-gaming-revenue\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-28T23:01:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-29T17:27:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/12\/960x0.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Devin O'Connor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CasinoorgDevinO\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Devin O'Connor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/formula-one-las-vegas-turbocharges-november-gaming-revenue\/\",\"url\":\"https:\/\/www.casino.org\/news\/formula-one-las-vegas-turbocharges-november-gaming-revenue\/\",\"name\":\"Formula One Las Vegas Turbocharges November Revenue\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/formula-one-las-vegas-turbocharges-november-gaming-revenue\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/formula-one-las-vegas-turbocharges-november-gaming-revenue\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/12\/960x0.jpg\",\"datePublished\":\"2023-12-28T23:01:14+00:00\",\"dateModified\":\"2023-12-29T17:27:14+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/02b4fee8814a4003903b0021bffb4ebf\"},\"description\":\"The Formula One Las Vegas Grand Prix powered November gaming revenue to new highs, as statewide win climbed upwards of $1.37 billion.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/formula-one-las-vegas-turbocharges-november-gaming-revenue\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/formula-one-las-vegas-turbocharges-november-gaming-revenue\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/formula-one-las-vegas-turbocharges-november-gaming-revenue\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/12\/960x0.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/12\/960x0.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Fans watch the third practice session ahead of the Formula One Las Vegas Grand Prix on Nov. 17, 2023. 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