Home> US News> Another Successful Year For The Nevada Gaming Industry

Another Successful Year For The Nevada Gaming Industry

12-30 2022 casino news

Another Successful Year For The Nevada Gaming Industry

As December comes to an end, Nevada casinos have already recovered the record performance from 2021 in gaming revenue. The gaming revenue for December, however, has not yet been examined and reported.

a rise in gaming revenue from the previous year:

An estimated $13.5 billion in gaming profits were reported by Nevada's 459 legal or licensed casinos, a 10.2% increase over the same period last year.

The total gaming revenue generated by Nevada casinos in 2021, which at the time had 463 licensees, was $13.4 billion.

Numerous cities in Nevada have gaming winnings levels that are insufficient:

The November report was a typical example of good news-bad news reporting because there was still bad news in it.

The Nevada Gaming Control Board said that fresh gaming winnings exceeded $1 billion for the 21st consecutive month on Thursday, December 29.

The bad news is that November 2021 gaming wins levels were lower in 17 of the 20 regulated iGaming markets that the Nevada Gaming Control Board observed.

Only three markets—Sparks, South Lake Tahoe, and Wendover—saw an increase in gaming profits over the previous year.

In that regard, senior economic analyst Michael Lawton of the Control Board, who examines the game figures, stated in an email: There's a good explanation why the numbers are lower from a year ago: the state and Strip's victory totals for November 2021 were the third highest ever.

With total wins of $1.3 billion and $755.1 million for the state and the Strip, respectively, November of 2021 constituted a very challenging comparison. But every significant market in the state is up year to date through November through the first eleven months of the calendar year. The issue of sustaining gaming profit levels:

When the state achieved 12 straight months of winning in excess of $1 billion earlier this year, Lawton also cautioned about "difficult comparison possibilities."

However, he underlined that it would be difficult to maintain growth when so many months had been at or close to record levels.

Clark County's gaming revenue in 2022 reaches record highs:

But the state has continued to set a high bar to draw visitors who come to casinos and spend a little money on slots and table games despite allowing Clark County and Las Vegas to entice customers with upscale entertainment and athletic events.

In this regard, Lawton cited several occasions in November that drew sizable crowds, including: Elton John's performance at Allegian Stadium on November 1; The Who's performances at Park MGM on November 4; and the Post Malone concert at T-Mobile Arena on November 11. In addition, Kevin Hart performed two shows at Resorts World Las Vegas on November 18 and 19, Adele hosted the official debut of her Strip residency at Caesars Palace on November 18, and the Las Vegas Raiders only played one home game in November against the Indianapolis Colts on November 13.

Additionally, Las Vegas held the Automotive Aftermarket Week conferences of the Specialty Equipment Market Association in November at a few convention venues, which was one of its successful 2022 convention events.

Due to Clark County's dependence on Nevada, even if gaming profit levels decreased overall in Nevada by 7,6% from November 2021 to November 2022, they increased by 8.4% in Clark County to $1.06 billion. Although the Las Vegas center decreased just 0.1% from the previous year to $82.8 million, the Strip stayed down 11,3% from November 2021 to $669.5 million, despite hitting a record of $90.5 million in October 2022.

87% of Nevada's gaming profits in 2022 will come from Clark County alone.

Regarding this, Mr. Lawton stated: "Game and table win on the Strip was the main cause of this month's decrease with a decline of 27% and volumes that decreased 23%.

Slot machines boost levels of gaming winnings:

According to reports, slot machines, table games including blackjack, baccarat, and sports betting have significantly changed the levels of gaming revenue throughout the state.

In November 2021, slot machine revenue of $871.1 million increased by 1,3%, while coinage increased by 1,9% to $11.6 billion.

On the other hand, losses (table money stakes) declined by 17,7% to $2.8 billion while gains (table game wins of $349.8 million decreased by 24,2%). Blackjack volume is down 18% while winnings are down 23.1%.

One of the most played games, baccarat, earned $58.7 million, a 37.7% decrease from the previous year. It decreased by 31,3% from the previous year to $507.8 million. Additionally, players did better in November of this year compared to last year, with a casino hold rate of 11,6% as opposed to 12,8%.

The sportsbook's earnings was $37.7 million, down 47.7%, and its retention rate this year was 4,1% as opposed to 6,6% last year. The second-largest victory in 2021, however, was a sportsbook win of $1.1 billion in November of that year.

The total value of sports betting through mobile applications was $642.5 million, a reduction of 17,3% from the previous year and 69,2% of all sports betting.

Game industry analyst Joseph Greff of J.P. Morgan in New York stated in a report to investors that "gross gaming revenue levels in November were significantly above those in pre-pandemic 2019."

Strip win was 30% higher than in 2019; local play was 39% greater than in previous year; and statewide, it was 30% higher than in 2013.

Recommended Stories