Nevada casinos are recent off their finest 12 months ever.
The opening of the Fontainebleau on the Las Vegas Strip was cited for a report December for Nevada casinos. The state gaming trade gained an all-time excessive of $15.5 billion from gamblers in 2023. (Picture: Fontainebleau Las Vegas)
The Nevada Gaming Management Board (NGCB) revealed Wednesday that 2023 gross gaming income (GGR) totaled greater than $15.52 billion. The annual win represents a 4.6% enchancment from 2022.
Nevada casinos proceed to develop income within the aftermath of the COVID-19 pandemic. 2023 marked the state’s third consecutive yr reporting a brand new GGR excessive.
The income report reveals that state casinos gained almost $10.3 billion on slot machines and greater than $5.2 billion from desk video games and sports activities betting. The slot haul represents a 2.3% year-over-year enhance, whereas the felt and oddsmakers noticed revenue surge over 8%.
Nevada’s report gaming win will be attributed to a number of elements, together with a number of signature particular occasions which occurred all year long and regular demand for gaming-related actions by resilient prospects whose conduct has remained constant within the face of a number of challenges, which included inflation and rising rates of interest,” commented Michael Lawton, the senior financial analyst for the NGCB.
“Nevada has continued to learn from the surging demand for leisure journey domestically and internationally,” Lawton added.
Nevada stays the richest gaming state within the US. The $15.5 billion simply bested New Jersey, which booked a distant $5.8 billion. Pennsylvania was third at $5.7 billion.
December Delivers
Nevada casinos capped off the yr with an unprecedented December the place GGR soared to $1.43 billion. The spectacular 9% year-over-year bounce represented the very best December ever for the Nevada gaming trade.
Sometimes a gradual month, as households don’t see Las Vegas as a marquee vacation vacation spot and conventions gradual in the course of the Christmas and New Yr’s interval, December 2023 benefited from the opening of two new casinos.
The Fontainebleau on the Strip opened on December 23, the primary new from-the-ground-up on line casino to open on the primary drag since Resorts World in June 2021. Crimson Rock Resorts’ Durango On line casino & Resort opened in Spring Valley on December 5.
December additionally benefited from the Nationwide Finals Rodeo being on the town within the early a part of the month, a marquee residency from Garth Brooks at Caesars Palace’s Colosseum, and U2 concluding their run on the Sphere.
The Las Vegas Raiders additionally hosted two video games at Allegiant Stadium simply west of the Strip towards the visiting Minnesota Vikings and Los Angeles Chargers. Each video games had been bought out.
2023 Information
Quite a few markets within the NGCB report revealed report income years.
GGR in Clark County hit a report $13.48 billion, a 5.5% premium on 2022. Las Vegas Strip casinos gained an all-time excessive off gamblers, with gamers dropping $8.9 billion.
Desk recreation and sportsbook win on the Strip surged 15.5% to greater than $4 billion. Slots added greater than $4.8 billion, nearly 5% higher. The 2023 Strip income was 7.4% richer than 2022’s win.
The $909.6 million gained by downtown Las Vegas casinos was a report, as was the $183.6 million gained by casinos in Mesquite. Casinos in Sparks, Elko County, and Wendover additionally reported all-time gaming highs.
Reno was a uncommon blight, as GGR declined nearly 1% to $738.3 million. Inflationary considerations amongst locals had been the doubtless wrongdoer for the stagnant play. Slot machines within the metered section reported a GGR drop of two%, whereas desk video games and sports activities betting expanded revenue by over 5%.
