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US – May levels off in Nevada but still comes in as eighth best ever month

By - 30 June 2023

Nevada casino revenue levelled off in May but $1bn months are now the norm with the state securing its 27th consecutive month of generating GGR of $1bn with May being the eighth highest earning month of all time.

Indeed, Clark County, which includes the Strip, surpassed the $1bn level all by itself. GGR for the state’s 438 casinos came in at $1.29bn, 0.8 per cent down from May 2022. Clark County’s 219 casinos generated $1.1bn, down one per cent from last year.

Slot win in May came in at $877.9m, an increase of 0.9 per cent whilst sportsbooks generated $30.1m, an increase of 11.4 per cent from a year ago. Table games generated $411.2m, down 4.4 per cent from a year ago, with blackjack down 2.7 per cent and craps down 19.4 per cent. Baccarat came in at $133.8m down 0.5 per cent.

Michael Lawton, Senior Economic Analyst for the Nevada Gaming Control Board, said: “The state has recorded decreases in two of the last three months. Over the next year, every monthly comparison will be up against the highest monthly total for that particular month or the second highest total for that specific month. Needless to say the comparisons are going to be the most difficult the state has ever faced.”

South Lake Tahoe saw an increase with revenues up 11.3 per cent to $19.5m.

JP Morgan’s Joseph Greff said: “For the Strip, table game hold was 15.8 per cent, versus 15 per cent the prior year and a 14 per cent average over all of 2022. Baccarat hold was 16.9 per cent, versus 17.1 per cent the prior year, 7.7 per cent in 2019 and the normalized 13-14 per cent range. Relative to May 2019, table game drop was 4 per cent higher, slot handle was 36 per cent higher, and baccarat drop was 11 per cent higher. In the Las Vegas Locals market, gross gaming revenue increased 4 per cent year-over-year (28 per cent above 2019).”

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