Nevada Casinos Win Over $1B For 17th Straight Month
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Casinos in Nevada continue to rake in money, but revenue growth appears to be slowing.
According to figures from the Nevada Gaming Control Board, the state’s nonrestricted gaming licensees reported a total gaming win of $1,315,987,732 for the month of July 2022. This amounts to a 3.17% decrease compared to July 2021, when licensees reported a gaming win of $1,359,057,512.
Still, the results were the 17th straight month that Silver State casinos reported at least $1 billion in gambling win. Nevada casinos have never been on such a streak.
The state collected $90,389,289 in percentage fees during the month of August 2022, based upon the taxable revenues generated in July 2022. This represents a 7.48% ( $7,312,814) decrease compared to the prior year’s August, when percentage fee collections were $97,702,103.
The Las Vegas Strip accounted for $773,399,726 of the July revenue, down 2.4% compared to $792,615,397 in July 2021.
Downtown Las Vegas casinos had a harder time, reporting win of $60,024,382, down more than 15% compared to $71,151,896 the year prior.
“We were down this month, yet I don’t see any softness—it was down slightly against the all-time high,” Michael Lawton, senior economic analyst at the Nevada Gaming Control Board, reportedly said. “The bar was set really high with last July. We didn’t hit it, but we still came in with the fourth highest total all-time statewide, second-highest total all time for The Strip.”
According to the Nevada Independent, Las Vegas welcomed nearly 3.5 million visitors during July. That was the highest single-month total since the start of the COVID-19 pandemic. The Las Vegas Convention and Visitors Authority reported that the total was 5.3% below the pre-pandemic month of July 2019.
Through the first seven months of 2022, over 22 million people have visited Sin City, down 11.1% compared to January to July of 2019.
Nevada remains the leading gambling market in the U.S., with more than $13.4 billion in gaming revenue in calendar year 2022, which was an all-time high.
