Las Vegas Continues to Be Gambling Mecca as Revenue Soars
LISTEN TO THIS ARTICLE:Nevada embraced a new record in revenue for its slot machines, table games and sports betting activity in fiscal year 2023. Eager to capitalize on this success, the momentum is expected to carry over into the 2024 fiscal year, which began on July 1.
Nevada Gaming Proves Unstoppable
The collective efforts of Nevada's casinos led to combined fiscal year revenue of $15.1 billion. This figure represents growth of 3.2% - an improvement of $475.4 million – compared to the previous fiscal year.
Moreover, it should be pointed out that fiscal year 2022 experienced a substantial surge of 37.4% in comparison to fiscal year 2021. Additionally, gaming-related revenue saw a commendable year-on-year uptick of 3.6% during the first six months of 2023.
Nevada's gambling industry witnessed a 2.4% decrease in revenue during June, with the Strip experiencing a 1% drop and downtown Las Vegas plunging by 10.4%. Nevertheless, financial experts on Wall Street are unconcerned about the decline in revenue for the month relative to June 2022.
Casino profits, not including baccarat, experienced a 6% increase compared to the previous year and a 3% boost in the second quarter. Overall, gaming income witnessed a year-over-year surge of 7% and a second-quarter uplift of 4%.
According to John DeCree, an analyst at CBRE, the recent update from Las Vegas included an additional Friday for June compared to last year. This slight shift in timing could potentially contribute to a small improvement in the results leading up to the long July 4 weekend. Additionally, DeCree highlighted the influence of the Vegas Golden Knights' Stanley Cup victory in early June, which added to the overall momentum of the month.
In June, there were approximately 3.4 million visitors to Las Vegas, per the estimates provided by the Las Vegas Convention and Visitors Authority. This shows a 3.1% increase compared to the number of visitors in June 2022. Furthermore, during the first half of this year, there were about 20.3 million visitors in total. This represents growth of 9.4% when compared to the figure of 18.5 million visitors during the same period in 2022.
New Records across the Board
With a decline in Downtown Las Vegas gaming revenue by 10.5%, or $62.5 million, compared to the previous year, DeCree regarded June as a poor month. Slots and table games in this segment saw increased handles of 1.8% and 3.6%, respectively, but the holds dropped.
June visitation stood at 3.4 million, just 5% lower than it was in the same month in 2019 before the COVID-19 pandemic. It's also a 3.1% year-on-year increase, signaling a significant rebound.
Nevada's slot win for fiscal year 2023 was $10.2 billion, a new record and a 4% year-on-year increase. The slot win rate on the Strip jumped to $59.2 billion, a 10% increase, and $7.2 billion in Downtown Vegas for a 2.2% uptick.
Table and card games closed the fiscal year at $4.9 billion, another new record that beat the one Nevada set last year. However, it only increased by 1.7%, while the year-on-year increase from 2021 to 2022 was 54.9%.
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