Nevada casinos exceed $1B in revenue for 20th straight month with $1.28B in October
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Nevada casinos are keeping up their record-setting revenue streak, exceeding $1 billion in win for the 20th straight month. The Silver State extended its historic roll with $1.28 billion in gambling revenue in October, according to a report released by the Nevada Gaming Control Board, proving inflation is no match for gambling appetite in the gaming mecca.
October’s gaming win rose 4.8% over last year, while also jumping nearly 20% over pre-pandemic levels in October 2019. The state is on pace to eclipse 2021’s record-setting gaming revenue total of $13.4 million, with Nevada’s casinos having generated $12.3 billion over the last ten months – a figure 12.3% higher than the same period last year.
Additionally, Las Vegas Strip's year-to-date gaming revenue for the first ten months of the year is up 31.1% when paired against the same period in 2019. However, growth in October slowed a bit compared with the same month last year, reports Forbes. Strip casino revenues hit a total of $705.8 million, a slight 0.5% increase compared to October 2021. In contrast, September Las Vegas casino revenue climbed 8.3% from September 2021’s results.
Sports and entertainment helped Sin City continue its record streak. The Las Vegas Raiders played two home games at Allegiant Stadium last month; the South Point 400 NASCAR Cup Series was held at the Las Vegas Motor Speedway; and Eddie Vedder, Usher and Van Morrison drew big crowds to the Park MGM and the Colosseum.
While The Strip’s growth dipped a bit last month, half a percentage point of growth, in the light of economic headwinds, is still seen as a good sign by gaming experts. But it was gambling jurisdictions outside of Las Vegas that drove most of the state’s growth last month, said Michael Lawton, the control board’s senior economic analyst, as reported by The Nevada Independent.
Every market excluding the Strip grew revenue by a combined total of 10.6% over the same time last year. Only one primary casino market – North Lake Tahoe – saw gaming revenue decline.
“This represents the largest increase recorded by these markets since February,” Lawton said. “The combined markets have now recorded increases year over year in three consecutive months after experiencing four successive (monthly) decreases.”
Slots across the state collected the most win at a total of $877.3 million, an 11% increase over last year. For their part, table, counter and card games generated $403.4 million, a 6.4% decrease. Baccarat became the third revenue driver with $66.4 million – a 28.1% decrease, with a hold percentage of 12.99%.
Sports betting lent a hand to keep revenue above the $1 billion mark, with Nevada sportsbook taking in $56.9 million, up 17.7% compared to October 2021; and a hold percentage of 6.17%, up from 4.39%. However, wagers were down by 16.3% compared to last year, at $920.8 million.
Visitor volume was up 14.3% year over year in September, but remained down 3.5% compared to 2019, according to the Las Vegas Convention and Visitor Authority. The total number of airplane passengers at Harry Reid International Airport reached 4.7 million in September, up 26% compared to the same period last year, and up 10% compared to pre-pandemic 2019.
It is believed the $1B+ streak may continue into November, with the help of FIFA World Cup bets at sportsbooks. Jay Kornegay, the executive vice president of the Westgate Superbook, told KSNV that World Cup bets have exceeded expectations. However, he admitted they are lower than in years past because it’s typically held in the summer.
