Las Vegas Strip Maintains Momentum in August
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Posted on: September 30, 2023, 09:53h.
Last updated on: September 30, 2023, 09:53h.
The Las Vegas Strip maintained its winning ways in August, as the main drag propelled state gaming win to record highs.
Nevada casinos and taverns, sportsbooks, and other licensed facilities combined to win more than $1.2 billion in August 2023, an all-time gaming revenue high for any August in state history.
Gross gaming revenue (GGR) was down from August 2022 in markets other than the Strip. But casinos on S. Las Vegas Blvd. reported a 1.1% increase in gaming income, which offset losses elsewhere across the Silver State.
Strip casinos won about $666.8 million from gamblers last month. Slot volume increased 3% and table win jumped 7%.
Baccarat was the biggest table game earner last month at $114.3 million. Strong baccarat play highlights the return of visitors from Asian markets, as it’s the game of choice among the demographic.
Banner Year
With eight months in the books, the odds are good that Nevada casinos will set a new annual GGR record for the third year in a row. Gaming revenue last year totaled a record $14.84 billion. Nevada casinos won $13.42 billion in 2021.
Through August, Nevada’s gaming revenue in 2023 totals more than $10.13 billion. At this time last year, casino win was at $9.77 billion — or 3.6% less.
August’s data supplied by the Nevada Gaming Control Board did present some concerns, as GGR dropped year-over-year in major markets including in downtown Las Vegas and in Boulder. But the Strip, most important to the overall health of the richest gaming state, remains robust.
A strong events calendar, including the return of Adele’s residency at Caesars Palace and Maroon 5’s debut at Park MGM, kept Strip properties bustling.
August traffic at Harry Reid International Airport totaled 4.6 million arriving and departing passengers. Though that’s about flat from August 2022, international traffic surged over 37%. International guests tend to stay longer and spend more than domestic travelers.
The Las Vegas Convention and Visitors Authority (LVCVA) said visitor volume across Southern Nevada was up 4%, as drive-in traffic from California and Arizona was strong. The return of conventions also fueled healthy hotel occupancy rates.
Midweek saw notable gains supported in part by a strengthening convention segment that included recurring shows such as ASD Market Week as well as the Summer 2023 Las Vegas Market at World Market Center which fell in August this year versus July in 2022,” the LVCVA Executive Summary read.
Hotel occupancy topped 80%, with weekend occupancy rates nearly 90%. The average daily room rate on the Strip was about $170. Las Vegas is home to more than 150,000 hotel rooms.
Strong September Expected
With conventions back and visitation from Asia continuing to recover, plus the return of college football and the NFL, September should be another strong month for Las Vegas.
The Las Vegas Raiders are pulling in large fanbases with their opponents. The Raiders, which relocated to Las Vegas from Oakland ahead of the 2020 season, often feel like the away team in their own Allegiant Stadium. The Raiders hosted the Pittsburgh Steelers last weekend, with the stands filled with yellow and black “Terrible Towels.”
The Strip’s newest attraction — the $2.3 billion Sphere — also opened this weekend with a U2 residency.
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