(AsiaGameHub) –   In the first occurrence of its kind since 2024, both Nevada’s gaming statistics and Las Vegas tourism figures recorded increases during the same month.

The Nevada Gaming Control Board reported that the state generated $1.24 billion in gross gaming revenue in February, a 1.5% rise year-over-year. The Las Vegas Strip remained relatively flat year-over-year at $696.2 million, with the market virtually unchanged (-0.9%) for the fiscal year to date. Consistent with this trend, Clark County and the state as a whole are also within 1% of last year’s figures.

Las Vegas’s first monthly tourism rise in at least 15 months supported Nevada’s stable gaming performance. The Las Vegas Convention and Visitors Authority reported 3.03 million visitors in February, a 2% year-over-year increase. On the Strip, revenue per available room and average daily rates rose by 6% and 4%, respectively.

Stakeholders found these results encouraging, although air traffic saw a slight decline. Total passenger volume at Harry Reid International Airport dropped by 3% last month, influenced by a 10% decrease in international travel. Budget carrier Spirit’s bankruptcy caused its traffic to plummet 72% year-over-year, while leading Canadian airlines WestJet and Air Canada experienced drops of over 20%.

Regarding employment, Nevada’s Department of Employment, Training and Rehabilitation has not issued any monthly reports this year. An agency spokesperson informed iGB that the January report is set to be released in April.

Baccarat surges as Super Bowl betting falters in February

A deeper dive into the gaming numbers shows the Strip was supported by a spike in baccarat, a game that often dictates its monthly success. In February, the Strip won $119.9 million from baccarat, up 37% from the previous year.

Favored by high-rollers, baccarat typically commands the highest average bets, creating significant volatility. While the Strip is down 21% on the game over the last three months, the 12-month result (-3%) is much more favorable.

Taking a wider view, nearly all other markets monitored by the NGCB posted gains for the month. Reno reported a 7% year-over-year increase to $60.6 million and is having a strong fiscal year so far (+4.5%). Both Boulder City ($77 million, +3.5%) and the Las Vegas locals market ($148 million, +3%) saw positive results, while downtown Las Vegas ($69.8 million, -4%) lagged noticeably.

On the sports betting front, Super Bowl LX was tough on Nevada sportsbooks. The state reported total sports betting GGR of $35.3 million, a 14% decline from last year. Football betting GGR fell nearly 70% year-over-year to just $4.3 million. The Strip accounted for $15.3 million of that GGR and $2.9 million from football. The total Super Bowl handle was $133.8 million, the lowest in at least a decade.

These drops may be partly linked to sports event contracts on prediction markets. Nevada failed to stop Kalshi from offering Super Bowl contracts initially but has since obtained a temporary restraining order against the platform. Kalshi has been compelled to block Nevada users from trading sports, entertainment, and election contracts until its next hearing on April 3 in federal appeals court.

First-quarter earnings season approaching

As the first quarter of 2026 winds down, Las Vegas operators will soon face analyst scrutiny again after a largely difficult 2025.

The Strip’s “Big 3″—Wynn, MGM, and Caesars—all faced pressure on their Las Vegas operations last year to varying extents. Caesars has struggled in particular, and rumors of a potential sale are growing. Meanwhile, locals-focused operators like Boyd and Red Rock have thrived as value-seeking customers gravitate toward lower prices.

In a Friday note to investors, Macquarie analyst Chad Beynon noted that the positive data has turned Q1 earnings estimates “to the upside for Vegas segments”.

“We still expect luxury properties to lead, preferring WYNN over MGM/CZR,” Beynon stated. “While the long-term Vegas story remains valid, we are concerned that softness in leisure and international travel will continue this year following three years of post-Covid gains (which led us to rank Vegas as our least preferred Gaming sector in our ’26 Gaming Primer).”

However, the robust performance off the Strip led Beynon to “believe [Red Rock] and [Boyd] are set to beat current 1Q26E consensus for their retail segments”.