Nevada has significantly increased its revenue during 2022 compared to 2021. The main reason lies in the fact that there were more sports and entertainment events during the last year, but one weekend more adds to the value.
This has been the most successful year ever for the state – the revenue was $14.8 billion. To compare, in 2021, the revenue was $13.4 billion by November.
Strip casinos were among the ones who gained the most revenue. They achieved $814.2 million, which is 25.1 percent more than the revenue in 2021. Compared to the other 20 state markets regulated by Nevada Gaming Control Board, this is the highest revenue ever.
Michael Lawton, the Board’s senior economic analyst, said that a range of records had been achieved during the last year. The fact that six casinos closed and only one had been opened adds to the value of this information.
Significant Increase:
During the last year, revenue in every market in the state has increased, but Boulder Highway has not. However, this casino’s decrease was only 0.1 percent. The only submarkets that haven’t built the record were North Las Vegas, Boulder Highway, Laughlin, Washoe County, Reno, and Lake Tahoe’s North and South Shores.
The Strip had the highest increase in revenue of all casinos in the state: others had about a 0.2 percent increase compared to the years before.
December was the month with the biggest revenue in history: the gamblers put about $5.8 billion in Strip casinos. Also, the slot machines from Strip gained about $405.1 million only in December, which is a huge increase of 7.3 percent compared to the previous year. Table games gained about $409.1 million, which is an incredible increase of 49.9 percent more than in 2021.
Big Moments:
The events that helped in increasing the revenue during the last month were the Pac-12 Football Championship game, which was played between the University of Southern California and the University of Utah, the National Finals Rodeo and The Cosmopolitan of Las Vegas, on which Adam Sandler performed.
Sportsbook in Nevada gained about $55.2 million, which is about $245.9 percent more than in December 2021.
Joe Greff, an analyst at J.P. Morgan, said: “We note the unfavorable calendar impact and comparison in the month — LV Locals slot win from Saturday, Dec. 31, 2022, is pushed to January, and relative to 2019, slot win from the last Saturday and Sunday in November was pulled into December (so minus one day in 2022 vs. plus two days in 2019). For the month, slot win decreased 1.7 percent versus the 2019 level with handle up 9.4 percent, and slot holds down 60 basis points at 5.5 percent, vs. a 6.2 percent average the past five years.”
Analysts from the gaming industry were impressed with the results the casino gained during the past months – but they are aware of the decrease when it comes to local gaming. It has been 1.7 percent.