Operator News
US – Nevada celebrates 18 consecutive months of $1bn revenues
By Phil - 30 September 2022
With the Las Vegas Strip now surging way passed pre-pandemic levels, Nevada’s casino revenues went passed the $1bn mark for the 18th consecutive month.
Nevada’s casinos generated $1.2bn in gaming win in August, marking a 3.53 per cent increase compared to August 2021.
Casinos on the Strip produced $659.7m in GGR, an increase of 5.1 per cent from August last year and 26.7 per cent more than August 2019 before COVID took hold.
Whilst Downtown Las Vegas plateaued with a 0.57 per cent increase to $64.5m, still 42.5 per cent higher than August 2019, Laughlin’s revenues fell by 12.2 per cent year over year to $36m and the Boulder Strip, fell 2.9 per cent. North Las Vegas generated a 0.13 per cent increase, while Mesquite increased by 9.4 per cent.
Michael Lawton, a senior economic analyst with the state, said: “The majority of the state’s growth for the month was the result of the Las Vegas Strip’s sustained record levels of gaming win. For the month, the Strip’s win grew by 5.2 per cent or $32.7m over August 2021 and continued to benefit from a strong event calendar and steady improvement in visitation metrics due to increased passenger totals at Harry Reid International Airport.”
The month was boosted by Katy Perry’s residency returning to Resorts World in August, whilst the Red Hot Chili Peppers played at Allegiant Stadium on August 6, followed by the iconic Mexican grupera Band, Los Bukis, on August 12 and the Weekend on August 20. The Killers performed at T-Mobile Arena on August 26.
In terms of locals markets, Mr. Lawton highlighted that it was difficult to compare year-on-year due to August 2021 being 41.2 per cent higher than August 2019 and because August 2022 had one less weekend day than 2021.
Mr Lawton explained: “To come in flat against that difficult of a number is impressive. These combined markets have recorded decreases for the last four months (April–July) and we are witnessing moderating growth rates compared to historic levels of gaming win, which I think should be expected. The win amounts are still fairly consistent and don’t reflect any softening through the first eight months of the calendar year, as they’re up 3.1 per cent against the all-time record recorded in 2021.”
Slots were up 2.5 per cent year-on-year in August to $847.1m whilst tables increased by six per cent to $361.4m. Baccarat increased 3.9 per cent to $96.7m.
Nevada sportsbooks were up 12 per cent to $16.1m.
